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Protected Rights into Select SIPP With effect from 1 December 2009 we will be able to accept transfers of contracted out entitlements into our Select SIPP. This means by transferring your contracted out entitlement funds into your Select SIPP you can potentially benefit from greater control and investment choice. It will also allow you to view and manage your pension assets in one place. We have produced a Factsheet on Protected Rights which will help to answer your questions. If you wish to transfer your contracted out entitlements to your Select SIPP, please complete and return the Transfer in form You can get more information from The Pension Service (part of the Department of Work and Pensions). If you are unsure if transferring your contracted out entitlements to the Select SIPP would be best for you, please take professional advice. Amended Trust Deeds and Rules With the introduction of the ability to accept transfers of contracted out entitlements into the Select SIPP, we were required to update the Rules, and have taken the opportunity to amend the Trust Deed to better reflect our pension proposition. Copies are also available on request Change to minimum pension age. On 6 April 2010, the minimum age at which pension benefits can be taken will increase from 50 to 55. This means that anybody born after 6 April 1955 will have to wait until age 55 before they can take their pension benefits, unless they have already started to take benefits. If you have a Select SIPP with us and have a selected retirement age of between 50 and 55, you need take no action. On 6 April 2010 we will automatically increase your selected retirement age to 55. Please note this does not mean you will have to take your benefits at that age. If you have taken any income withdrawals and are age under 55, you will be unable to take further benefits until you have reached the minimum age of 55. Any existing benefits you are taking will remain unaltered. If you are aged 50-55 and wish to start taking benefits before this rule change, please contact us before 1 March 2010 to ensure that we have sufficient time to act on your instructions. To discuss any of these changes with us, call us on 01382 573737 |