Q. What documents need to be sent with the Sapphire SIPP application?
A. We require a completed Sapphire SIPP fixed term application form, Scheme Approval letter and current signatory list of the Authorised Officials, together with a copy of a recent bank statement within the last 3 months confirming the nominated SIPP Account for repayments. If a Scheme Approval letter is unavailable, please provide a certified HMRC Confirmation of Registration status screenshot.
If the Scheme Approval letter and signatory list have previously been provided, we do not need to receive these documents again unless there is a change to either.
Q. Who has to sign the Sapphire SIPP application form?
A. The application form is to be signed by the Scheme Administrator / Trustee.
Q. How long does it take to open the Sapphire SIPP deposit?
A. The account will be opened within 10 working days of the receipt of the completed application form and cleared funds.
Q. Once a Sapphire SIPP deposit is open for a member and they want an additional Sapphire SIPP fixed term deposit, do they need to complete a new application form?
A. No. The completion of a new application form is not required to apply to open an additional Sapphire SIPP fixed term deposit account. We do however require a signed and completed FSCS Information Sheet and Exclusions List for each additional Sapphire SIPP deposit. For more information, click here.
Q. How do I know the deposit has been set up?
A. A confirmation of the deposit will be posted to the SIPP Administrator / Operator within a few days of funds being received and the account setup.
Q. What happens at maturity?
A. Four weeks prior to maturity, a letter will be sent to the SIPP Administrator / Operator giving notification of re-investment rates available at the time. At maturity, if there is no instruction received from the SIPP Administrator / Operator, funds will be automatically re-paid to the member's nominated SIPP bank account.
Q. Can funds be withdrawn before the deposit matures?
A. You may not withdraw funds or deposit additional funds before the fixed term deposit matures. Please see the Additional Conditions on the application form for exceptions (death of a member, pension sharing order).
Q. Can you provide information to the member's Financial Adviser on their SIPP cash deposit held with Close Brothers?
A. Yes, provided we have received authorisation from the SIPP Administrator / Operator we are able to provide details of the fixed term deposit to the member's Financial Adviser.
We will only accept instructions on the account from the SIPP Administrator / Operator.
Q. I currently have a 12 month SIPP deposit with Close Brothers that is due to mature shortly. What are my options?
A. On the maturity of your current SIPP deposit account, you can have funds repaid or take out a new Sapphire SIPP fixed term deposit available at the time of maturity.
A new Sapphire SIPP application form will need to be completed to open the account.
Q. What is pension freedom?
A. From 6 April 2015, anybody over the age of 55 can withdraw their pension as a cash lump sum without having to buy an annuity or take drawdown. Please note, this does not apply to the state pension which is currently payable at 65 for men and 62 for women.
Customers are not able to withdraw their fixed term deposit within a SIPP deposit account until maturity. 'Pension freedom' only applies if a customer's investments or deposits offered access to funds in line with their original terms and conditions.