SippCentre to accept protected rights transfers
SippCentre has confirmed it will be accepting protected rights transfers from early May, in anticipation of government changes effective from 1 October.
Fergus Lyons, commercial manager for SippCentre, said the new facility would allow advisers to take full and immediate advantage of the self-investment facility coming into force in October.
He said: "The removal of the unnecessary restriction on trust-based self invested personal pensions (Sipps) accepting Protected Rights is very welcome and will help level off the playing field."
Lyons said clients would pay the standard transfer fee of £60 with no additional establishment or administration charges if protected rights are transferred into a SippCentre Sipp.
The SippCentre will be sending out relevant information to IFAs later this week. Further details can be found at www.sippcentre.co.uk
Following provisions laid out in the 2007 Pensions Act, Sipp investors will be able to invest their protected rights money in direct shares, bonds and commercial property from October 2008.