Thank you for your request to take Benefits from your Invinitive SIPP. By completing this form we will calculate what Benefits you are entitled to.

Accessing your pension savings is an important decision and we strongly recommend that you seek advice on the options available and which option is best for you. Please note that the team at Invinitive cannot provide you with advice.

To assist those who do not take financial advice on benefit withdrawal, the UK Government has set up the Pension Wise service through Money Helper. They provide free and impartial guidance on your options and provide assistance and details on the options available in respect of accessing your pension savings. You can access this service at www.pensionwise.gov.uk or by calling 0800 011 3797 or from overseas on +44 300 330 1001.

Before we get started please download our Benefits Guide HERE

 

Please note that each time you wish to request benefits from your pension you will need to complete this form, unless you are setting up a regular witdrawal then you only need to do this once.

The FCA requires us to tell you about a service called Money Helper.

Pension Wise is a government service from Money Helper that offer free, impartial pension guidance to help you make an informed decision about what to do with your pension savings.

An appointment with Pension Wise is free and will help you understand the different options available to you, in order to access your pension savings.

Pensions guidance is delivered at an appointment with an independent pension specialist, they will talk you through your options to help you make the right decision. You'll also find out about the other factors you need to consider when deciding on the options before retirement. You can choose to book this yourself or we can book the appointment for you.

There is also the option to opt out if you have taken guidance or advice from a financial adviser already.

Please choose from one of the following FIVE options:

Option 1

I will book a free appointment with Money Helper myself.

If you have chosen to book an appointment with Money Helper, please go to: www.moneyhelper.org.uk and book an appointment directly, alternatively please call 0800 138 3944 or +44 20 3733 3495

 

Option 2

I would like Invinitive Financial UK Ltd to book a free appointment with Money Helper on my behalf and give authority for them to provide Money Helper with my contact email and telephone number to allow Money Helper to contact me.

Regarding Invinitive booking an appointment we will try and book the earliest slot and factor your time zone into consideration where possible.  If this appointment isn't convenient for you, we recommend you book the appointment directly yourself to secure an appropriate day and time.

 

Option 3

I wish to opt out because I have already received advice from a Regulated Financial Adviser.

 

Option 4

I wish to opt out because I have already received guidance from Money Helper.

 

Option 5

I wish to opt out and proceed without receiving guidance from Money Helper or advice from a Regulated Financial Adviser.

By selecting this option, I understand that Invinitive has given me the appropriate information and ample opportunity to seek guidance and I wish to proceed without the relevant guidance or advice.

You only need to complete this section if you are taking any flexible access drawdown benefits, in simple terms you would fill this form in if you wish to take any benefits that will be taxed.  This tends to be any pension benefits that are already Crystallised (after you have taken some or all of your tax free cash).

At the time of taking these benefits do you:

Please confirm which statement you think best fits your situation:

 

Statement A

Since the 6th of April, this is my only income stream from the UK and since the 6th April I have not received payments from any of the following:  Jobseekers, ESA, Universal Credit, Incapacity Benefit, UK State Pension, Private Pension, Pension Annuities?

 

Statement B

Since the 6th April I have started another job or have started to receive another income stream but i do not have a P45.  This income stream could be in the form of Jobseekers; ESA, Universal Credit, Incapacity Benefit, UK State Pension, Private Pension, Pension Annuities?

 

Statement C

Prior to the 6th of April, I already had another job or income stream in the UK.  That income stream could be in the form of; Jobseekers, ESA, Universal Credit, Incapacity Benefit, UK State Pension, Private Pension, Pension Annuities?

 

Statement D

I have applied to HMRC through a specific process and have secured an NT tax code from them.  (if so please upload below)

The Financial Conduct Authority requires us to make sure you have considered the potential risks of accessing your pension benefits.  Regulatory rules require us to ask questions about your circumstances so that we can provide you with warnings about the risks which might apply to you.

Once we have received your answers, we may send you a statement highlighting any potential risks.  If you still wish to proceed you will need to confirm that you've understood these risks and wish to proceed.

If you have not taken advice on the benefits you are requesting, we encourage you to do so to help you understand the options you have, as the decision to access pension savings is an important one.

IMPORTANT

As you have not received UK Regulated Advice from a UK Advisor (who is authorised and regulated by the Financial Conduct Authority), we are required by current legislation to provide further risk warnings.  

Current legistlation confirms that anyone transferring a UK pension or is taking benefits from their UK pension must seek advice from a UK Financial Advisor prior to doing so.  Where no advisor is utilised, MoneyHelper should be consulted.

However as an Expat, we understand that regulation is usually dictated by your location and not that of the product, so you may find that many UK Advisors are unwilling to provide you with advice whilst you live outside of the UK.

If you do use an "offshore" Financial Advisor; in the eyes of the legislation, it is deemed that you are using no Advisor at all and therefore all of these additional requirement are needed.

Please carefully read through the following statements and confirm you understand and accept each one accordingly.  We cannot pay out any benefits until all sections of this form are completed in full.

In some circumstances, it may be possible to access your pension benefits earlier than the normal pension age of 55 (soon to increase to 57) under the ill health/serious ill health retirement rules, which would give you the normal pension options without having to wait until you reach age 55 (57 from 2028).  This option is only available if you are unable to work due to a medical problem that affects you now and will do for the rest of your life or is terminal.

Any request for payment of benefits under this rule must be accompanied by evidence that you are unable to work as a result of injury, sickness, disease or disability in the form of a doctor's report addressed to us which confirms you are unable to work due to one of the reasons above and that you will be unable to work again in the future. 

If you are applying to take ill health/serious ill health pension benefits please tick the box below.

This section relates to Financial Conduct Authority rules which came into effect from 1st February 2021.

Please read and consider the following carefully. The details provided in this benefit application will form the basis on which Invinitive will rely. For your own benefit and protection, you should read this Declaration in full before agreeing to it by signing it.

I hereby request and consent to the payment of benefits as set out in this form.

To the best of my knowledge, that the information provided is correct and complete with no omissions.

I confirm that I have reviewed the amount of pension I require both now and in the future for myself and my dependants. When requesting an income payment, I acknowledge that the amount of cash I can continue to pay into my SIPP (where applicable) could be reduced in accordance with MPAA rules.

I acknowledge that Invinitive has confirmed on multiple occasions that it is in my best interests to seek Regulated Advice and / or consult Pension Wise to discuss my situation in full and ascertain the best options available to me. Where required I give Invinitive Financial UK Ltd my authority to check the details of any protection certificate which I supply that enhances my Lifetime Allowance or PCLS entitlement with HMRC and my tax code.

I agree that I will indemnify Invinitive Financial UK Ltd as the Administrator and the Trustees of the pension scheme against any liability to pay tax or any other charges which arise out of the provision of incorrect or misleading information.

As a consequence of the payment of any pension commencement lump sum, I confirm any contributions paid by me or on my behalf, to this or any other pension scheme will not be significantly greater than would otherwise have been. I acknowledge that such action may be deemed a recycling of funds which if so decided would result in benefits being classed as an unauthorised member payment and subject to additional tax charges.

I understand that Invinitive can only pay benefits out in accordance with HMRC rules, which are subject to change and cannot be guaranteed. I confirm it is my responsibility to contact HMRC if they have supplied me with an incorrect income tax code and a reclaim of overpaid tax is required. I agree to the deduction from my Invinitive SIPP of any fees and related costs as a result of the payment of benefits which may include an FX transaction.

I also confirm that I fully understand the following points:

•         High income withdrawals may not be sustainable throughout retirement;

•         By withdrawing larger amounts from the fund, I may reduce the amount remaining in drawdown pension and so reduce the potential for growth;

•         That taking withdrawals may also erode the capital value of the fund, especially if investment returns are poor and a high level of income is being taken. This could result in a lower income if I decide in the future to purchase an annuity;

•         Investment returns may be lower than those shown on any drawdown illustration that I may receive;

•         Under current HMRC practice it is not normally possible to access your pension funds prior to the age of 55. This will increase to 57 from 2028;

•         Past performance is no guarantee of future returns and the income from assets can vary;

•         There are many facets to a drawdown pension, ongoing reviews should be considered;

•         My personal circumstances are likely to alter over time.

•         I will not be able to take pension benefits if there is insufficient cash in my Invinitive SIPP. I understand that I will ned to sell a position in order to free up this cash and I acknowledge that I may need to sell in a falling market which could have a detrimental impact on my pension or the amount of income I could receive.

Taking withdrawals may have implications for UK residents with debt or may be entitled to means tested benefits. I acknowledge that where this is applicable, Invinitive has informed me that I should contact a Regulated Adviser, Pension Wise / Money Helper, Citizens Advice or the Money Advice Service for further guidance.

Regarding Investment scams, if I am taking a cash lump sum in its entirety to invest elsewhere or plan to take income drawdown, I should be aware that scammers operate in these markets and that I should look for the signs detailed in the FCAs scamsmart website www.fca.org.uk/fca/scamsmart or on our page www.invinitive.co.uk/scamsmart/

Cancellation Rights
 

When you first elect to take withdrawals from your pension fund you have the right to change your mind and cancel your election to take withdrawals within 30 calendar days of us accepting your request. You can exercise your rights be emailing us at info@invinitive.co.uk and return any pension commencement lump sum and/or any income received immediately.