What you need to know before applying
The Alltrust SIPP is a flexible retirement solution that allows you to:
- Hold a broad range of permitted investments
- Make contributions or transfers into the scheme
- Take benefits in flexible ways from age 55 (rising to 57 in 2028)
- Receive tax-relieved growth within the pension wrapper
Before applying, it is important that you fully understand how a Self-invested Personal Pension (SIPP) works, including the role of Alltrust as SIPP Provider and Trustee and what you and your adviser (if you have one) will be responsible for. For more information, read our What is a SIPP page and refer to our Key Features, Terms and Conditions, and Fee Schedules for the Alltrust SIPP which are available in our Document Library.
Typically, at Alltrust, we will only work alongside your chosen regulated financial adviser, who has signed a Terms of Business Agreement with us, rather than work directly with new clients.
To establish a SIPP without the support of a professional adviser, you will first need to be approved as a Knowledgeable Investor. For more information, see our Knowledgeable Investor page.
Discuss an Alltrust SIPP with a Regulated Financial Adviser
At Alltrust we will always recommend that you take regulated financial advice. It is important to engage a suitably qualified and regulated financial adviser.
Unbiased.co.uk can help you find an adviser who can work with you to:
- Determine pension decisions, your retirement goals, investments, and transactions.
- Ensure that your SIPP is suitable for your goals and compliant with regulations.
Alltrust will only work with advisers who are regulated by the Financial Conduct Authority (FCA) in the UK, or overseas advisers who are regulated in their own jurisdiction and on Terms of Business with us.
Information for advisers: If you do not already have terms with Alltrust, you will need to contact our New Business team. Read our article on Applying for Terms of Business.
1) Prepare Your Application Documentation
Once your adviser is approved to work with us, they will help you assemble the required paperwork, including completion of our Application Form for an Alltrust SIPP, which will require you to provide:
- Personal details (name, address, DOB, national insurance)
- Proof of identity and residence
- Financial background and pension history
- Details of contributions or pension transfers
- Investment instructions or platform preferences
Your application will require confirmation of adviser engagement and will require completion of the Transfers to be made into this plan section if you are seeking to transfer any benefits from other pension schemes. See our Document Library for the current documentation that we rely on new members and their advisers to complete, and our section titled What Documents do you need to open a SIPP.
2) Submit the Application to Alltrust
Once completed, your adviser will submit the application and supporting documents to our New Business team. To contact the team:
Alltrust will then review the application. During this stage, we will:
- Carry out due diligence, anti-money laundering (AML), and regulatory checks
- Confirm adviser engagement and permissions
- Request further information if needed
3) Fund Your SIPP
Once accepted, your SIPP must be funded. Funding options include:
- New contributions (with automatic basic rate tax relief)
- Transfers from other pension arrangements
- Combinations of contributions and transfers
Your adviser can help structure the funding in line with annual allowance rules and personal tax planning.
Your SIPP must hold the required minimum investment value and balance, which must be maintained in your SIPP bank account to cover fees and charges.
For information on what these minimum requirements are, please refer to our SIPP Key Features found in the Document Library.
4) Establishing a SIPP Bank Account
Alltrust will need to establish a Bank Account for your SIPP. SIPP Bank Accounts are subject to fees by the banking provider. As part of our contractual relationships with our banking providers, Alltrust may be paid an amount of interest in addition to the interest received on the account. The interest we receive will be dependent on the total balances that we hold with each bank.
Read our article about SIPP Bank Account Requirements to learn more about why we must establish a bank account for your SIPP, or read our Banking Factsheets in the Document Library to understand more about the fees that are charged by the providers we choose to work with.
5) Investment Setup and Ongoing Administration
Alltrust does not provide investment advice itself. You must work with your adviser to guide you through your investment decisions.
After the SIPP is live:
- You (with your adviser) must decide on investment choices and complete our Investment Application Form.
- Alltrust administers the SIPP and ensures compliance with HMRC rules
- Fees are charged for administration and any adviser services, which vary depending on investment platforms and options chosen. For more information on Fees, please refer to our Product Fee and Transactional Fee Schedules.
6) Stay Engaged Through the Lifetime of Your SIPP
SIPPs are long-term arrangements, and proactive management with the support of your adviser will help ensure they deliver the retirement outcomes you intend.
Once your Alltrust SIPP is operational, it is important to:
- Keep regular contact with your adviser and Alltrust
- Review your investment strategy periodically
- Plan benefit crystallisation and retirement benefit options well ahead of age 55-57
Once your SIPP is established and you are given access, Altrust Online will form part of your retirement planning strategy and will help you and your adviser to discuss your goals and ensure you are on track for the retirement you want.
