If you hold a pension plan with the Curtis Banks Group we understand you may have concerns about the economic impact of the coronavirus pandemic, and how this has led to increased stock market volatility. As a result, you may be concerned that the value of investments have fallen. A SIPP is a tax efficient long-term savings product. It is worth considering any long-term impact on the growth of a pension and how this may be impacted by withdrawals to meet immediate needs. Before taking any action in regards to your SIPP, it is worth considering the following points:
- Although investment values in your SIPP may have fallen, it is only at the point of selling those investments that a loss is realised
- Selling when the market has fallen would mean potential future increases in the investment values are missed
- You may be concerned if you hold a property fund that has temporarily been suspended. In uncertain markets where property values may fluctuate, the FCA consider a suspension may be in the best interests of fund investors
- If you need cash in the short term, there may be other assets that are more suitable than a SIPP for meeting those short term needs(e.g. current account/ISA savings)
- If you are making regular contributions and investments into a SIPP, then these contributions may be able to buy investments at lower prices than before the market downturn
- If you do not have an adviser, we strongly recommend that you seek financial advice, in particular if you are concerned or worried about your SIPP or any other investments you may hold elsewhere. You can find an adviser by visiting https://www.unbiased.co.uk/
It’s important to consider how you will hold the investments in your pension. For example, you may want to open accounts with investment firms of your choice, or you may wish to hold investments directly within your SIPP or SSAS.
We have the expertise to handle a wide variety of investments, including property and specialist investments such as unlisted shares. Our aim is to be as flexible as possible to cater for the widest investment requirements.
Access our Schedule of Allowable Investments for full details.
Our panel of investment partners offers a variety of benefits, including entry level SIPP fees, zero SIPP transaction fees and up to date valuations via our secure portal. Find out more about these by clicking below.
You can also choose any other FCA regulated investment firm to manage your investments – we’ll undertake our due diligence and get you set up.
With effect from 1 February 2021, we have changed the way we pay interest on any cash that you hold in the SIPP bank account.
Follow the link below to find out more about the changes we’ve made to how the interest on SIPP bank account balances is applied and how this will be of particular benefit to you as interest rates increase.
Since 1 April 2022, the effective interest rate on cash held in the SIPP bank account has been 0.11%p.a.
The interest rate for all CSIPP and eSIPP products has been 0.0%p.a.