SIPP Terms and Conditions

The Interactive Investor SIPP Terms and Conditions

1              INTRODUCTION 

1.1          Interactive Investor is a trading name of Interactive Investor Trading Limited which is authorised and regulated by the FCA (with FCA firm register number 190551).  Interactive Investor Trading Limited is a company incorporated in England with Company Number 0369918 and having its registered office at Standon House, 21 Mansell Street, London, E1 8AA.  Our telephone number is 0845 200 3637.

1.2          As part of our Interactive Investor Service which is provided primarily through our Website (described in detail in the General Terms and Conditions applicable to the Interactive Investor Service), Interactive Investor offers an Interactive Investor Self Invested Personal Pension service to clients and this document, the “SIPP Terms and Conditions” forms part of the legally binding agreement between you, the client, us, Interactive Investor, the Scheme Administrator and the Trustee (such terms being defined below).

1.3          Pursuant to an agreement between Interactive Investor and The Lifetime SIPP Company (“LIFETIME”), in its capacity as Scheme Administrator, Interactive Investor will provide dealing, custody and investment administration services for your Interactive Investor SIPP Account through the Interactive Investor Service. These SIPP Terms and Conditions, along with the General Terms and Conditions relating to the operation of your Interactive Investor Account, set out how such Dealing Services will be provided for your Interactive Investor SIPP Account, how you may use those Dealing Services, and the terms on which you are authorised by the Scheme Administrator to give instructions to Interactive Investor in relation to your Interactive Investor SIPP.

1.4          These SIPP Terms and Conditions, along with the Trust Deed and Rules (defined below), also set out the services to be provided by the Scheme Administrator and Trustee in relation to your Interactive Investor SIPP and your rights and obligations in respect of your Interactive Investor SIPP.  You should read these Terms and Conditions in conjunction with:

(a)                 the General Terms and Conditions for your Interactive Investor Account (which are available on request); 

(b)                 the Trust Deed and Rules (which are available on request);

(c)                 the other documents forming the Agreement between you and Interactive Investor (as detailed in Clause 1 of the General Terms and Conditions); and

(d)                 your completed SIPP Application.

You should carefully read these documents and be sure that you fully understand them.  If you have any doubts in relation to the consequences of entering into this legally binding agreement you should take legal advice.

1.5          If the General Terms and Conditions or any supplemental terms thereto which apply to your Interactive Investor Account conflict with these SIPP Terms and Conditions or the Trust Deed and Rules, the documents shall prevail in the following order of priority with respect to your Interactive Investor SIPP Account only:

(a)                 first, the Trust Deed and Rules;

(b)                 second, these SIPP Terms and Conditions; and

(c)                 third, the General Terms and Conditions and any supplemental terms thereto.

1.6          For the purposes of the FCA Rules, both we and the Scheme Administrator will treat you as a “Retail Client” unless we agree with you otherwise.

1.7          All communication between you, the client, us, Interactive Investor, the Scheme Administrator and/or the Trustee, either oral or written, will be in the English language.

2              STRUCTURE OF THE SCHEME 

2.1          The Interactive Investor SIPP (the “Scheme”) has been established under the Trust Deed and Rules (defined below) and has been registered with HMRC as a registered pension scheme under Chapter 2 of Part 4 of the Finance Act.  The Scheme is an “appropriate pension scheme” for the purposes of the Pensions Scheme Act (defined below) and can accept transfers of benefits from other registered UK pension schemes, including Protected Rights benefits.

2.2          Currently LIFETIME has been appointed as the Scheme Administrator of the Scheme and The SIPP Trustee Company Limited (“STC”) has been appointed to act as the Trustee of the Scheme.

2.3          The Scheme is governed by Trust Deed and Rules, as amended from time to time by subsequent deeds (the “Trust Deed and Rules”).  As mentioned above, a copy of the Trust Deed and Rules is available on request.

2.4          The Trustee is the legal owner of all assets (whether in the form of cash or Investments) within the Scheme, including the assets held as part of your Interactive Investor SIPP. Your entitlement is to the future benefits which will become payable under your Interactive Investor SIPP in line with the HMRC rules which apply at the time that the relevant benefits are drawn, and with the Trust Deed and Rules.

2.5          LIFETIME (the current Scheme Administrator) is authorised and regulated by the FCA with FCA firm register number 464526. LIFETIME is a company incorporated in England under registration number 02455807. Its registered office is: Vicarage Court, 160 Ermin Street, Swindon, SN3 4NE.

2.6          STC (the current Trustee) is a company incorporated in England under registration number 06516900 with the same registered office as Lifetime.

2.7          LIFETIME have appointed Hartley SAS (“HARTLEY”) to undertake the day to day administration of the SIPP as part of a legal enforceable service contract.

3                     DEFINITIONS

3.1          In these SIPP Terms and Conditions the following words and phrases have the special meanings explained below.  The special meanings of the words and phrases explained in the General Terms and Conditions also apply when used herein.

Charges means the fees and charges payable in respect of your Interactive Investor SIPP Account (including, without limitation, the SIPP Administration Charges) as detailed on the Charges section of the Website, as such Charges may be amended from time to time in accordance with the General Terms and Conditions

Contribution means a cash payment (which can either be a regular payment or a one off lump sum payment) made to your Interactive Investor SIPP Account by you, by a person on your behalf or by your employer, including all applicable tax relief on such payments

Dealing Services means the execution-only dealing, custody and investment administration services for your Interactive Investor SIPP Account as provided by Interactive Investor through the Interactive Investor Service, more fully described in the General Terms and Conditions

Finance Act means the Finance Act 2004

General Terms and Conditions means the general terms and conditions set out in Section A of the terms and conditions for your Interactive Investor Account and, to the extent appropriate, the additional terms and conditions set out in Section B (which apply to our Interactive Investor Portfolio Builder Service) and in Section C (which apply to our Dividend Reinvestment Plan Service)

Interactive Investor SIPP means the arrangements established for you as a Member under the Scheme

Interactive Investor SIPP Account means an Interactive Investor SIPP Account through which Dealing Services are provided for your Interactive Investor SIPP

Key Features Document means the document setting out key information on your Interactive Investor SIPP. The current version of the Key Features Document is available on the Website or from us upon written request

LIBOR means London Interbank Offered Rate

Member means a person who is admitted to the Scheme and for whom an Interactive Investor SIPP Account is opened, in accordance with these SIPP Terms and Conditions and the Trust Deed and Rules

Pensions Scheme Act means the Pensions Scheme Act 1995

Protected Rights means any funds built up by a person as a result of their being contracted out of the UK State Secured Pension (or “SERPS”) arrangements

QROPS means a “Qualifying Recognised Overseas Pension Scheme”, being a pension scheme based outside of the United Kingdom which meets qualifying rules established by HMRC from time to time

Scheme has the meaning given to it in Clause 2.1

Scheme Administrator means LIFETIME

SIPP Administration Charges means the charges payable to the Scheme Administrator in respect of the administration of your Interactive Investor SIPP, as set out on the Charges section of the Website and as may be amended from time to time in accordance with the General Terms and Conditions

SIPP Application means an application process (in a form determined by the Scheme Administrator and us from time to time) to be completed by you in order to open an Interactive Investor SIPP Account and to become a Member of the Scheme

SIPP Terms and Conditions means these SIPP Terms and Conditions as amended and re-stated from time to time 

Transfer means the transfer of benefits from a UK pension scheme that is registered with HMRC under Chapter 2 of Part 4 of the Finance Act or a QROPS

Trust Deed and Rules has the meaning given to it in Clause 2.3 

Trustee means The SIPP Trustee Company Limited

Us/we/our means Interactive Investor

You/your means any person becoming a Member

3.2          All references to legislation in these SIPP Terms and Conditions are deemed to be a reference to such legislation as supplemented and amended and include regulations made under such legislation.

3.3          In these SIPP Terms and Conditions:

(a)                      references to the singular includes the plural and vice versa;

(b)                      headings are for reference only and shall not affect the construction of these terms; and

(c)                   references to “Clauses” shall be to clauses in these SIPP Terms and Conditions unless specifically stated otherwise.

Section 1

4              APPLICATIONS 

4.1          Applications for an Interactive Investor SIPP Account must be made in accordance with our application procedures set out in the General Terms & Conditions and by completing the SIPP Application to the satisfaction of the Scheme Administrator and Interactive Investor.  When you are accepted as a client, you will be sent a secure message notifying you of this and your Interactive Investor SIPP, and your Interactive Investor SIPP Account through which Dealing Services are available, will then be activated.

4.2          Where your SIPP Application is incomplete, required instructions have not been provided, relevant agreements have not been returned, or requested information has not been provided, in each case to the satisfaction of Interactive Investor and/or the Scheme Administrator, then the Scheme Administrator may, at its discretion, prevent any Transfers or Contributions being added to your Interactive Investor SIPP Account and Interactive Investor may, at its discretion, prevent any Trades being effected through the Dealing Services provided as part of your Interactive Investor SIPP Account. We shall notify you of any such decision to prevent a Contribution, Transfer or Trade.

4.3          On becoming a Member you agree to be bound by these SIPP Terms and Conditions, the Trust Deed and Rules, the General Terms and Conditions and the other documents forming the legal agreement with you as set out at Clause 1.3 above. In particular, you agree that you will not require, nor attempt to require, the withdrawal of cash funds or Investments held in your Interactive Investor SIPP Account other than in accordance with the Trust Deed and Rules.  In the event that an unauthorised payment is made in respect of your Interactive Investor SIPP Account, you agree to us deducting from your Interactive Investor SIPP Account the amount of any scheme sanction charge, or other charge, levied by HMRC on the Scheme Administrator or the Trustee in order to pay that charge to HMRC.  If there are insufficient cash funds or Investments held in your Interactive Investor SIPP Account, you agree to promptly pay to us on demand the amount by which the charge exceeds the realised value of your Interactive Investor SIPP Account in the event that HMRC pursue us, the Scheme Administrator or the Trustee for this amount, or to pay the outstanding amount direct to HMRC.  

5              CONTRIBUTIONS AND TRANSFERS 

5.1          Subject to Clause 5.2 and to any applicable HMRC requirements, Contributions may be made to your Interactive Investor SIPP (to the bank account maintained by the Trustee as detailed on the SIPP Application) at any time and transfers from any other UK registered pension scheme or QROPS may be added to your Interactive Investor SIPP, subject to these SIPP Terms and Conditions.

5.2          Contributions and Transfers may only be made in the manner as determined by the Scheme Administrator in its absolute discretion, as described in the Key Features Document.  Dealing Services will only be available in respect of cash amounts or Investments transferred into your Interactive Investor SIPP Account when the relevant Transfer has completed or where the relevant Contribution payment has cleared.

5.3          Where you instruct Transfers from other pension providers neither the Scheme Administrator, nor Interactive Investor shall be liable for any delay in receipt of such Transfers, except to the extent any loss arises as a direct result of their respective negligence, willful default or fraud. Current legislation states that the transferring company has up to 6 months to settle a transfer request.

5.4          Where you have made a Contribution that is subsequently refunded (for any reason), the refund may be less than the amount originally contributed. This may be as a result of the deduction of Charges; charges or interest applied by HMRC; or due to the performance of Investments held within your Interactive Investor SIPP account. Neither the Scheme Administrator nor Interactive Investor shall be liable for any such reduction in value except to the extent it arises as a direct result of their respective negligence, willful default or fraud.

5.5          You are responsible for ensuring that all Contributions are within allowable limits for tax relief. Neither Interactive Investor nor the Scheme Administrator accepts any responsibility for any interest claimed by HMRC on any tax relief erroneously granted, for any reason, except to the extent any loss arises as a direct result of their respective negligence, willful default or fraud

5.6          In the event of a Transfer being made in error to your Interactive Investor SIPP Account, the Scheme Administrator reserves the right to make refunds of such Transfers at its discretion and without further authority from you.

5.7          All fees and Charges payable in respect of the making of Contributions to, or Transfers into, your Interactive Investor SIPP Account are set out in the Charges section of our Website.

5.8          If your contribution is more than the basic maximum allowable in any one tax year, plesae consult with your accountant or independent financial adviser to ensure what is being paid is within the limits where the carry forward provisions are being made use of.

6              SERVICES 

6.1          The Scheme Administrator will provide the following services in respect of your Interactive Investor SIPP Account:

(a)                 setting up administrative records and systems to establish and maintain your Interactive Investor SIPP in line with HMRC and other applicable regulatory requirements;

(b)                 maintenance of administrative records and systems to receive Contributions and Transfers and to pay benefits to you as appropriate in accordance with the Trust Deed and Rules and applicable laws and regulations;

(c)                 recovery of basic rate tax on Contributions (where appropriate);

(d)                 recovery of any allowable tax deducted at source on Investment Income received by your Interactive Investor SIPP (under our current custodian arrangements we receive US income less 30% withholding tax, we cannot currently reclaim this tax for you as we are not a Qualified Intermediary and as such do not have a qualified intermediary withholding agreement with the IRS);

(e)                 calculation and issue of the annual Statutory Money Purchase Illustration statement (SMPI)

(f)                  any further services as may from time to time be necessary to effectively administer your Interactive Investor SIPP in accordance with these SIPP Terms and Conditions, the Trust Deed and Rules and to comply with HMRC or any other regulatory requirements applicable to the Scheme.

6.2          We, Interactive Investor, will provide the following services for your Interactive Investor SIPP Account:

(a)                 Dealing Services through your Interactive Investor Account; and

(b)                 dealing with day to day general correspondence and telephone enquiries in relation to the administration of your Interactive Investor SIPP Account.

6.3          Your Interactive Investor SIPP account only supports Investments available to hold and Trade through the Interactive Investor Service, as detailed on the Website and as may be amended by Interactive Investor from time to time in accordance with the General Terms and Conditions.

7              DEALING AND INVESTMENT 

7.1          Interactive Investor provides execution-only Dealing Services for your Interactive Investor SIPP Account. The basis upon which such services are provided, and both your and Interactive Investors’ rights and obligations with respect thereto, are set out in the General Terms and Conditions.

7.2          Whilst the Trustee is the legal owner of all cash and Investments held within your Interactive Investor SIPP, Interactive Investor is the exclusive provider of dealing, custody and investment administration services in relation to the Interactive Investor SIPP Account and the Scheme Administrator and the Trustee hereby authorise you to use the Interactive Investor Service (including, without limitation, instructing Trades) on its behalf in relation to your Interactive Investor SIPP Account in accordance with the provisions of these SIPP Terms and Conditions and the other documents forming the Agreement.

7.3    Interactive Investor charges a £20 quarterly investment account fee whjch includes £20 quarterly commission credit. Additional trading charges can be found on the charges page. Interactive Investor may, from time to time, change our pricing in accordance with our trading service terms and conditions.

8              CHARGES 

8.1          The Charges payable by you in connection with your Interactive Investor SIPP and your Interactive Investor SIPP Account, as at the date you become a Member, are shown on the Website.  These include the SIPP Administration Charges payable to the Scheme Administrator.   All Charges are subject to VAT which is payable in addition to the amounts shown, unless otherwise stated. Revenues earned from the SIPP may, in certain circumstances, be shared between Lifetime and Interactive Investor, after the annual cost of administering the SIPP has been deducted.

8.2          When you open your Interactive Investor SIPP you will be required to pay your first year’s SIPP Administration Charge in advance.  Thereafter, your SIPP Administration Charge will be payable annually in advance with the first such payment becoming due on the anniversary of the date on which your Interactive Investor SIPP Account was opened.  SIPP Administration Charges will apply for each year, or part thereof, during which you hold an Interactive Investor SIPP Account.

8.3          In addition to SIPP Administration Charges and any other charges payable under these SIPP Terms and Conditions (such as, for example, any Charges payable in relation to a Transfer), Interactive Investor’s Charges are payable in respect of Dealing Services provided to you and these are set out on the Website and as amended from time to time in accordance with the General Terms and Conditions.

8.4          The Scheme Administrator and Interactive Investor reserve the right to charge 3% above the current LIBOR rate for late payment of any Charges.

8.5          All Charges will be deducted from the Interactive Investor Trading Account when due and you are responsible for ensuring that there is always sufficient cash available within the Interactive Investor Trading Account to pay all Charges when due. If there are insufficient cash available in the Interactive Investor Trading Account then Interactive Investor is authorised to deduct such Charges from your Interactive Investor SIPP Account. Where funds are not available in your Interactive Investor SIPP Account Interactive Investor is authorised you, without limitation, give Interactive Investor the power to automatically debit your Nominated Bank Account for the amount of Charges due and any interest due thereon. Where funds are not available from your Nominated Bank Account Interactive Investor is authorised to give instructions to sell such Investments as may be held within your Interactive Investor SIPP Account, as it may reasonably determine, to cover the outstanding Charges. If any shortfall remains Interactive Investor will hold you personally liable for this amount and the provisions of Clause 14 of the General Terms and Conditions (which deal with your default) will apply.

8.6          In addition, the Scheme Administrator and Interactive Investor may modify the SIPP Administration Charges from time to time by giving a minimum of 30 days’ advance written notice given to you by publication on the Website. Such changes will take effect from the date stated in the notification.

9              BENEFITS 

9.1          You can elect to take benefits from your Interactive Investor SIPP Account in accordance with the terms of the Trust Deed and Rules and applicable laws and regulations. Details on the procedures for taking benefits are set out in the Key Features document and applicable charges are set out on the Website.

9.2          You are responsible for ensuring that there is always sufficient cash available within your Interactive Investor SIPP Account to pay all benefits when due.

9.3          You should carefully read and ensure you understand the risk warnings set out at Clause 10 before you elect to take benefits from your Interactive Investor SIPP Account.

10           RISK WARNINGS 

10.1       General

(a)                 The rules on taxation and laws applicable to your Interactive Investor SIPP Account and the Scheme can change from time to time. The value to you of any tax benefits will depend on your individual tax position. You should consult your tax adviser in order to understand the impact of investment decisions on your tax position.

(b)                 The Key Features Document includes further information on the risks associated with your Interactive Investor SIPP Account.

(c)                 If you make a withdrawal from your Interactive Investor SIPP Account and, at that point in time the value of your pension exceeds the lifetime allowance currently £1 million, then your Interactive Investor SIPP Account could be subject to additional tax charges. You should consult your tax adviser if you are in any doubt about the tax consequences for you in making a withdrawal from your Interactive Investor SIPP Account.

11           LIABILITY 

Your liability

11.1       You agree to hold harmless Interactive Investor, the Scheme Administrator, the Trustee and their respective employees, directors and agents (the “Protected Parties") against all reasonable costs, claims, expenses, tax charges, demands and losses ("Liabilities") that the Protected Parties may suffer or incur in performing their duties under these SIPP Terms and Conditions or carrying out their lawful duties and responsibilities in relation to your Interactive Investor SIPP Account except where that Liability arises from the negligence, willful default or fraud of the Protected Parties. This provision will remain in force notwithstanding that you transfer your Interactive Investor SIPP Account elsewhere.

Liability to you

11.2       Each of Interactive Investor, the Scheme Administrator and the Trustee will be liable to you for losses arising as a direct result of their respective negligence, willful default or fraud and nothing in the Agreement will exclude or limit liability in respect of a duty which we owe you under the FCA Rules or any other liability which cannot be excluded or limited under applicable law.

11.3       Except as set out in Clause 11.2, Interactive Investor, the Scheme Administrator and/or the Trustee shall not be liable for any losses suffered by you and the terms of Clauses 15.2 to 15.8 of the General Terms and Conditions (which set out details of liability to you) shall apply in respect of your Interactive Investor SIPP, your Interactive Investor SIPP Account and any Dealing Services provided to you.

12           INSTRUCTIONS AND NOTICES 

12.1       The Scheme Administrator may act upon, email or facsimile instructions but reserves the right to refuse to act until the original written instruction is received. Any written notice or to the Scheme Administrator should be sent to its registered office address.

                The Scheme Administrator accepts email as an acceptable form of communication and you can communicate with Interactive Investor in any of the ways described in the General Terms and Conditions. E-mail messages may not be secure and may be intercepted by third parties. The Scheme Administrator therefore advises you not to use email to send confidential information or communications which require immediate attention.

12.2       When sending Communications to you, the Scheme Administrator will send them to the permanent postal or e-mail address or telephone number you gave on the Application or to any other postal or e-mail address or telephone number that you have subsequently given to the Scheme Administrator in writing.

12.3       Unless these SIPP Terms and Conditions provide otherwise you can send Interactive Investor a Communication concerning your Interactive Investor SIPP Account by post, e-mail or telephone using the contact details set out below:

Interactive Investor

2 West Regent Street

Glasgow G2 1RW

Telephone: 0845 200 3637

E-mail: sipps@iii.co.uk

or such other contact details as Interactive Investor may notify you of in the future in a manner in accordance with these SIPP Terms and Conditions.

12.4       You are required to maintain a live e-mail address for receipt of ongoing Communications.

12.5       The Scheme Administrator cannot be forced to make any payment that is not authorised by the Finance Act 2004. The Scheme Administrator is required to report any unauthorised payments made by your Interactive Investor SIPP Account to HMRC.

13           COMPLAINTS 

Complaints in relation to the Interactive Investor SIPP or any services provided in respect of your Interactive Investor SIPP Account should be made in accordance with the General Terms & Conditions.  Our approach to Complaints handling is shown on the Website.

14           AMENDMENT 

14.1       Subject to 14.2 below, the Scheme Administrator and/or Interactive Investor may amend, or supplement these SIPP Terms and Conditions from time to time upon at least 20 Working Days’ advance written notice to you. You acknowledge that, from time to time, Interactive Investor is entitled to change the General Terms and Conditions in accordance with which Interactive Investor provides the Interactive Investor Services in respect of your Interactive Investor SIPP. Such changes will only be made, and shall be notified to you, in accordance with the terms of the General Terms and Conditions.

14.2       During the relevant notice period the then published Charges relating to transfers out of your Interactive Investor SIPP Account will not be increased and you will be free to transfer your Interactive Investor SIPP Account to another registered pension scheme, subject to the existing transfer out fees. The use of the Interactive Investor Service or the Website by you after any notified changes have come into force will be considered acceptance of those changes.

14.3       These SIPP Terms and Conditions will generally only be amended for the following valid reasons:

(a)                 changes in pensions or tax legislation or other relevant UK or European legislation;

(b)                 changes in the regulatory regime or reporting requirements applicable to Interactive Investor, the Scheme Administrator, the Trustee or your Interactive Investor SIPP Account;

(c)                 changes in how the LSE or other markets may work which may impact on the operation Interactive Investor Services which may impact on the operation of your Interactive Investor SIPP Account;

(d)                 changes in ownership of the businesses of Interactive Investor and/or the Scheme Administrator or the Trustee or how they operate;

(e)                 to reflect changes in how the internet or other communication media operates;

(f)                  to add new functionality or to improve the operation of your Interactive Investor SIPP Account and/or the Interactive Investor Service; and/or

(g)                 to remedy manifest errors or to improve the clarity of these SIPP Terms and Conditions.

If these SIPP Terms and Conditions are amended for valid reasons that are not specified above and you notify us are not happy with those changes, then the existing transfer out Charges will be waived should you wish to transfer your Interactive Investor SIPP Account to another registered pension scheme, provided that the transfer out is made within a period of three months from the date on which you were given notice of the change. Neither we nor the Scheme Administrator, nor the Trustee will be responsible for meeting any other costs or expenses of the transfer and you will remain fully liable for such costs and expenses.

15           TERMINATION AND SUSPENSION 

15.1       Termination of your membership of the Scheme and of your Interactive Investor SIPP Account may only be effected by you or the Scheme Administrator subject to the Scheme Rules, HMRC rules, the General Terms & Conditions, these SIPP Terms & Conditions and the provision of relevant instructions to the Scheme Administrator.

15.2       Interactive Investor is entitled to terminate the provision of the Interactive Investor Service or, where reasonable, suspend its provision for a reasonable period to your Interactive Investor SIPP Account, at any time by giving written notice to you in accordance with the terms set out in the General Terms and Conditions.

15.3       If Interactive Investor ends the Interactive Investor Service, the Scheme Administrator will write to you to seek instructions on the transfer of the Investments in your Interactive Investor SIPP Account and the cash in your Interactive Investor SIPP account to an alternative registered pension scheme.  Once instructions have been received that complies with the Trust Deed and Rules and HMRC rules to the reasonable satisfaction of the Scheme Administrator, the Scheme Administrator will issue the appropriate instructions to Interactive Investor. Interactive Investor will only act on the Scheme Administrator’s instructions in these circumstances.

15.4       Interactive Investor will send you a valuation of the portfolio of Investments and cash in your Interactive Investor SIPP Account as at the date the Interactive Investor Service ends. Such a valuation will be prepared in accordance with the General Terms and Conditions and we reserve the right to impose a Charge for providing such a valuation, with any such Charge being set out on our Website.

15.5       If you instruct us to make a transfer from your Interactive Investor SIPP Account to another pension scheme the transfer must always be made direct from the Trustee/the Scheme Administrator to the trustees or administrators of the receiving pension scheme.

15.6       These SIPP Terms and Conditions as varied, if appropriate, will continue until your membership of the Scheme is terminated. If there are any Charges or other fees or expenses payable by you when you cease to be a Member, they will remain payable and you will be fully liable to make such payments upon demand. You agree that the provisions of Clause 14 of the General Terms and Conditions (which deal with our rights in the event of your default including, without limitation, rights of set-off) also apply in respect of your Interactive Investor SIPP Account. Termination shall be without prejudice to the completion of Trades already initiated by Interactive Investor through the Interactive Investor Service.       

16           DATA PROTECTION 

16.1       The Scheme Administrator and Interactive Investor are joint data controllers as defined in the Data Protection Act 1998. All information received by the Scheme Administrator and Interactive Investor will be dealt with in accordance with the provisions of the Data Protection Act 1998 or successor legislation. For the avoidance of doubt, the provisions in the General Terms and Conditions dealing with use of Personal Information apply in relation the Interactive Investor SIPP Account and the use of Personal Information provided by you in relation thereto.

16.2       For your protection, to check instructions and to maintain high quality service standards, Interactive Investor and the Scheme Administrator may record and monitor calls and e-mails made to or from Interactive Investor and the Scheme Administrator.

17           FINANCIAL SERVICES COMPENSATION SCHEME 

                The Scheme Administrator and Interactive Investor are covered by the Financial Services Compensation Scheme which was set up to provide compensation if firms authorised by the FCA are unable to meet claims made against them. The amount of compensation available depends on the type of business and the circumstances of the claim. More information about the compensation arrangements is available from the Financial Services Compensation Scheme website (www.fscs.org.uk).

18           CANCELLATION RIGHTS 

18.1       You have cancellation rights in the following circumstances:

(a)                 on the establishment of your Interactive Investor SIPP Account;

(b)                 on the making of a Transfer to your Interactive Investor SIPP Account;

(c)                 on the first occasion when you choose to take income drawdown.

18.2       On each of the events set out in 18.1 you will have 30 calendar days from the date of the event to cancel, if you wish.

18.3       You may exercise your cancellation rights by writing to us at:

Interactive Investor

2 West Regent Street

Glasgow G2 1RW

By e-mail to: SIPP@iii.co.uk

Please quote your name and Interactive Investor SIPP Account reference number.

18.4       When exercising your cancellation rights you must confirm whether you wish to cancel your Interactive Investor SIPP Account, Transfer, or your decision to choose income drawdown.

18.5       If you cancel your Interactive Investor SIPP Account the Scheme Administrator will use reasonable endeavours to repay any Contributions we have received either to you or your employer (depending upon who paid in the relevant Contributions) and to deal with HMRC in respect of tax reclaimed by the Scheme Administrator on any such Contributions.    

18.6       If you cancel a Transfer payment the Scheme Administrator will use reasonable endeavours to repay the amount received to the transferring pension scheme. If the transferring pension scheme refuses to accept the repayment, or only accept it on different terms to those applying prior to the transfer, you must provide instructions on whether to pay the amount to another registered pension scheme. If you have not provided your instructions within the 30 calendar day cancellation period we reserve the right to take reasonable administration charges from your Interactive Investor SIPP Account until such time as we are able to make the transfer to another registered pension scheme. You agree that the provisions of Clause 14 of the General Terms and Conditions (which deal with our rights in the event of your default including, without limitation, rights of set-off) also apply in respect of payments of administration charges due under this Clause 18.6

18.7       If you cancel your decision to take income drawdown you must return any lump sum or pension income that has been paid to you in relation to your decision. If you cancel your decision to take alternatively secured pension you will have to purchase an annuity or transfer your Interactive Investor SIPP Account to another pension provider.

18.8       If you do not exercise any of your cancellation rights you will not be able to cancel your Interactive Investor SIPP Account, or any relevant Transfer, or your choice to take income drawdown benefits at a later date. This will not affect your rights to transfer your Interactive Investor SIPP Account to another registered pension scheme or, if applicable, purchase an annuity.

18.9       If your Interactive Investor SIPP has been activated and you effect a Trade through your Interactive Investor SIPP Account within the 30 calendar day cancellation period you will lapse your cancellation rights. Following activation of your Interactive Investor SIPP, you may also lapse your cancellation rights by giving the SIPP Administrator notice in writing to the address shown in Clause 18.3 above.br

19           MISCELLANEOUS 

19.1       Subject to Clause 11.2, your use of the Interactive Investor SIPP Account and the Interactive Investor Service is at your sole risk and the Scheme Administrator and Interactive Investor give no assurances that the Interactive Investor SIPP Account and the Interactive Investor Service will meet all of your requirements although they will try to ensure that the service provided is of a proper and reasonable quality.  In particular, your attention is drawn to the following:

(a)                 the Scheme Administrator and/or Interactive Investor may alter the range of Investments made available for investment through your Interactive Investor SIPP Account at their sole discretion and may require the sale of any existing Investments that are no longer to be available through your Interactive Investor SIPP Account;

(b)                 the internet and/or website may be subject to interruption or failure through no fault of the Scheme Administrator or Interactive Investor;

(c)                 you are responsible for providing and maintaining the communications equipment (including personal computers, modems and Mobile Services) to use the Website; and

(d)                 we cannot guarantee that the Website will support all browser types and be fully compatible with your communications equipment.

19.2       You must inform us as soon as possible of any changes to your personal details, including the address that the Scheme Administrator and Interactive Investor have registered for correspondence purposes, your e-mail address and your bank details. The Scheme Administrator and Interactive Investor will not be liable to you for any loss that may be suffered as a result of you not receiving correspondence or payments where you have not informed us of any change in your details and bank account save to the extent such loss arises as a result of our negligence, willful default or fraud.

19.3       It is your responsibility to notify us of a change of personal circumstances that results in you ceasing to meet the residence requirements for holding a SIPP, which are set out on your SIPP Application.

19.4       The provisions of clauses 20.2 to 20.5 (which deal with our ability to delegate and to assign our rights), clause 21 (which deals with severability and our entire agreement with you) and clause 23 (which deals with governing law and jurisdiction) of the General Terms and Conditions, also apply to these SIPP Terms and Conditions and, for these purposes “we” or “our” will be read as meaning Interactive Investor, the Scheme Administrator and/or the Trustee.

19.5       These SIPP Terms and Conditions only confer rights and obligations on you, the Scheme Administrator, the Trustee and/or Interactive Investor and their permitted assignees. Interactive Investor shall, with the Scheme Administrator’s and/or the Trustee’s consent, have the right to enforce these Terms and Conditions as if they were the Scheme Administrator and/or the Trustee (as the case may be). The Contracts (Rights of Third Parties) Act 1999 does not otherwise apply to these Terms and Conditions and no-one other than you, the Scheme Administrator, the Trustee and/ or Interactive Investor may enforce any term of these SIPP Terms and Conditions.

 

Interactive Investor Trading Limited is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange.  Registered office: Standon House, 21 Mansell Street, London, E1 8AA.  Registered in England with Company Registration Number 3699618.

The Lifetime SIPP Company LTD is Authorised and Regulated by the Financial Services Authority (464526). Registered Address: Vicarage Court, 160 Ermin Street, Swindon, SN3 4NE. Registered Company Number 2455807

Issue Date: July 2016