SIPPING PRETTY from www.newskys.co.uk
Assetz has launched a UK and overseas property-friendly SIPP to be offered directly by a property investment specialist.
Aimed at pension-holders looking to buy property in their pension after the rule changes on A-day, 6 April 2006, the SIPP allows off-plan, commercial and land purchases today.
Assetz Managing Director Stuart Law comments: “Despite all the furore about buying property abroad within pensions after A-day next year, there are currently very few pension providers confirming that overseas property will be permitted in their SIPP,” he says. “We have scoured the country for advisers to ensure the Assetz SIPP offers the opportunity to invest hassle-free in all types of property in the UK and overseas, bringing together all the expert advice and professional services required.”
Assetz and its advisers will offer analysis of current pension status, transfer of existing pensions schemes into the Assetz SIPP if requested and a property-friendly SIPP structure. Investors will have direct access to exclusive commercial, off-plan UK buy-to-let and overseas holiday-let properties, as well as the choice of investing in syndicates and property funds within the pension to assist diversification and reduce the cost of investing in property.
Importantly, investors can benefit from FSA-regulated advice as part of the Assetz service if required, even though SIPPs currently remain outside regulation. There is some considerable consternation in the IFA marketplace over unregulated firms selling SIPPs and there is talk of regulation in a few years, but property is an unregulated investment and SIPPs are not investments as such. The FSA has recently commented that possibly the biggest risk to consumers over property investment schemes is IFAs selling property investments they do not understand.
Assetz have launched their SIPP in response to encouraging levels of interest among registered investors and the wish by clients for a one-stop shop of expertise. A survey of the company’s 50,000-strong database, most of whom do not yet have a SIPP, found that 6% definitely intend to purchase overseas property within their pension, with a further 20% saying they would consider it.
Law continues: “I would expect interest in SIPPs to increase after A-day once people cotton on to the opportunities and realise there are few catches buried in the small print. Making a success out of the potential property investment opportunities within SIPPs requires a greater focus on locking away personal assets and savings for the long-term purpose of retirement income planning, which cannot be a bad thing in the current climate with most people having a poor pension provision. Having overseas pension assets that can be used a little as well as let out for income may well encourage more people to start saving for their pension.”
For further information, contact, info@assetz.co.uk
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