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How it works

Setting up a Liberty Option SIPP couldn't be easier. You will find below a step by step guide to opening up and managing your own SIPP. If you have any further questions please just get in touch.

 

1. Getting Started

When you use the Portal for the first time you will be asked to create a log in. This is initially done by selecting the Portal button on the Liberty website and from here you will be guided through the whole registration process.

Once registration is complete you will have full access to all the available features within the Portal which include:

  • Paperless online application utilising electronic signatures
  • Obtain up to date valuations
  • Updates from our administration team in relation to transfers
 

2. Applying

The online application has been developed to be simple to use and easy to understand.

You will be able to complete the whole application online in a matter of minutes - even aspects such as anti-money laundering checks are incorporated into the online application to make the process seamless.

Once the application has been submitted you will receive an email directing you to follow a link to which will then verify your application. Once this is confirmed the application process will be complete.

If you do not want to complete the application online we will still accept paper applications which can be found here although there is an additional cost that will be incurred as a result.

 

3. SIPP Set Up

Once we have received confirmation that you have applied online we will proceed to set up the SIPP and open the SIPP bank account with Metro Bank.  You will then receive a welcome pack within 3 days detailing your cancellation rights and SIPP bank account details and enclosing a growth illustration based on the estimated transfer values provided.

If you have waived your cancellation rights we can accept investment instructions for the SIPP as soon as it is open however if you have chosen not to waive these rights we cannot process instructions for the SIPP until 30 days have passed. If you choose to waive the cancellation rights after the SIPP has been set up this confirmation can be sent to us in writing.

 

4. Transfers and Contributions

 

Transfers –Once we have received the request to transfer benefits to your Liberty SIPP we will firstly send a letter of authority for you to sign authorising us to process the transfer and request any relevant paperwork from the transferring scheme.

Liberty SIPP uses the Origo transfer system which enables us to request transfers online with a letter of authority from the client being the only requirement.  For transfers that are not able to be processed using Origo we will have to request transfer paperwork using the letter of authority which you will have to co-sign.  If you have the transfer paperwork already it would speed up the process if this could be sent to us.

You will be able to view the progress of any active transfers online using the Liberty portal which will provide you with updates from our administrators describing each stage of the transfer.  Once all transfers have been received we will send you written confirmation confirming the total amounts.

Contributions –If you wish to make contributions to your SIPP you can apply to do so online and can make payments as soon as the SIPP is open depending on whether or not you have waived your cancellation rights. Contributions can be made by cheque made payable to 'The Liberty Pension Re (Your name) or by electronic transfer direct to the SIPP once we have received confirmation of the SIPP bank account details.

If you are making personal contributions into the SIPP we will reclaim any tax due on these and this is usually paid to the SIPP 6-10 weeks after the contribution has been made.  For any Company contributions being made to the SIPP we may request additional information on the Company for our money laundering checks.

 

5. Investments

Once the SIPP has been established and transfers have been applied for we will await investment instructions from you.  For any investment you wish to make you will need to obtain the relevant paperwork and complete those sections applicable to you.  Although Liberty Trustees will be the sole trustee for the SIPP all investment companies require you to sign the application and so it may speed up the process if this is checked before the application is sent to us.

If you choose commercial property as an investment choice when applying online, a property questionnaire will be sent to you as part of the welcome pack, which you will need to complete and return to us.  When purchasing commercial property we will require you to become a co-trustee of the scheme and therefore a supplemental deed will also be sent alongside the welcome pack. 

Once an investment has been completed you will be able to view the current value of it online using the Liberty portal.

 

6. Ongoing Administration

An annual statement will be produced and sent to you every year detailing the current fund value and any transactions which have taken place on the SIPP over the past year.

For any queries you may have regarding about any aspect of your SIPP you can contact the dedicated team of administrators at any time by email or by telephone.

Investments will be overseen by the team appointed to you and any enquiries about any aspect of the investments held by your client should be fielded to them first.

All technical enquiries will be dealt with by our technical sales team or by our compliance team.Our Client Relation Manager will be available for any enquiries in relation to service levels, we always welcome all customer comments and it there is any aspect of our service that you feel could be improved, our Client Services Manager will be happy to hear from you.

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