SIPPs: How to put gold into your pension using BullionVault

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Gold SIPP introduction

Use a Self-Invested Personal Pension (SIPP) and the UK Government will pay up to 45% of the cost when you buy gold bullion with your pension plan (depending on your circumstances). This page explains what you need to know, and introduces you to SIPP managers who can help you start your own Gold SIPP.

Gold investing in a SIPP

Since 2006 the UK Treasury has allowed investment gold to be held in a tax-efficient pension plan. Depending on your circumstances, the government will pay up to 45% of the cost of the gold in the form of income-tax relief, plus there is also no capital gains tax (CGT) to be paid on any gains your gold investing then makes. In addition to these efficiencies the management costs for holding gold in a SIPP are tiny - less than one tenth of the charges applied to typical unit trusts.

To qualify, investment gold to be held in your SIPP must be "gold of a purity not less than 995 thousandths that is in the form of a bar, or a wafer, of a weight accepted by the bullion markets". So you cannot buy - for example - sovereigns or krugerrand gold coins. Your SIPP cannot hold silver bullion or other precious metals either.

'Good Delivery' gold bars' are the type of bars accepted by the bullion markets. The standard gold bar is a 400-ounce bar of at least 99.5% purity.

The London Bullion Market Association [LBMA] maintains a list of accredited refiners who produce these Good Delivery gold bars. As well as being made by one of these refiners, a Good Delivery bar must have then stayed in vaults checked by LBMA both for integrity, and for the robustness of their shipping and handling procedures, ever since its manufacture.

The security infrastructure, procedures and the size of these gold bars has in the past meant the bullion market was inaccessible to private customers. They were instead forced to buy smaller bars or gold coins at much higher dealing costs. This is where BullionVault comes in, making investment gold available to private customers and their pension savings.

SIPP holders and other BullionVault users can own any amount of Good Delivery gold from 1 gram to a whole bar, bought at competitive prices either through the BullionVault order board or directly on the professional bullion markets.

Buying gold for your SIPP using BullionVault does not tie you in. You can sell your gold whenever you wish, withdraw the money to your SIPP trustee, and choose another investment. In a SIPP you choose your pension fund investments, but the property in your fund is administered by a formal pension fund trustee. When you retire your fund provides the capital which pays you an income - through direct draw down or annuity, according to your choice.

Your SIPP trustee takes care of reporting and legal obligations and provides what is sometimes called SIPP 'wrapping'. This service allows all your investments - which can be very diverse - to be aggregated and reported on as a single portfolio. The SIPP wrapper also takes care of claiming your tax relief from the government whenever you pay in a contribution, and puts that money automatically into your fund.

You can open more than one SIPP provided you stay within the designated limits. So even if your current SIPP manager won't support a gold investment you can find and add another which does.

SIPP Pension Provider Directory

Not all SIPP providers accommodate “Investment Gold” within a SIPP despite it being a permissible asset. The following is a list of SIPP administrators with whom BullionVault has dealt in the past for gold investing in SIPPs. There are others that will also accommodate gold, so please ask them too.*

* This information is available to you to help your understanding of utilising “Investment Gold” in SIPPs, but please be advised that BullionVault is not authorised under the Financial Services and Markets Act 2000 (“FSMA”) nor by the Financial Conduct Authority, and as such cannot offer advice on the merits of entering into any SIPP transaction, nor can we endorse or recommend any particular SIPP administrator and accept responsibility for the services they provide. When providing our BullionVault services we will assume that you have decided to enter into any such SIPP transactions solely on the basis of your own evaluation of the same and any advice which you may receive from a professional financial adviser authorised under FSMA.

The information presented here is not intended to constitute legal or tax advice and should not be relied upon in lieu of consultation with your legal or tax advisor.

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