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 Engage with a SIPP provider to enable you to include gold
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Gold SIPP introduction
Use a Self-Invested Personal Pension (SIPP) and the UK Government will pay up to 50% of the
cost when you buy gold bullion with your pension plan. 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. The government will pay up to 50% 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 research but please be advised that BullionVault cannot endorse or recommend any particular SIPP administrator and can accept no responsibility for the services they provide. Should you require it, you may wish to consult a professional financial adviser for assistance.
If you are interested in a gold-only SIPP to hold only gold sourced via BullionVault:
If you are interested in a SIPP offering a wider variety of investment options, including
gold sourced via BullionVault:
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