Partner, Hazlewoods Financial Planning
As part of an accountancy firm, we have a reasonably large number of clients whose pension the Barnett Waddingham (BW) Sipp is suitable for. We use the BW Sipp for clients who want to purchase commercial property.
But for clients who just want an investment portfolio, we would use a platform Sipp, such as the AXA Elevate Sipp, instead. We also use other platforms, but AXA has a suitable Sipp vehicle for no extra cost.
There would be no justification for putting [investments] through BW when all those clients need is asset-allocated collectives. However, I have floated the idea of a low-cost Sipp with BW.
Many of the accountancy clients are veterinarians, doctors or lawyers, who run professional practices and want to buy their business premises with their Sipps.
BW offers good service and is local to us. We can be confident that if it lets us do something, we need not worry whether HM Revenue & Customs will later decide something should not be in the Sipp and charge tax on it.
Not all properties we put in the Sipp are standard commercial units: some are more unusual. For example, we had a client with a barn who wanted to keep horses downstairs and convert the upper level into an office.
We have used other Sipp providers for property, but they tend to be a bit careless, writing to clients and leaving us out of the loop.