SIPP

No you can hold cash in your account until you are ready to invest.

But remember, over time, investment returns are likely to beat the returns you can get from holding cash – although this is not guaranteed - so bear this in mind if you intend to hold cash for a long period of time. For more details on our cash rates, visit our charges and rates page.

You can apply for an AJ Bell Youinvest account online but you must read and understand the terms and conditions of the account before you complete an application. There are also a number of risks and key features you should read and understand too. They will help you make a decision if the account is right for you.

Yes, your SIPP can be transferred to another UK registered pension scheme or qualifying recognised overseas pension scheme (QROPS). Please call our customer services team on 0845 54 32 600 who will explain the process.

If you have already started taking benefits from your SIPP, all of that part of the SIPP must be transferred to the new pension scheme. If you have parts of your SIPP that have not had any benefits taken from them, you can choose how much of that part of your SIPP to transfer.

To request an income payment from your SIPP, please visit the ‘Manage my SIPP’ area in your account and click on ‘Benefits’ or send us a secure message or an email from your registered email address. If you have requested a one-off payment your funds will be paid to you within 5 working days.

You will need to complete a SIPP benefit form and return this to us. When we have received your benefit form we will calculate your available tax free lump sum and maximum annual pension. We will aim to pay your chosen lump sum within 5-10 working days.

The Government has set a limit on the amount that you can have in all forms of pension you hold, which for 2014/15 is £1.25m.

Every time you take benefits from your pension, you ‘crystallise’ that proportion, and the relevant portion of your lifetime allowance is used up. If you reach age 75 without securing an income via an annuity you will also have your benefits tested against the lifetime allowance. If you have had more in total than the £1.25m limit, you will face the lifetime allowance charge. Please remember that tax limits can change in the future.

Your pension fund remains invested in drawdown, and you take an income from it within certain limits that are defined by the Government Actuary’s Department (GAD) – and this is why this form of drawdown is also called ‘capped drawdown’.

This is a period of time that is used to calculate how much has been contributed to a pension in a year to determine whether there is a breach of HMRC’s annual allowance.

It is possible to change these dates as they do not have to mirror the tax year. To do this please call Customer services on 0845 54 32 600 who will send you a form to complete.

Yes, and because you can access your investment portfolio online through AJ Bell Youinvest, you can do this at any time for most investments.