5 areas where IPM could be the right fit for your client – and 5 where we might not be

As with most service-based industries, there is a wide range of options when it comes to choosing a SIPP provider for your client. A 2024 report suggested that there are over 60 different providers in the market, each offering varying costs and levels of flexibility and service.

Previously, we have considered the types of SIPPs that are available in the market. We narrowed these down to the main three, and compared their various features and benefits.

Here at IPM, we recently celebrated our 25th birthday and, over the past quarter of a century, we’ve seen the SIPP market change almost beyond recognition. Back in 1999, given the infancy of the SIPP market and the rules in place by HMRC at the time, there was an argument that the IPM SIPP would be a good fit for every client scenario.

But, things have moved forward significantly since the 90s! While we are still happy to discuss any client SIPP scenario with our advisers, there are certain areas where the IPM SIPP provides the right solution for your client – and there might also be areas where it doesn’t.

Find out more about these clients below, starting with five types of clients the IPM SIPP could be the right choice for.

1. Commercial property purchase

If you follow our regular mailouts you will know that commercial property purchase is an area of expertise for IPM. We own over 1,200 properties on behalf of our clients and typically have around 40 – 50 transactions taking place at any one time.

We’re continually seeing this area grow, both in terms of enquiries and the number of SIPPs established for this purpose. In 2024, more than 50% of the new SIPPs established by IPM had an element of commercial property purchase.

On our site, we have a wealth of information on SIPP property purchase, including case studies and types of property IPM will and will not accept.

Some of the reasons we’re a good choice for advisers looking for a SIPP provider who can accommodate commercial property purchases include:

A third of our staff are in our property team, a member of which is allocated to each individual transaction. This gives you a point of contact all the way from instruction through to completion and beyond.
With over 25 years of experience in SIPP property purchase, we have seen almost every scenario possible (although some still catch us by surprise!). We are happy to discuss any property purchase scenario our advisers are working on to help them deliver appropriate advice to their client.
IPM has one of the most cost-effective offerings in the market for this kind of work. This is predominantly because, unlike many of our competitors, we do not charge annual property fees, annual group fees, annual borrowing fees, or fees for holding more than one property on top of our annual administration fee.

2. Multiple investments in a SIPP

As discussed earlier, there are several different SIPP offerings in the market. Over recent years, many of these offerings have been attached to a single investment solution, whether this be a platform, stockbroker, or discretionary fund manager. In many instances, this will serve a client’s needs.

But crucially, IPM is particularly well placed when a client wishes to hold assets in their SIPP with more than one investment house.

IPM does not charge additional fees for holding more than one investment in a SIPP, nor do we operate panels of investment houses advisers must select from for their clients.

As an example, it is not unusual for us to see a SIPP:

Hold a property, and then any residual funds go on a platform
Be established with a platform and a cash management solution or NS&I bond
Be established with a discretionary fund manager combined with a PruBond to access PruFunds
Hold multiple structured products.

The IPM SIPP has immense flexibility when it comes to investments, which can be hugely useful for clients.

3. Overseas clients and pensions

For many people, a long-held dream when they retire is to escape the British weather and move to a country with a warmer climate.

Also, it is not unusual for people to come to the UK for a period to work before returning home.

In addition to the above, technological advances now allow people to work anywhere in the world in certain industries or professions.

All these scenarios can have one thing in common: people abroad who may have accrued UK pension benefits.

Pension providers take different approaches to clients who do not reside in the UK. In some instances, providers will not continue to provide a service to clients who do not live in the UK.

IPM does not take that blanket approach and will assess each scenario on a case-by-case basis. However:

Where a new SIPP is being established, IPM will only do so where advice is being given by a financial adviser regulated by the Financial Conduct Authority (FCA).
In this scenario, we will only accept transfers from other UK-registered pension schemes as a way of funding the SIPP.
IPM are not overseas tax experts. How a UK SIPP is treated in the country in which the client resides is a matter for an individual to deal with personally.

There are instances in which we can run a SIPP in currencies other than GBP. This can be particularly beneficial when someone is looking to draw benefits from the SIPP.

4. Looking for good value

As we described above, the IPM SIPP is a bespoke SIPP that levies a flat annual administration fee of £580+VAT. As a result, the typical value of the SIPPs we look after is in excess of £100,000.

As part of Consumer Duty, we produced our Fair Value Assessment, which looks closely at the impact of IPM’s charges against an individual’s pension pot. Working on a fixed-fee model, the higher the fund value, the smaller the impact on a percentage basis this will have on an individual’s fund.

However, “value” can also be considered in other ways, examples of which we have already looked at here.

Indeed, if an individual wishes to purchase a commercial property – even at a lower purchase price – then the IPM SIPP may still provide value as we have one of the most cost-effective offerings in the market for this kind of work.

5. Valuing high levels of service

Naturally, good service is not always easy to quantify and any provider is going to say they provide a high level of service!

At IPM, we’re conscious that advisers and clients have a wide choice of SIPP operators in the market to choose from. So, one way we try and stand out is by providing a high level of service. Furthermore, we aim for this service to be personable; we do not operate a call centre and often advisers build relationships with individual members of our team.

We have recently had two excellent pieces of feedback to say that we are heading in the right direction with our service:

From our 2024 adviser survey, in which our service was described as “second to none”.
In our most recent AKG report, where we were awarded five stars for the service we provide.

5 instances where IPM might not be the right fit for your client

While there are a wide range of instances where the IPM SIPP might be the right choice for your client, there are other instances when we might not be.

1. Unregulated introducers

IPM will only work with firms that are regulated by the FCA and have the necessary permissions to provide advice to clients in relation to the SIPP.

We are very familiar with the advice firms that recommend clients to us, and it is unusual for us not to be aware of a client’s circumstances prior to a new SIPP application being submitted to us.

2. Investments we will say “no” to

Last month, we considered the types of investments we will not accept within our Scheme. If you’re looking for a SIPP provider that can accommodate any of these, IPM is not the provider for you on this occasion.

3. Low-value SIPPs

Given that IPM has a fixed annual fee of £580+VAT, our typical client will have over £100,000 in pension benefits. There are some occasions, however, where a lower-valued SIPP may still be a right fit for IPM, such as in the case of a commercial property purchase as we have one of the most cost-effective offerings in the market for this type of SIPP.

With that said, low fund-value SIPPs that do not need the complexity of a bespoke SIPP may mean that IPM might not be the right choice for your client.

While we have always been conscious of this and have discussed such scenarios with advisers before a SIPP is established, Consumer Duty has brought this into sharper focus. As well as our Fair Value Assessment, you can also read our Target Market Statement, which explains this in greater detail.

4. Non-advised defined/guaranteed benefit transfers

We receive very few requests to accept transfers from schemes that hold defined or guaranteed benefits.

The FCA’s starting point on such transfers to a SIPP is that these often will not be in an individual’s best interests.

Where we are asked to consider a transfer of this nature, we work with the adviser to understand what is behind the advice and what the plan is for the SIPP long term.

If we are approached to accept a transfer where advice has not been provided, or where that advice does not specify that a transfer to IPM is in an individual’s best interests, we will not take the matter forward.

5. Where IPM will not be working with a client in the long term

We appreciate that things can change. On occasion, a SIPP may be established with IPM with a view to a long-term plan, and then something happens that means the advice to an individual changes.

However, we have also had situations whereby people have established SIPPs with IPM because we offer a more bespoke approach, only for that SIPP to then transfer away from us or benefits be fully withdrawn as soon as the SIPP is in place. This is not the kind of business we look to take on.

Get in touch

If you want to have a chat about the potential of SIPPs for your clients, or any other aspects of pension planning, please contact us. Email info@ipm-pensions.co.uk or call 01438 747151.