Please see below for answers to some of your most frequently asked questions.


> General

> SIPP

> ISA

> GIA/Investment Portfolio


 

General

What can I do through James Hay Online?

By setting up a James Hay Online account, you can:

  • Begin or review a new product illustration
  • Apply for new products using a digital signature (in conjunction with your financial adviser)
  • Use online investment tools to conduct fund research
  • Buy, sell or switch investments within the James Hay Investment Centre, our in-house fund platform
  • Send and request money to be transferred between your product and an investment manager/stockbroker
  • Monitor your investments and view valuation reports
  • Amend the level and frequency of any existing income payments
  • Send and receive queries and instructions via a Secure Messaging service.

What are product bank accounts?

You product bank account is designed to hold cash for short periods of time, to facilitate the payment of money in and out of your product. Your investments, and any charges incurred, will also be funded from the relevant product bank account, and so you will need to monitor your balance regularly.

Please see the Bank Accounts page of our website for further information, including details of any applicable interest rates.

What charges will I pay?

We take initial and ongoing administration charges for all products. These are detailed in the relevant product's Charges Schedule, which can be found on our Literature pages.

You may also pay charges to other parties, such as fund providers, investment managers and stockbrokers, depending on the investments you choose, as well as charges to your financial adviser for the services they provide to you.

Do you provide financial advice?

We do not provide financial advice. Your financial adviser should always be your first point of contact for any advice. If you do not have a financial adviser, you can visit Unbiased at www.unbiased.co.uk or call them on 0800 023 6868 to find regulated financial advisers in your area.

You can also visit www.moneyandpensionsservice.org.uk in order to access further support and guidance from Pensionwise, The Pensions Advisory Service and the Money Advice Service.

Can I transfer away from James Hay?

You can transfer your product away from James Hay at any time. You should read your James Hay product's Charges Schedule, and check with your current fund providers/investment managers, to see which charges may be applicable when selling or re-registering assets.

Please note that we are unable to confirm how long it may take to transfer out of your product, as we are reliant on third parties for part of the process.

Where can I find more information?

The Investor Guides on our website provide further information on our processes, including what you need to do to instruct us.

You can also view the Technical Guide for your product, found on our Literature pages, for more in-depth detail on how your James Hay product works.

How can I contact you?

You can contact us via Secure Message from your James Hay Online account, or for generic non-personal information, via email sent to jhcontactcentre@jameshay.co.uk. Your financial adviser can also contact us on your behalf.

You can also call our Contact Centre on 03455 212 414, Monday to Friday between 9am and 5pm.

To get in touch with us regarding your SSAS, please email SSAS@jameshay.co.uk, or call us on 03333 205 392.

You can write to us at Dunn's House, St Paul's Road, Salisbury, SP2 7BF.

 


 

SIPP

Contributions

How can I make contributions to my SIPP?

You, your employer, or a third party can all make contributions to your SIPP at any time. Your product bank account details can be found on the Trustee Cash screen of your James Hay Online account, and details of your contribution should be provided to us either on your original product application or on a Supplementary Contribution Form; available from the Literature pages of our website.

Please note that if a third party is making contributions on your behalf, we will not be able to accept money from them until we have completed a verification of their identity. This is to ensure we comply with the UK Money Laundering regulations.

How is tax relief applied?

If you are eligible for tax relief on your personal contributions, we will reclaim the basic tax relief from HMRC on your behalf. This can take between 7 and 11 weeks to be credited to your SIPP bank account.

If you are a higher rate tax payer, you may be able to claim the difference between the basic tax rate and the higher tax rate on your tax return, or by contacting HMRC.

Please note that employer contributions are treated as gross contributions and we therefore do not reclaim tax relief on them.

To check your eligibility for tax relief, and to understand your Annual Allowance, you can visit our Making a Contribution page, and speak to your financial adviser about your personal circumstances.

Transfers

Can I transfer in an existing pension?

You can transfer in savings from any other UK registered pension scheme, such as a personal pension or an employer pension scheme. You may also be able to transfer in pension savings from a qualified recognised overseas pension scheme (QROPS).

Please note that we can only accept pension transfers from defined benefit (occupational final salary) schemes if you have received advice from an appropriately qualified financial adviser, and they have recommended that you proceed with the transfer.

For transfers from defined contribution (occupational money purchase) schemes, if the transfer includes any safeguarded benefits then you must have received advice from an appropriately qualified financial adviser, recommending that you proceed. Alternatively, if the transfer does not contain any safeguarded benefits, you can proceed without financial advice if you provide us with written evidence from the transferring scheme that the transfer does not contain any safeguarded benefits.

Do I need to sell my investments in order to transfer?

You may be able to transfer in your existing pension assets without selling them. This is known as an in-specie transfer.

By transferring in-specie, you may be able to avoid selling and buying costs, and you can continue to benefit from uninterrupted investment performance.

Please note that it may not always be possible to make an in-specie transfer, as it depends on the investments held in your existing pension scheme. Any transfer is subject to both our acceptance and the agreement of the administrators of the transferring scheme. We strongly suggest that you obtain financial advice before instructing any form of pension transfer.

How can I instruct a pension transfer?

You can request a cash transfer from the Portfolio screen of your James Hay Online account.

Alternatively you can submit a completed 'SIPP Cash Transfer In Form' or 'SIPP In-specie Transfer Form' found on the Literature pages of our website, along with any supporting documentation, such as discharge forms.

Investments

What can I invest in using my SIPP?

Depending on your product, you may be able to invest in a range of options, including cash deposit accounts, investment manager/stockbroker accounts, funds held on our Investment Centre platform, commercial property, and assets held directly.

Please read the Permitted Investments List for your product, found on our Literature pages, for full details of your investment options.

How do I instruct investments/disinvestments?

Through your James Hay Online account, you can place Investment Centre trades, instruct money movements to/from your investment manager, access your stockbroker account, or send us instructions for other investment types via Secure Message.

For more details on how to submit a trade instruction, please refer to the guidance notes at the beginning of the individual investment documents on our Literature pages.

Benefits

What are my options from taking money out of my SIPP?

Typically from age 55, you can start to access the pension funds that you have been building. Withdrawals from your SIPP can be made in a number of ways:

  • As tax-free lump sums and/or taxable income, via a pension commencement lump sum (PCLS) or uncrystallised funds pension lump sum (UFPLS).
  • As taxable income from your crystallised funds (funds you have already designated for payment).
  • By purchasing an annuity from an insurance company on the open market. Please note that James Hay is not an annuity provider.

What is the difference between PCLS and UFPLS?

A pension commencement lump sum (PCLS) will normally be a 25% tax-free payment of the chosen amount to you, designating the remaining 75% to be taken as taxable income as and when you wish to access it.

An uncrystallised funds pension lump sum (UFPLS) will pay both the 25% tax-free sum and 75% taxable income amounts to you at the same time, rather than designating an amount to provide a regular income.

If this is the first time you have accessed any pension benefits, please note that by taking income following a PCLS payment, or by taking a UFPLS payment, you will be considered to have 'flexibly accessed' your pension fund. This will affect your annual allowance, and you will need to notify your other pension providers that you have done so within 91 days.

How do I manage my income?

Once you have designated income for drawdown, typically following a PCLS payment, you can manage withdrawals through your James Hay Online account. On the 'Income summary' page, you can view your previous and existing income payments, and make changes to the amount and frequency at any time.

Alternatively, you may be able to submit a completed 'Revised SIPP Income Instruction Form', available from our website. Please note that any changes to income will need to be requested early enough for us to apply the change in time for the next payment run. The payroll cut-off dates can also be found on our website.

You should also monitor your SIPP bank account at this time, as sufficient cash will need to be made available to make any payments to you. If the payment fails for this reason, we will continue to try to make the payment up until the next cut-off date, at which point the instruction will be removed from our systems.

Which option is right for me?

The options and implications of taking money out of your pension are very complex, and should be given due consideration.

We strongly suggest that you do not take any action without advice from a regulated financial adviser. If you do not have one, you can call Unbiased on 0800 023 6868 or visit www.unbiased.co.uk to find financial advisers in your area.

The Government service Pension Wise also offers free and impartial guidance regarding pensions. You can call them on 0800 138 3944 or visit www.pensionwise.gov.uk to book a free appointment.

The Money Advice Service produces a brochure called 'Your pension: your choice', which outlines your options at retirement. This document can be found under the 'Taking money out' section of our literature pages, alongside 'Accessing your pension' and 'Scam-proof your savings' guides, which you should also read.

Please note that you cannot be forced into taking money out of your pension in order to settle outstanding debts. Should you have any concerns of this nature, you may wish to speak to Citizens Advice by calling their advice line on 03444 111 444 or by visiting www.citizensadvice.org.uk.

 


 

ISA

Subscriptions

How much can I subscribe to my ISA?

In each tax year, you may subscribe to one cash ISA, one stocks and shares ISA and one innovative finance ISA. Your James Hay ISA is a stocks and shares ISA, as defined under ISA regulations.

You can split the amount you pay into each type of ISA, up to a total limit of £20,000. If you do not use your full allowance in any tax year, you cannot carry it forward.

How can I make a subscription?

Subscriptions to your ISA can be made by electronic bank transfer, Direct Debit, or you can request money to be moved from your James Hay GIA or Investment Portfolio.

To set up a single or regular subscription to your ISA, you can submit a completed 'ISA Subscription Form' from our website, including the attached Direct Debit form.

Transfers

Can I transfer in an existing ISA?

You may transfer in an existing ISA at any time, provided the transfer is in accordance with ISA regulations. If you are transferring from another stocks and shares ISA, it must be a full transfer if it contains subscriptions from the current tax year.

A transfer can be made in cash or by re-registering assets, depending on your ISA manager's agreement. You should check with your existing ISA manager whether they will apply any charges for doing so.

To arrange the transfer of an existing ISA, please complete and submit the 'ISA Transfer Request Form', available from our website.

Investments

What can I invest in using my ISA?

Through your James Hay ISA, you can invest in a range of options including direct shares through a stockbroker and funds held on our Investment Centre platform.

Please read the Permitted Investments List for your product, found on our Literature pages, for full details of your investment options.

Withdrawals

Can I take money out of my ISA?

You can make tax-free withdrawals from your ISA at any time.

Single requests can be made by Secure Message sent through James Hay Online. You can also make regular withdrawals by completing a 'Regular Withdrawals Request Form' from the Literature pages of our website.

Please note that withdrawing money from your ISA does not change your subscription limit, and so any money you pay back in within the same tax year will count as a new subscription. If you have already used your full ISA allowance for the tax year and you take money out, you will not be able to subscribe again to any ISA until the next tax year.

 


 

GIA/Investment Portfolio

Payments in

How can I pay money into my GIA/Investment Portfolio?

To move money into your GIA or Investment Portfolio, you can make payments of any amount to the bank details found on the Trustee Cash screen of your James Hay Online account.

You can also move money or investments from another James Hay GIA/Investment Portolio, or you can request to transfer investments you hold elsewhere by re-registering them into your James Hay Product. Please see our Literature pages for more information on how to do this.

Investments

What can I invest in using my GIA/Investment Portfolio?

You can use your James Hay product to invest in a range of options, including investment manager/stockbroker accounts, funds held on our Investment Centre platform and assets held directly.

Please read the Permitted Investments List for your product, found on our Literature pages, for full details of your investment options.

What tax will I pay?

The GIA and Investment Portfolio are not tax-privileged products. Therefore the tax you pay, such as Capital Gains Tax (CGT), will depend on the type of investments that you hold and your personal circumstances.

At the end of each tax year, we will provide you with a consolidated tax certificate for you to use when doing your self-assessment tax return. To fully understand your personal tax situation, please speak to your financial adviser.

Withdrawals

How can I take money out of my GIA/Investment Portfolio?

You can make withdrawals from your product at any time.

Single requests can be made by Secure Message sent through James Hay Online. You can also make regular withdrawals by completing a 'Regular Withdrawals Request Form' from the Literature pages of our website.