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Revenue is wrong on Sipps, says Nat Savings

National Savings and Investments has warned advisers that the current regulations relating to self-invested personal pensions do not allow pension schemes to invest in the NS&I guaranteed equity bond despite Inland Revenue advice to the contrary.

Until advised otherwise by the Revenue, IFAs will not be able to buy future issues of National Savings bonds, including the current GEB8, through a Sipp wrapper.

IFAs who require further information should contact their local tax office.

National Savings says it understands that a small number of people who have already invested in a GEB as part of a Sipp were given inaccurate advice by the Revenue but it will treat anyone in such a position sensitively.

National Savings product manager Alister Rayner says: “The Inland Revenue will view sympathetically any schemes that have invested in such products where the investments have been made in good faith that the regulations did allow them. The pension clauses included in the current Finance Bill will, if approved by Parliament, allow such investments by Sipps from April 2006.”

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