Grant Farnell – Chancellor Financial Management

How did you first find out about IPM?

We already had a relationship with their SSAS company in Leeds who had handled several SSASs for us. We were looking for a new SIPP provider and IPM seemed like a natural fit.

How long have you been using IPM?

Approximately eight or nine years.

What are the most important factors/considerations when choosing a SIPP?

Admin and admin! And it has to be cost effective. We have been on the wrong side of SIPP administrators in the past and it can be a nightmare. Very often people are retired and drawing an income, which needs to be paid when they need it. If something goes wrong we need to be able to get it put right straight away and not enter into the insurance mentality of it can take a certain number of working days.

How does IPM deliver on those factors/consideration?

They are very personable and approachable. You can easily talk to someone and they are able to put things right.

What are the key reasons why you recommend IPM to your clients?

In the main because we have a good working relationship. Their administration standard is what you would expect, which is excellent. From a cost perspective, they are not the cheapest but they are reasonable. Very often if you opt for the cheapest the level of support and service is not there.

What do you believe are IPM’s key strengths?

They know what they are doing. They are experienced, a reasonable size and have a decent amount of financial strength. They always take a sensible view and are approachable.

How would you rate IPM’s administration?

9/10.

Could you briefly describe the most complex case you have given to IPM and assess how they handled it?

One case, which is still going through at the moment, involves an individual who died. He had nominated his SIPP was split between his two children, but there was also a property which was shared with the deceased’s former business partner as part of the SIPP. The transfer of property can often prove complicated.

The existing SIPP Trust wouldn’t allow two beneficiary pensions to be paid despite accepting nominations. So IPM allowed a partial transfer which allowed us to move cash and pay the beneficiaries in the short term while the process completes.

In three words or phrases, how would you describe IPM?

  • Efficient
  • Friendly
  • Competitive

Get in touch

Whether it’s a question about a specific client or SIPPs in general, we are here to help. Call us on 01438 747 151, email info@ipm-pensions.co.uk or complete the form below:

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