The scheme is set up under trust - the Scheme Administrator is L&C Pensions.

Your contributions (plus any amounts transferred in from other pension schemes) form your Fund.

You decide how your Fund is to be invested (or you can appoint a suitably authorised person to do this for you).

All investments which you choose are made by L&C Pensions as Trustee and are held in its name or in the name of its nominee.

Key points about property investments
The property that you choose must meet certain conditions - for further details see page 7.
Please note especially that properties cannot be bought

(a) At auction or
(b) If you have already exchanged contracts yourself or

If there is not enough money in your Fund to meet the purchase price (plus expenses) then either:

(a) You can pay in more contributions - subject to HM Revenue & Customs limits, and/or
(b) You can transfer money into your Fund from another pension scheme, and/or
(c) A loan may be possible.
Note: It may be possible to make "joint purchases" where ownership would be shared with some external party but two or more SIPP members may pool their funds to share in a purchase.

The purchase procedure will involve L&C Pensions Solicitors as well as your own. If there is to be a loan, the Lender's Solicitors will also be involved. Your own Solicitors will normally deal with most of the work prior to exchange of contracts (including investigating title and coordinating with the Seller's Solicitors). L&C Pensions Solicitors will deal with certain special aspects relating to The Fiduciary Corporation Limited's role as trustee and will produce engrossments of the appropriate documents.
Once it has been purchased, the property will be occupied by a tenant possibly your own business - who will pay rent to your Fund. This rent is not regarded as a contribution and so it does not restrict the amount that you may contribute to the SIPP. If your business is the tenant your Solicitor will be required to advise you on the terms of the lease and agree the form of it with our Solicitors.

The Fiduciary Corporation Limited will appoint "Managing Agents" to look after the property and collect rents.

At any time you may instruct us to sell the property.