Curtis Banks SIPP: What Does It Offer?

The Curtis Banks SIPP specializes in offering customizable investment strategies, including commercial property investments, tailored to sophisticated investors seeking flexibility in their retirement planning.
  • Last Updated: 22 Mar 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui
Discover How the Curtis Banks 'Your Future' SIPP Works & What the Pros & Cons of This Type of Product Are.
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Key Takeaways
  • A Curtis Banks SIPP (Self-Invested Personal Pension) is a flexible retirement savings plan that allows you to choose and manage your own investments.
  • The key benefits include a diverse range of investment options, flexibility in altering contributions, and potential for tax relief.
  • Applying for a it involves contacting Curtis Banks directly or through a financial adviser to start the application process.
  • The fees associated may vary based on the plan you choose, including setup, annual management, and transactional costs, which are clearly outlined in their fee schedule.
  • Combining equity release with a Curtis Banks SIPP is generally not recommended due to potential tax implications and the risk of diminishing your estate’s value.

Your Future, the Curtis Banks SIPP, is specifically designed for high-net-worth individuals (HNWIs) who are not afraid to take risks, especially when it comes to commercial property investments.

To illustrate the popularity of this type of retirement savings builder, it should be noted that the UK SIPP (Self-Invested Personal Pension) market is estimated to be worth £50 billion in assets.1

In This Article, You Will Discover:

    The team at Every Investor has thoroughly researched Curtis Banks’ SIPP using the company’s website, financial news platforms, and other online resources so we could bring you the most relevant information on the potential of this product. 

    Ready to learn more?

    What Are the Benefits of a Curtis Banks SIPP?

    As seasoned professionals in the field of financial services, we can assert that the Curtis Banks Self-Invested Personal Pensions (SIPP) offers several compelling benefits. It provides investors with flexibility in terms of investment choices and a SIPP allows investors to manage and control their own investment strategy.

    The Curtis Banks SIPP provider is a highly customizable and tax-efficient instrument that arms you with the potential to grow your retirement savings. Another standout feature of the Curtis Banks SIPP is its ability to consolidate all your pensions into one place, thereby simplifying the management and monitoring of your retirement funds.

    Additionally, the Curtis Banks SIPP offers online access to your account for easy tracking of investments. This level of transparency and accessibility, combined with the potential for higher returns, makes it a desirable pension plan for many savvy investors.

    Who Is Curtis Banks?

    Curtis Banks is an award-winning Self-Invested Personal Pension (SIPP) provider.2

    Brief History & Overview

    Curtis Banks was founded by Rupert Curtis and Chris Banks in 2009.3

    The company has grown organically and through strategic acquisitions, which included buying another SIPP provider, Suffolk Life, from Legal & General in 2016 for £45 million.4 

    Curtis Banks continued on its acquisition trajectory in 2020, when it bought SIPP and SSAS provider Talbot and Muir for a consideration of up to £25,25 million, and fintech provider Dunstan Thomas for £27,5 million.5

    Curtis Banks currently administers over 78,500 SIPPs.6

    Key Players in Curtis Banks’ Development

    The key players in Curtis Banks’ development have changed quite significantly in the past year, with Will Self, the company’s CEO since 2019, resigning in August 20227 not long after Chief Operating Officer, Jane Ridgley, retired in June 2022.8

    Peter Docherty joined Curtis Banks as Interim Group CEO in January 2023, and became CEO of Talbot and Muir in March 2023.9

    Ross Allan joined Curtis Banks as Jane Ridgley’s replacement in May 2023.10

    Current Market Position

    Curtis Banks’ £232 million all-cash purchase by Nucleus Financial was under investigation by the Competition and Markets Authority in January 2023 to see whether the transaction would cause a “substantial lessening of competition” in the market.11

    The acquisition was approved, and the final sale was announced on 26 September 2023 to have created a “retirement-focused adviser platform with approximately £80 billion of assets under administration,” according to a company press release.12

    What is Self-Invested Personal Pensions (SIPPs)?

    Understanding Self-Invested Personal Pensions (SIPPs) boils down to realising that this product allows you greater control over your retirement investment decisions than more traditional pension schemes.13

    What Is a SIPP?

    A SIPP is a tax-efficient DIY pension savings option that gives you the freedom to pick the assets you want in your retirement portfolio, such as equities, bonds, commercial property, and more.14 

    SIPPs also allow you to pull all your existing pension products under one umbrella, making it easier to manage your retirement savings.15

    Who Is Eligible for a SIPP?

    Just about anyone is eligible for a SIPP, be they adult, child, employed, self-employed, or unemployed—as long as they are under 7516 and want to start building a retirement nest egg.

    It is worth noting that SIPPs are usually more suitable for people who are confident in making their own investment decisions, or those who are willing to pay for professional financial advice.

    Benefits & Drawbacks of a SIPP

    The benefits and drawbacks of a SIPP, like those of all other financial products, must be weighed up carefully before you commit to one of these pension products.

    Benefits include:

    • Having control over investment decisions 
    • Accessing a wide range of investment options
    • Being eligible for tax relief on contributions
    • Having the flexibility to consolidate various pension pots 
    • Being able to pass on the pension pot to chosen beneficiaries17

    Some of the potential drawbacks include: 

    • Poor investment decisions and/or market fluctuations can lead to losses. 
    • Higher charges than other personal pensions owing to the wider range of services offered.18
    • SIPPs can be complex to manage without a good understanding of investments. 
    • You can incur heavy penalties if you wish to access your SIPP before you reach the normal minimum pension age of 55 (57 from 2028).19
    • SIPPs can be time consuming to manage and may not be suitable if you prefer a hands-off approach.

    While SIPPs can be a useful retirement-planning tool for some, they may not be the best option for everyone.

    How Is Curtis Banks’ Your Future SIPP?

    Curtis Banks’ Your Future SIPP was introduced in 2019, when the company consolidated all the best SIPP features previously offered by Curtis Banks and Suffolk Life into one product.20

    Key Features & Benefits

    Key features and benefits of the Your Future SIPP product include the fact that it offers a wide range of investment options, including access to Curtis Banks Group’s extensive commercial property portfolio.

    Costs & Charges

    Costs and charges on the Your Future SIPP are straightforward and transparent. 

    There is no set-up fee and application fees are waived for online applications.21

    The Your Future SIPP charges an administrative fee of £352 a year if you are using one of Curtis Banks’ investment partners and/or one deposit account.22

    If you take out a Your Future SIPP in 2023, you will pay nothing for a cash transfer in (usually £57+VAT) and in specie transfer in fee (usually £113+VAT) on establishment.23

    How To Compare Curtis Banks’ SIPP Offerings With Competitors?

    Curtis Banks is one of the UK’s prominent SIPP providers, managing just under 80,000 SIPPs for its clients.24 

    Here is how it compares with some other notable providers.

    AJ Bell

    Unlike Curtis Banks, AJ Bell does not offer the option to invest directly in commercial property.25

    While AJ Bell’s charges are competitive, they are calculated on a percentage basis, which is paid monthly at a rate of 0,25% of the value of your investments divided by 12.26

    Curtis Banks, on the other hand, uses a fixed-rate annual fee structure.27

    Hargreaves Lansdown

    Hargreaves Lansdown’s fee structure is percentage-based, with an annual cap of 0,45% on the value of your investments.28

    While this company offers extensive research tools and investment advice, it may not provide the variety of non-traditional investments Curtis Banks does.

    Interactive Investor

    Interactive Investor operates a flat-fee pricing model, and the firm’s £12,99 monthly fee is, consequently, considerably lower than the fees charged by all the other major players in the SIPP market.29

    However, these two providers do not necessarily attract the same customers, as their product offerings are quite different.

    Fidelity

    Fidelity’s fee structure is percentage-based and includes an annual service fee of 0,35% on investments up to £250,000.30

    Fidelity has an extensive resource library for clients, but the firm does not offer the depth of support for complex pension needs Curtis Banks does.

    In short

    All these providers offer strong SIPP products, but their target markets and investment options differ from those of Curtis Banks.

    The right choice depends on your specific needs and circumstances, so speak to a qualified pensions advisor to explore your options.

    How To Invest With Curtis Banks’ Your Future SIPP?

    Investing with Curtis Banks’ Your Future SIPP offers a diversified range of investment choices, flexible withdrawal options from age 55, and tax benefits aligned with HMRC regulations.

    We shall now discuss these in more detail.

    Types of Investments Available

    Investing with Curtis Banks’ Your Future SIPP offers five core product choices.

    These are:

    • Discretionary fund management
    • Commercial property
    • Bespoke investments (unlisted shares and private equity)
    • Cash and fixed-term deposits
    • Gold31

    Flexibility & Withdrawal Options

    Flexible withdrawal options allow you to have control over when and how you withdraw your benefits. 

    From the age of 55 (57 from 2028), you can choose to take your retirement benefits in several ways, including by making lump sum withdrawals, taking a drawdown option, or purchasing annuities.32

    Tax Implications

    The tax implications of the Curtis Banks Your Future SIPP are in line with HMRC regulations.

    • Contributions: Basic rate tax relief is reclaimed from HMRC, with 20% tax relief on each contribution.33 
    • Investments: Income tax or capital gains tax are not paid on growth within the SIPP.34
    • Benefits: Up to 25% of the pension fund can be taken as a tax-free lump sum, and benefits exceeding the Lifetime Allowance35 may be subject to income tax when paid.
    • Pension income: While you can draw 25% from your pension without paying tax, the rest of your pension income will be taxed in the same way as other forms of income.36

    Who Is Curtis Banks’ Your Future SIPP Best Suited to?

    Curtis Banks’ Your Future SIPP is best suited to people from the age of 30 with a pension fund of £200,000 or more who are willing to make a long-term commitment to growing their SIPP.37

    Here is a look at how the company’s products might align with the needs of various individuals.

    Novice Investors

    While the Your Future SIPP is designed to be straightforward and user-friendly, it still requires a fairly sophisticated level of understanding of financial markets. 

    Therefore, unless they are willing to seek professional financial advice, novice investors might find other products more suitable.

    Experienced Investors

    Experienced investors can customise their plan according to their risk tolerance with Curtis Banks’ commercial property and non-standard investments. 

    Retirees

    For retirees, or those close to retirement, Curtis Banks’s SIPP offers a great deal of flexibility. 

    The product allows for a variety of withdrawal options from age 55, including income drawdown and lump sum withdrawals. 

    Remember

    While Curtis Banks’s SIPP product offers several benefits, its suitability largely depends on individual circumstances, financial goals, risk tolerance, and investment knowledge. 

    Therefore, it is advisable to seek professional financial or pension advice before making any decisions.

    How Do I Open a Curtis Banks SIPP?

    You can open a Curtis Banks SIPP by following a straightforward process.

    Before you can start investing, however, you may want to make sure you know the answers to the questions outlined below.

    Who Is Eligible?

    Anyone is eligible to open a SIPP with Curtis Banks, although the product is targeted towards high-net-worth individuals.38

    What Is the Minimum Investment?

    The minimum investment is £50,000, but, as mentioned before, the Your Future SIPP is geared towards clients with pension funds exceeding £200,000.39

    What Is the Process?

    The process involves making your application through an FCA-regulated advisor or approved DFM or investment partner introducer.

    You can then transfer funds from an existing pension or make a new contribution to fund your SIPP. 

    Note that transfers from other pensions should be done carefully and only after you have  considered any potential charges or loss of benefits.

    Once your SIPP is funded, you can start choosing your investments. 

    After your SIPP is open and invested, your advisor can manage it online through the Curtis Banks portal.40

    What Are the Charges on Curtis Banks’ SIPP?

    The charges on Curtis Banks’ SIPP include an annual administration fee, with additional charges for specific services.

    The Your Future portal also features an automated advisor charging clients on a pay-per-use basis.41

    How To Navigate Curtis Banks’ Digital Platform?

    Navigating Curtis Banks’ digital platform is straightforward and uncomplicated.

    User Interface & Experience

    Curtis Banks’s digital platform is designed to be user-friendly and intuitive, making it easy for clients to manage their SIPPs online. 

    The layout is clean and easy to navigate, with key information and functions readily accessible.

    Tools & Resources Available

    The tools and resources available include access to a dedicated business development manager for personalised assistance, online access to plan details and secure messaging for changes/instructions, and a range of educational resources and support materials.42

    Mobile App Review

    Curtis Banks does not have a dedicated mobile app, but its online portal is fully mobile responsive.43

    How to Get in Touch with Customer Service & Support?

    Customer service and support boasts multiple contact channels, swift response times, according to TrustPilot,44 and mostly positive customer reviews and testimonials.

    Client reviews and testimonials on the independent consumer review platform TrustPilot show a 4.6-star ranking out of five for Curtis Banks’ customer service, albeit from a fairly small sample.45

    As reviews can vary and are continuously updated, it is advisable to check the most recent reviews for an accurate view of the client experience provided by this firm.

    What is Regulatory Compliance & Protection?

    Curtis Banks SIPP adheres to stringent regulatory compliance and protection standards, ensuring adherence to FCA regulations,46 offering safeguards under the FSCS,47 and prioritising robust data security for its clients.48

    How To Evaluate Curtis Banks’ Place in the SIPP Market?

    Evaluating Curtis Banks’ place in the SIPP market starts with reviewing the recognition the firm has received from industry sources, including five-star ratings by Defaqto49 and Moneyfacts50 in 2023.

    Strengths & Weaknesses

    Curtis Banks’ strengths include the firm’s product offering (which includes commercial property investments), and its dedicated customer service and transparent fee structure. 

    When it comes to weaknesses, it should be noted that the company’s products might be better suited to experienced investors or those with larger pension pots, owing to the fees involved.

    Predictions for Future Developments

    Predictions for future developments are largely dependent on how Curtis Banks’ acquisition by Nucleus Financial pans out and how its product offering is integrated into the new owner’s products.

    Common Questions

    What Types of Investments Can I Make With a Curtis Banks SIPP?

    How Do Curtis Banks' SIPP Charges Compare to Those of Other Providers?

    How Flexible Are Withdrawals from a Curtis Banks SIPP?

    What Are the Tax Implications of Investing in a Curtis Banks SIPP?

    How Secure Is My Investment With Curtis Banks' SIPPs?

    What Protection Does Curtis Banks Offer for My SIPP?

    Can I Transfer My Existing SIPP to Curtis Banks?

    Who Is Best Suited to a Curtis Banks SIPP?

    Can I Take Money from My Curtis Banks SIPP Before Retirement?

    What Is the Future Outlook for SIPPs by Curtis Banks?

    What Is a Curtis Banks SIPP and How Does It Work?

    What Are the Benefits of a Curtis Banks SIPP?

    How to Apply for a Curtis Banks SIPP?

    What Fees Are Associated With a Curtis Banks SIPP?

    Can I Use Equity Release With a Curtis Banks SIPP?

    In Conclusion

    A Curtis Banks SIPP is designed for a very specific market, namely high-net-worth individuals with a healthy pension pot who are willing to put in the time to allow their SIPP to work for them. 

    With a user-friendly digital platform and a transparent fee structure, the firm is committed to providing clients with quality service and extensive investment options. 

    However, given the niche investment opportunities available, it is important to seek professional financial advice before deciding on a Curtis Banks SIPP.

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