Wealth At Work SIPP: Is It the Best Option?

Wealth At Work specializes in providing SIPPs that support employee financial well-being, with educational tools and tailored advice to maximize retirement savings. Their focus on financial education and employee engagement is exceptional.
  • 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
Explore the Flexibility & Tax Implications of Self-Invested Personal Pensions & Secure Your Retirement. Learn All About Wealth at Work’s SIPP in This Comprehensive Guide.
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Key Takeaways
  • A Wealth At Work SIPP is a Self-Invested Personal Pension provided by Wealth At Work.
  • They allow you to take control of your pension investments and choose from a wide range of investment options.
  • It includes flexibility, tax advantages, and the ability to manage your investments.
  • You can transfer your existing pension but it’s important to consider the potential costs and benefits before making a decision.
  • To open a Wealth At Work SIPP account, you can contact Wealth At Work directly and follow their account opening process.

If you are weighing up your retirement options, you may have come across the Wealth At Work SIPP.

Did you know that, according to a recent Penfold survey, over half (57%) of 55–64 year-olds in the UK are unaware of what their pension funds add up to?1

The fact that you are reading this article and looking into Self-Invested Personal Pensions (SIPPs) suggests that you are motivated to beat these statistics.

In This Article, You Will Discover:

    The team at Every Investor has put in the hours to provide you with comprehensive insights regarding SIPP providers, and this article will discuss the benefits and drawbacks of Wealth at Work’s SIPP and offer tips for evaluating whether this SIPP may suit your needs.

    All our content undergoes stringent quality and compliance checks prior to publication so we can be sure of delivering only the most relevant and up-to-date information to our readers.

    Read on to find out more about Wealth at Work.

    What Is a Wealth at Work SIPP?

    A Wealth At Work SIPP, or Self-Invested Personal Pension, is a retirement savings vehicle that offers individuals greater control and flexibility over their pension funds.

    It allows investors to choose from a wide range of investment options, including stocks, bonds, and funds.

    With a Wealth At Work SIPP, investors can actively manage their pension portfolio to maximize returns and tailor their investments to their individual risk tolerance and financial goals.

    This self-directed approach empowers individuals to take charge of their retirement planning and potentially achieve higher returns compared to traditional pension schemes.

    A unique aspect of the Wealth At Work SIPP is its emphasis on workplace savings and employee benefits.

    Designed to complement workplace pension schemes, this SIPP allows individuals to consolidate their existing pension pots and benefit from the same tax advantages and investment flexibility.

    By offering a holistic approach to retirement planning, Wealth At Work SIPP ensures that individuals can make the most of their pension savings while benefiting from expert guidance and support.

    This combination of self-directed investing and workplace integration sets Wealth At Work SIPP apart as a comprehensive and tailored solution for retirement planning.

    What Does Wealth At Work Do?

    Wealth At Work provides financial advice, with a particular focus on retirement planning and investment management. 

    Brief History & Overview

    Wealth At Work was founded in Liverpool in 2004 and today employs about 250 people.2

    In 2015, Equistone Partners Europe conducted a £50 million management buyout of Wealth At Work.3 

    After this development, Wealth At Work acquired Affinity in 2016, which expanded the firm’s reach into the UK’s public sector and now saw it managing £1,5 billion in assets.4

    By 2021, the company had attracted investment from Aquiline Capital Partners, a firm managing $6,4 billion.5 

    Currently, Wealth At Work serves over 450 employers, including prominent names like Marks & Spencer, BT, Experian, and the NHS.6

    Key Players in Wealth At Work’s Development

    Key Players at Wealth At Work include CEO David Cassidy and Director Jonathan Watts-Lay.7

    What is Wealth At Work’s SIPP?

    Wealth At Work’s SIPP is an actively managed investment product.8 

    Key Features & Benefits

    Wealth At Work’s Full SIPP product provides a comprehensive range of features and benefits to meet the diverse needs of investors. 

    With access to a broad spectrum of investment options, including funds, shares, and commercial property, investors can build a tailored portfolio aligned with their retirement goals. 

    Costs & Charges

    Charges may vary depending on the specific investment choices and services availed.

    Wealth At Work’s charges generally consist of an Initial Charge and an Annual Management Fee.

    The Initial Charge is based on the investment amount:

    • 2% plus VAT for the first £100,000
    • 1% plus VAT for the next £200,000 (£100,001 – £300,000)
    • 0.5% plus VAT for amounts over £300,001

    The Annual Charge may range from 0,45% to 1,5% plus VAT.9

    The exact fee will be detailed in the suitability report before investment.

    How Do You Start Investing With Wealth At Work’s SIPP Product?

    Investing with Wealth At Work’s SIPP product gives investors access to a wide range of options like funds, shares, and commercial property. 

    This selection lets investors tailor portfolios to their financial goals. 

    Additionally, the platform provides tools and resources to aid informed decision-making and effective investment monitoring.

    Types of Investments Available

    With Wealth At Work’s SIPP product, investors can choose from a wide range of investment options, including stocks, bonds, funds, and commercial property. 

    This flexibility ensures that investors have the freedom to tailor their portfolios to their individual preferences and risk tolerance.

    Flexibility & Withdrawal Options

    Wealth At Work’s SIPP provides flexible investment management and withdrawal options.10 

    When you retire, you can:

    • Use income drawdown to extract an income while keeping the rest invested.
    • Take your entire pension in one payment, with the first 25% typically untaxed.
    • Purchase an annuity for a fixed, lifelong income.
    • Opt for phased retirement, drawing parts of your pension as needed and enjoying a tax-free portion in each withdrawal.

    Always review the tax implications and potential charges before withdrawing from your pension.

    Tax Implications

    Investing in a SIPP can offer attractive tax benefits. 

    Contributions to a SIPP are eligible for tax relief, meaning investors effectively receive government top-ups to their contributions at their marginal income tax rate. 

    Our guide called Is a SIPP tax-free? will provide you with more information on the tax implications of these products.

    Who Is Wealth At Work’s SIPP Product Best Suited to?

    Wealth At Work’s SIPP product is best suited to investors with at least £30,000 to put towards their retirement who are looking for an actively managed solution.11 

    How Do I Open a Wealth At Work SIPP?

    To open a Wealth At Work SIPP, you need to contact Wealth at Work directly.12

    The process involves completing an application form, providing necessary identification and financial information, and selecting investment options.

    Who Is Eligible?

    To open a Wealth At Work SIPP, you need to be a UK resident and over the age of 18. 

    You also need to have a UK bank account and be able to make regular contributions to the SIPP. 

    What Is the Process?

    The process involves a number of steps.

    These include:

    • two initial meetings to discuss your needs with an advisor and review their recommendations
    • completing an application form 
    • providing the necessary identification and financial information
    • transferring funds into your new SIPP account.

    How Can You Navigate Wealth At Work’s Digital Platform?

    Wealth At Work’s digital platform offers a user-friendly interface that simplifies the investing process. 

    User Interface & Experience

    Wealth At Work’s online platform equips investors with tools like retirement planning aids, educational content, and market insights.13 

    The user-friendly app lets investors track their portfolios, conduct transactions, and access account details on their mobile devices.

    Tools & Resources Available

    Wealth At Work’s mobile app, my wealth Invest, extends the convenience of managing investments on the go. 

    The my wealth Invest app includes the following features:

    • Overview of your current investments across asset classes
    • Access to detailed information
    • Notifications of upcoming portfolio events
    • Alerts for important due dates like insurance renewals, SIP, FMP maturity, etc.
    • Capability to buy, redeem, or switch Mutual Funds online

    Mobile App Reviews

    Wealth At Work’s mobile app reviews are positive, with a rating of 5 out of 5 on the App Store (although this is currently based on only three reviews).14 

    How Can I Contact Customer Service & Support?

    Customer service and support play a vital role in ensuring a positive experience for clients.

    Contact Channels

    Wealth At Work offers multiple contact channels to cater to diverse customer preferences. 

    Clients can reach out to their support team through phone, email, or online chat. 

    These channels provide options for seeking assistance or clarifying any queries related to their SIPP product.

    Response Times

    Wealth At Work strives to provide timely responses to customer inquiries. 

    While response times may vary depending on the volume of queries, their customer service team is dedicated to addressing client needs promptly and efficiently.

    What is Regulatory Compliance & Protection?

    Regulatory compliance and protection are vital considerations when it comes to financial investments.

    Regulation

    Compliance with regulations ensures that a company adheres to industry standards and safeguards the interests of its clients.

    Wealth At Work’s regulatory details are:

    • FCA Reference Number: 417367.15
    • Registered Company Number: 05225819.16

    Financial Services Compensation Scheme (FSCS) Protection

    Wealth At Work’s SIPP product benefits from the protection provided by the Financial Services Compensation Scheme (FSCS). 

    This protection covers eligible investments up to £85,000, providing clients with an additional layer of security.17 

    Data Security Measures

    Wealth At Work places a strong emphasis on data security, employing robust measures to protect client information and ensure data privacy.18

    The Financial Conduct Authority regulates the company and is required to meet strict data security standards. 

    Wealth At Work uses industry-standard encryption and security protocols to protect data and has a dedicated security team that monitors and tests the security systems. 

    How Can I Evaluate Wealth At Work’s Place in the SIPP Market?

    When evaluating Wealth At Work’s place in the SIPP market, it is important to consider various factors, such as their strengths and weaknesses.

    Strengths & Weaknesses

    Wealth At Work offers a customer-focused approach, a wide range of investment choices, and transparent fees. 

    While they excel in personalised solutions and services, they could improve by broadening their investment options and refining their digital platform’s user experience.

    Predictions for Future Developments

    In the ever-evolving SIPP market, Wealth At Work is likely to continue adapting and innovating to meet the changing needs of investors. 

    They may explore new investment options, enhance their digital platform, and further streamline their processes to provide an even better customer experience.

    Final Thoughts & Recommendations

    Wealth At Work offers a versatile SIPP product for those wanting more control over retirement investments. 

    They provide a variety of investment options and prioritise customer service, making them a notable player in the SIPP market. 

    Before investing, evaluate your goals and risk tolerance, and consult a professional to determine if a SIPP would suit your needs.

    Common Questions

    Why Consider Wealth At Work SIPP for Retirement Planning

    What Fees Are Involved With Wealth At Work SIPP

    How Flexible Is the Wealth At Work SIPP for Investments

    Can Wealth At Work SIPP Accommodate Pension Transfers

    What Unique Features Does Wealth At Work SIPP Offer

    What Are the Tax Implications of Investing in a Wealth At Work SIPP

    How Can I Manage My Wealth At Work SIPP Online

    How Secure Is My Investment With Wealth At Work's SIPP

    Can I Transfer My Existing SIPP to Wealth At Work

    Can I Take Out Money from My Wealth At Work SIPP Before Retirement

    How Does Wealth At Work's SIPP Align With My Retirement Goals

    What Is the Outlook for SIPPs by Wealth At Work

    In Conclusion

    Our review highlights the Wealth At Work SIPP as a competitive choice in the SIPP market, especially for those who would like a managed product. 

    Before settling on a retirement plan, speak to a financial advisor and consider all your needs and goals.

    With its strengths (and potential for improvement), the Wealth At Work SIPP may be a strong contender in the current market.

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