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.

The team at EveryInvestor 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 the Wealth at Work SIPP?

The 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 invest in a wide range of options, including cash, bonds, and equities.

With a Wealth at Work SIPP, pension portfolios are actively managed to maximise returns and tailor investments to the individual's risk tolerance and financial goals.

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.

Wealth at Work Overview

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

More on 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 whole-of-the-market investment options, including cash, bonds, and equities, investors can achieve a tailored portfolio aligned with their retirement goals.⁹ 

Portfolios are created using two-fold asset allocation, which means that the core asset classes (cash, bonds, and equities) and their sub-asset classes are weighted.

Asset Allocation: What Can You Invest In?

Asset allocation involves assigning different weights to the core asset classes and their sub-classes.

Core asset classes include:

• cash
• bonds
• equities

As mentioned above, there are subcategories to consider within these core asset classes.¹⁰

Bonds invested in:

• government bonds
• investment-grade corporate bonds

Equities invested in (geographic areas):

• UK
• USA
• Japan
• Emerging markets (like South Africa, Brazil, Mexico, and others)
• Asia Pacific (excluding Japan)
• Europe (excluding the UK)

Tax Benefits

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 on SIPPs and taxes will provide you with more information on the tax implications of these products.

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 Management Fee is based on the value of your portfolio and is paid monthly in arrears.

The monthly amount is a 12^th of the following:

• 1.5% plus VAT for the Discretionary Managed Portfolio Service
• 0.45% plus VAT for the Treasured Stock Service.¹¹

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

How to Start Investing With Wealth at Work’s SIPP Product

To start investing with Wealth at Work’s SIPP product, contact Wealth at Work directly to discuss your financial goals and receive tailored advice.¹²

Following this, you will have to complete the necessary application forms and provide any required documentation.

Once the account is set up, you can transfer existing pension pots and begin making contributions, benefiting from the tax advantages and investment flexibility offered by the SIPP.

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.

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. 

How Will My Investments Be Managed?

Once you have spoken to an adviser, Wealth at Work will develop a tax-efficient strategy tailored to your needs.

This strategy will take into account your attitude to investment risk, your capacity for loss, and your prior investment knowledge and experience.

The recommended investments will then be actively handled on a discretionary basis to ensure that they remain suitable.

In other words

This means that any alterations to a client's investments are made automatically on their behalf, and all transactions are clearly communicated to them in Wealth at Work's quarterly investment statements.¹³

Withdrawing Your SIPP Funds

Withdrawing your SIPP funds becomes possible when you turn 55 (although the minimum age will rise to 57 in 2028).

Of course, you do not have to withdraw your pension at this age—you may very well not even be retired by then.

Withdrawal Options

When you do decide to access your Wealth at Work SIPP funds, you have a few options.¹⁴

These are:

• Lump Sum: Withdraw up to 25% of the pension pot tax-free as a lump sum. The remaining 75% can be taken as taxable income.
• Income Drawdown: Keep the pension invested while drawing an income from it. This can be done flexibly, allowing you to vary the amount and frequency of withdrawals.
• Annuity Purchase: Use the pension pot to buy an annuity, which provides a guaranteed income for life or a fixed period.
• Combination: Combine a lump sum with regular income drawdown or annuity payments.

Each option has its own tax implications and benefits, so it's important to consider your needs and speak to a financial advisor.

Tax Implications

When withdrawing funds from your Wealth at Work SIPP, it's important to understand the tax implications.

These include:

• Tax-Free Lump Sum: You can withdraw up to 25% of your SIPP fund as a tax-free lump sum. This can be taken all at once or in smaller amounts.
• Taxable Withdrawals: The remaining 75% of your SIPP fund is subject to income tax. The amount you withdraw will be added to your total income for the year and taxed at your marginal rate.
• Higher Tax Brackets: Large withdrawals can push you into a higher tax bracket, resulting in a higher tax rate on the withdrawn amount.
• No National Insurance: Withdrawals from your SIPP are not subject to National Insurance contributions.
• Tax on Annuity Income: If you buy an annuity, tax will be deducted from your regular income payments by the annuity provider.

Speak to a financial advisor to plan your withdrawals in a tax-efficient manner.

Navigating the Wealth at Work Digital Platform & “My Wealth” Login

Wealth at Work's recently upgraded 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.¹⁵ 

The user-friendly platform lets investors track their portfolios, conduct transactions, and access account details online.

Tools & Resources Available

Wealth at Work's mobile app, my wealth invest, extends the convenience of managing investments on the go.¹⁶ 

The my wealth invest app includes the following features:

• An overview of your current investments across asset classes.
• Access to detailed information and transaction history.
• The latest news and market updates.¹⁷

Mobile App Reviews

Wealth at Work’s mobile app reviews are positive, with a rating of 4.4 out of 5 on the App Store (although this is currently based on only sixteen reviews).¹⁸ 

Wealth at Work Customer Service & Support: Contact Options

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

Wealth at Work can be contacted in a number of ways.

These are:

• filling in their online form.¹⁹
• phoning them on 0800 028 3200.
• visiting them at 5 St Paul’s Square, Liverpool L3 9SJ.

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

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: 417367.²⁰
• Registered Company Number: 05225819.²¹

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.²² 

Data Security Measures

Wealth at Work places a strong emphasis on data security, employing robust measures to protect client information and ensure data privacy.²³

The Financial Conduct Authority regulates the company and requires it 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. 

Common Questions About the Wealth at Work SIPP

Final Thoughts on the Wealth at Work SIPP

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.

Depending on your circumstances, the Wealth at Work SIPP may be a strong contender in the current market.