Your SIPP is changing

You have three options, whoever you choose, there are no transfer out fees charged by us.

1. Choose IWeb Share Dealing for your SIPP – continue your investment service with IWeb and move your SIPP admin to Embark.
2. Choose AJ Bell for your SIPP.
3. Transfer your SIPP away to different provider of your choice.

If you do not make a choice, your SIPP will move to AJ Bell (option 2). This includes all of your investments held in your SIPP. The AJ Bell terms and conditions will apply to your new SIPP. If you transfer to AJ Bell, and then decide their SIPP is not suitable, you’ll be able to transfer to another provider free of charge.

11 April 2025

Please contact us to see if we can help on 03450 707 129.

If you do not make a choice, your SIPP will move to AJ Bell (option 2), and this may not be your preference. This includes all of your investments held in your SIPP. The AJ Bell terms and conditions will apply to your new SIPP. If you are transferred to AJ Bell, and then decide their SIPP is not suitable, you’ll be able to transfer to another provider free of charge.

Please see the table for key differences between the two SIPPs. You can find more information in the Key features and T&Cs or see the AJ Bell website.

Yes, you can contribute and trade as normal until just before your SIPP is moved.

Please see key dates.

You can complete the online form.

Or, log into your account and follow the online prompt.

Or, return the SIPP Options form in your letter in the pre-paid envelope provided.

Or, if you prefer you can call us on 03450 707 129.

Yes. You can change your mind up to 11 April 2025. You need to call us to do this using the telephone number provided in the initial letter - 03450 707 129. We will act on your latest consent date.

If you have chosen to stay with IWeb and have a Scottish Widows SIPP, we will contact you to confirm your account will be set up and to ask you for a new Direct Debit mandate or any other information we need.

If you have chosen the AJ Bell SIPP they will contact you with your new account details and any other information.

Last regular contribution: 1 September 2025

Last one-off contribution: Friday 12 September 2025

Last regular income payment: 15 September 2025

Last lump sum withdrawal request: 8 September 2025

Last trade: 4.30 Friday 19 September 2025

New SIPP will be open: Monday 22 September 2025

Last div reinvestment: 5 June 2025

Last regular investment: 5 June 2025

Last one-off contribution: Friday 13 June 2025

Last regular contribution: Friday 13 June 2025

Last lump sum withdrawal request: 9 June 2025

Last regular income payment: 16 June 2025

Last trade 4.30 Friday 20 June 2025

New SIPP will be open: Monday 23 June 2025

How interest works within a SIPP

In a Self-Invested Personal Pension (SIPP) if you have a cash balance of £1 or more, we’ll pay you interest. We currently pay interest at a gross rate of 3.55%. Please bear in mind that this rate may change in the future.

How we handle the money

All the cash we hold is kept in a central account, this is called a client money account. Here is how it works:

• we earn interest on this account from our banking partners
• we keep a portion of this interest (we expect this to be between 0.80% to 1.30%) This is called retained interest and any interest retained is used it to improve our products and services
• the rest of the interest is paid to you at the current rate shown in the table below.

Calculating and Paying Interest.

We work out the amount of interest daily, and we pay it to you, yearly in March.

Interest rates are variable, which means the amount can change depending on different internal and external factors in the future.

Additional Information:

• We hold uninvested cash in a central client money account, in compliance with Financial Conduct Authority (FCA) rules
• Your money is protected under the Financial Services Compensation Scheme (FSCS)
• The retained interest is the difference between the total amount we receive from our banking partners and the amount we pay to customers
• Please note that all interest rates can vary.
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Our dedicated contact team will ring you to help with any additional support you might need, or you can call us on 03450 707 129.

Can I transfer now?

We will move your SIPP over in September for you if you choose this option, it is not available to you until then.

What happens next?

If you choose to stay with IWeb and have a Scottish Widows SIPP: we will contact you at the end of April. We will send you a discharge form to authorise the transfer of your SIPP administration.  You’ll need to fill it in and send it back to us. If it’s not returned, your investments and cash will move to AJ Bell.

We’ll also ask you for a new Direct Debit mandate or any other information we need.

We will let you know when your new SIPP account is open in September.

If you chose the AJ Bell SIPP, they will contact you with your new account details and any other information.

Will my account number change?

If you choose to stay with IWeb and have a Scottish Widows SIPP there will be no change to your account number.

If you choose the AJ Bell SIPP, you will trade through a new account with them.

Will I need to set up a new Direct Debit?

Yes - if you choose to stay with IWeb and have a Scottish Widows SIPP, we will send this out to you at the end of April.

Will I need to set up a new Drawdown instruction?

Yes – if you choose to stay with IWeb and have a Scottish Widows SIPP, we will send this out to you at the end of April.

Can I get advice?

We operate an execution only (or ‘non-advised’) service, so we can’t give you advice on tax or financial services matters. For independent and impartial advice that is personalised to your own circumstances, you can speak to a financial adviser. They’ll normally charge you for any advice they give. If you don’t have a financial adviser, you can visit unbiased.co.uk or vouchedfor.co.uk to find a list of advisers near you.