The Curtis Banks SIPP specialises in offering customisable investment strategies, including commercial property investments, tailored to sophisticated investors seeking flexibility in their retirement planning.
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Discover How the Curtis Banks 'Your Future' SIPP Works & What the Pros & Cons of This Type of Product Are.
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Key TakeawaysYour 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 EveryInvestor 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.
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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.
Curtis Banks is an award-winning Self-Invested Personal Pension (SIPP) provider. 2
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
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 2022 7 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
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
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
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
Just about anyone is eligible for a SIPP, be they adult, child, employed, self-employed, or unemployed—as long as they are under 75 16 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.
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:
Some of the potential drawbacks include:
While SIPPs can be a useful retirement-planning tool for some, they may not be the best option for everyone.
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 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 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
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.
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’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.
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.
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.
Investing with Curtis Banks’ Your Future SIPP offers five core product choices.
These are:
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
The tax implications of the Curtis Banks Your Future SIPP are in line with HMRC regulations.
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.
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 can customise their plan according to their risk tolerance with Curtis Banks’ commercial property and non-standard investments.
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.
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.
Anyone is eligible to open a SIPP with Curtis Banks, although the product is targeted towards high-net-worth individuals. 38
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
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
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
Navigating Curtis Banks’ digital platform is straightforward and uncomplicated.
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.
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
Curtis Banks does not have a dedicated mobile app, but its online portal is fully mobile responsive. 43
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.
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
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 Defaqto 49 and Moneyfacts 50 in 2023.
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 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.
The types of investments you can make with a Curtis Banks SIPP include commercial property and some non-standard investments.
Curtis Banks’ SIPP charges compare favourably to those of other providers, as the firm offers a competitive and transparent fee structure, but the exact costs depend on the product chosen.
Withdrawals from a Curtis Banks SIPP are flexible in the sense that they are in line with government regulations and allow access from the age of 55.
From that age, you can take benefits as a lump sum, drawdown pension, or purchase an annuity.
The tax implications of investing in a Curtis Banks SIPP include relief on contributions and tax-free investment growth, but withdrawals are, of course, subject to income tax after the first 25% has been accessed.
Your investment with Curtis Banks’ SIPPs is secure, subject to the vagaries of market forces.
Remember that all investments carry an inherent risk.
The protection Curtis Banks offers for your SIPP consists of FCA regulation and FSCS coverage.
Yes, you can transfer funds from an existing pension to fund your SIPP with Curtis Banks.
Clients with larger pension pots and those willing to take some risk with their investments are best suited to a Curtis Banks SIPP.
Yes, you can take money from your Curtis Banks SIPP from age 55, regardless of whether you are retired or not.
There are some special circumstances where you can withdraw before the age of 55.
These are:
The future outlook for SIPPs by Curtis Banks is likely to be influenced by the strategies of its new owner, Nucleus Financial.
A Curtis Banks SIPP (Self-Invested Personal Pension) is a type of pension scheme that allows individuals to have more control over their investments. It works by allowing you to choose how your pension funds are invested, giving you the flexibility to diversify your portfolio.
With a Curtis Banks SIPP, you can invest in a wide range of assets such as stocks, bonds, and commercial property, providing the potential for higher returns.
A Curtis Banks SIPP works by providing you with a platform to manage your pension investments. You can select from a range of investment options and make changes as and when needed.
By taking advantage of the tax benefits associated with a SIPP, you can grow your pension fund over time and have more control over your retirement savings.
There are several benefits associated with a Curtis Banks SIPP. Firstly, it provides you with greater investment flexibility, allowing you to choose from a wide range of assets to build your pension portfolio. This can provide the potential for higher returns compared to traditional pension schemes.
Additionally, a Curtis Banks SIPP offers tax advantages, such as tax relief on contributions and tax-free growth within the pension fund. This can help boost your retirement savings and provide a more financially secure future.
Furthermore, a Curtis Banks SIPP gives you control over your pension investments, allowing you to make informed decisions based on your individual financial goals and risk appetite. This flexibility and control make it an attractive option for those looking to take charge of their retirement planning.
Applying for a Curtis Banks SIPP is a straightforward process. To start, you can visit the Curtis Banks website and complete an online application form. You will need to provide personal details, including your name, contact information, and date of birth.
Once your application is submitted, Curtis Banks will review the information and may request additional documentation, such as proof of identity and address. After verifying your details, they will set up your SIPP account and provide you with the necessary login information.
It’s important to note that opening a Curtis Banks SIPP may require you to make an initial contribution, so be prepared to have funds available. It’s advisable to seek financial advice before applying for a SIPP to ensure it aligns with your specific retirement goals and circumstances.
When considering a Curtis Banks SIPP, it’s crucial to be aware of the associated fees. These can vary depending on the specific services and investments you choose within your SIPP account.
Common fees may include an annual administration fee, transaction fees for buying and selling investments, and fees for additional services such as drawdown or property purchase. It’s important to review the fee structure provided by Curtis Banks and understand how these fees may impact your overall returns.
Before proceeding with a Curtis Banks SIPP, it’s recommended to compare the fees with other SIPP providers to ensure you’re getting a competitive offering that aligns with your financial goals.
No, you cannot use equity release with a Curtis Banks SIPP. Equity release is a separate financial product that allows homeowners who are aged 55 or above to access the equity in their property without having to sell it. It is not a feature or option available within a Curtis Banks SIPP.
However, a Curtis Banks SIPP does provide investment options that can help grow your retirement savings, which can be used in conjunction with other financial strategies, such as equity release, to enhance your overall retirement plan.
It’s advisable to seek independent financial advice to explore different options and determine the most suitable approach for your individual circumstances.
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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