The differences between a trust and a deed poll pension scheme are essentially the differences between the Suffolk Life MasterSIPP and the Suffolk Life SIPP.

The Suffolk Life MasterSIPP is established under trust – all assets (aside from property and protected rights funds) are owned legally by Suffolk Life Trustees Limited and beneficially for the client. The Suffolk Life SIPP is established under deed poll – all assets are directly owned by Suffolk Life Annuities Limited both legally and beneficially.

All property investments in either SIPP are owned legally and beneficially by Suffolk Life Annuities Limited. For the Suffolk Life MasterSIPP this is via the property trustee investment plan (TIP) issued to the trustee. Assets purchased with protected rights in the Suffolk Life MasterSIPP are also owned legally and beneficially by Suffolk Life Annuities Limited via the protected rights TIP issued to the trustee.

Since the end of October 2007 only the Suffolk Life MasterSIPP is available for new business. Existing Suffolk Life SIPP plans can of course still receive investment.

For more details, see our factsheet - Trust based schemes and deed poll schemes.