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Trust vs. deed poll
The differences between a trust and a deed poll pension scheme are essentially the differences between the Suffolk Life MasterSIPP, SmartSIPP and SimSIPP, and the Suffolk Life SIPP.
Our MasterSIPP, SmartSIPP and SimSIPP are established under trust - all assets (aside from property) 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 (only allowable within MasterSIPP and Suffolk Life SIPP) are owned legally and beneficially by Suffolk Life Annuities Limited. For the MasterSIPP this is via the property trustee investment plan (TIP) issued to the trustee. Assets purchased with former protected rights in the Suffolk Life MasterSIPP are also owned legally and beneficially by Suffolk Life Annuities Limited via the former protected rights TIP issued to the trustee.
Only the MasterSIPP, SmartSIPP and SimSIPP is available for new business. Existing Suffolk Life SIPP plans can of course still receive investment.