27 NOV 2023


Changes to our product terms for existing IFGL SIPP, Insight SIPP and Acorn Lite scheme members

We have made a series of changes to the terms and conditions for existing IFGL SIPP, Insight SIPP and Acorn Lite scheme members. These changes come into effect from 1 January 2024 and broadly bring the terms for existing clients in line with those for new clients.

Why we are making the changes 

We carefully reviewed the terms against legal and regulatory requirements and common industry practice. Most of the changes are to ensure we continue to comply with these requirements. Some of the changes also reflect changes in the way we do business and our own operating processes.

What changes are we making?

We have made the terms clearer and simpler to read and more closely aligned with the FCA’s expectations on the Consumer Duty.
We have also made specific changes to the following key terms:

  • Our costs and charges
  • Notice periods that will apply when we change our costs and charges.
  • How we will treat and pay interest on uninvested funds.
  • How we will manage and notify any changes to the minimum cash balance linked to a member's pension.

You can find more information about the changes in the table below.


If a scheme member is not happy with the changes, they can transfer their SIPP to another provider and end their agreement with us. If they wish to transfer their SIPP, they must get in touch with us before 1 January 2024. If we haven’t heard from them by then, we will assume that they have accepted the changes.

Key changes we are making to members terms and conditions


What is changing?How is it changing?
Cancellation RightsWe have made clearer how you can cancel an application for a pension product. We have also confirmed that any fees that are owed to a Professional Adviser will still need to be paid even if you cancel. If you cancel an application, we will return any uninvested funds received within 30 days. We will no longer charge for any costs and charges we may incur where an application is cancelled. 
Costs and ChangesWe have carried out a full review of our costs and charges, to ensure that they reflect fair value for consumers, that they allow for an appropriate provision of service, and that they reflect current pension rules and common practice. This has resulted in some charges increasing, some decreasing, some staying the same, some charges being removed, and other charges being introduced. 
Bank Account and Minimum BalancesWe will give you a month's notice before we increase the minimum cash balance for your pension fund.
Interest on uninvested fundsWe may arrange for any uninvested monies to be held on deposit in high interest pooled accounts for your benefit.  
We will proportionately share interest earned through the pooled accounts with you.
Conflicts of InterestWe have informed you of our conflicts of interest policy which helps us identify and manage conflicts fairly. A copy of our conflicts of interest policy is available on request.
Trustee indemnitiesWe have amended our indemnity provisions, so they are more like common practice in the pensions industry. 
Complaints and the Financial Ombudsman ServiceWe have added further detail to our complaints process. We have also updated the contact details for the Financial Ombudsman Service.
Changing your TermsWe have made clearer when we will give you prior notice to any changes to your Terms and when we will make changes and tell you about them afterwards.


For IFGL SIPP and Insight SIPP schemes, you will be able to see the new terms and conditions and fee schedule/agreement that contains details of all the charges here. The charges for existing scheme members are now in line with the new charges that were introduced for all new IFGL SIPP and Insight SIPP scheme members in September 2023.


For Acorn Lite schemes, please contact us for copies of the new Terms and Conditions and the fee schedule.