What role does IFGL Pensions play in administering your pension?

14 NOV 2025

By Nigel Danzelman, Head of Marketing Services & Communications

It’s important to understand the role that IFGL Pensions plays in administering your Self-Invested Personal Pension (SIPP) scheme.

The UK’s Finance Act 2004 requires that every pension scheme must have a scheme provider and administrator. IFGL Pensions provides this important role for your SIPP. We are responsible for the day-to-day operation and administration of your SIPP and are regulated by the UK’s Financial Conduct Authority (the FCA).

As well as acting as the scheme provider and administrator, we also act as the trustee for your SIPP through our MW SIPP Trustees Limited company.

What are the key duties of a SIPP administrator?

Securing regulatory and tax compliance:

We register the pension scheme with HM Revenue & Customs (HMRC) and the Pensions Regulator.
We manage tax relief on contributions and operate the relief at source system (which means your contributions paid by you out of post-tax income, and we then claim and apply basic rate tax relief for you*).
We report scheme events and provide quarterly and annual returns of information to HMRC, the FCA and the Pensions Regulator.
We implement a robust framework for all products under the Consumer Duty, including addressing complaints and ensuring fair treatment of customers.
We maintain data on the scheme and your SIPP to ensure adequate oversight.

*Please note if you are eligible for higher or additional rate tax relief you will also need to reclaim the extra tax relief you’re entitled to from HMRC. You can do this via self-assessment tax return, or by contacting your tax office.

Scheme management:

We maintain your SIPP and ensure it complies with all current pension legislation.
We calculate and review your pension benefits according to legislation and issue you with annual statements and other statutory communications.
We appoint or work with other parties such as investment providers and discretionary fund managers who hold custody of your investments. We comply with regulatory requirements for SIPP operators in respect of carrying out due diligence on investment providers and monitoring transactions.
We operate risk management systems to minimise the risk of financial crime and other potential risks, helping members avoid fraudulent or pension scam activity.

Member services:

We provide information to our scheme members about their pension, including details about your pension savings, choices at retirement and transfers.
We operate administration teams that are on hand to answer questions that you may have about your SIPP. We cannot provide you with financial advice or tax advice.
We manage accounts and facilitate your access to investments and transactions through various platforms.

It is important to note that IFGL Pensions is NOT responsible for, or involved in, the investment choices you make. How much to put in, where to invest it and how much to take out when you come to retire is decided by you, normally working in conjunction with your financial adviser. We do however reserve the right to refuse certain assets to be held in your SIPP, and to require assets that are held to comply with our investment guidelines.

Other parties involved in your SIPP:

There are a number of other professional parties who play a role in your SIPP. These can include the following:

Your Financial Adviser

Your financial adviser is completely independent of IFGL Pensions. Your financial adviser will work with you to understand your financial goals and objectives and put in place a plan to achieve them.

Your financial plan is likely to include use of products, and they may have recommended a SIPP administered by IFGL Pensions. It is also likely that you will have discussed any investment choices with your adviser.

Your adviser may continue to provide ongoing advice in relation to your investment choices, as well as your wider financial needs.

The Trustee

We appoint MW SIPP Trustees Limited to act as the trustee for your scheme. The investments you make within your SIPP are held in the name of the trustees. The trustees provide additional oversight for your SIPP, including making decisions on the payment of death benefits.

Investment Provider and/or Discretionary Fund Manager (DFM)

Your investment provider is another external counterparty, independent of IFGL Pensions, and selected by you and your financial adviser. The investments you choose will be held within your SIPP. Your investment provider will hold custody of your investments. Your investment provider might be a platform, a bond, directly listed funds, or other assets.

In addition to your financial adviser, you might also work with a DFM. A DFM will select investments for you based upon your attitude to risk, capacity for loss, and your financial goals. They will manage those investments for you, using their discretionary mandate to buy and sell assets within your overall investment portfolio.