Self Invested Pension Plan (SIPP)
More and more people are deciding to provide for themselves in retirement and for their spouse or civil partner after their death by a Self Invested Pension Plan (a SIPP). The rules relating to SIPPs, their administration and taxation are complex, but in certain circumstances you can nominate a registered charity or charities to receive the SIPP fund if there are no qualifying dependants after your death, or after the death of yourself and your spouse/civil partner.
Properly authorised payments from a SIPP to a charity will be exempt from the potential inheritance tax that can be chargeable on the SIPP fund.
Please consider Dulwich College as the charity, or one of the charities, you nominate which may benefit from your SIPP once it can no longer benefit your family direct.
It can be important to nominate your preferred charity or charities at an early stage in the life of your SIPP, and it is vital that you seek advice from your SIPP provider if you wish to do so. Strict time limits and technical rules apply to the distribution or allocation of funds from the SIPP, to qualify for this exemption so again please take advice from your SIPP provider.