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Admin: Sorry if this it in the wrong Tribe - please move if it is.
We have just started investigating using SIPP/SSAS for our next purchase and I came across Kevin Whelan who was getting tagged quite a lot on a FB property group in relation to using your pension for investment. I reached out personally to him and someone from his team has emailed me with info including his eBook "7 Pillars" which I slogged through today (very painfully). Rather than being a SIPP/SSAS expert, he runs WealthBuilders which seems to be a rather cultish club selling their mentorship programme.Has anyone had any experience of him/them and if so what are your thoughts please? Alternatively, is there anyone the Tribe would recommend I could talk to so that I can get my head around the ins and outs of this opportunity please?
Many thanks in advance to you super-helpful PTers!
You can't put a residential property in a SIPP!
Not sure what you've read, and would need to understand the context before giving a proper opinion, however in short no sniff of resi or anything that can be used as resi which is the important point (even if its current usage is not resi) can be in a pension.
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Mark Stokes has a book SSAS pensions. You can loan yourself half the pension pot and purchase residential or you can use the SSAS to purchase commercial property such as your office.
I've never heard of KW, but as soon as you mentioned he's a facebook marketeer, that caused immediate concern. Facebook is one of the biggest originators of "schemes", and the people running them frequent all the property groups, filling their marketing funnels. I have never regarded Facebook as a professional space, but that's just my own view.I had a look at the Wealth Builders website and there was no mention of FCA regulation (which I would expect for someone advising on pensions - but happy to be corrected if I am wrong) nor was there a privacy notice or any Terms and Conditions of doing business with them, which means the website is non-compliant. While these are only minor compliance details, it does not give a good first impression imho.I was unable to find any independent reviews of WBT. i.e. reviews that were not hosted on their own websites/social media pages. They do have a TrustPilot listing but have no reviews.The company was incorporated in 1995, so has been going a long time, and Kevin Whelan has ten directorships, including a company that appears to be an IFA.I believe that pensions is a highly regulated area and that anyone advising on them needs to be FCA regulated. Again, happy to be corrected on this if I am wrong. You can find a suitable adviser via the PensionsWise website.These are our archive discussions:SASS Pension and mortgagesUsing a SASS Pension to invest in property
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In recent years the pension rules have become increasingly complex and the lifetime contribution and other limits restrictive, which in turn has led to an upsurge in the SIPP/SASS sector that on the surface at least have an easier time of it. If only that supposed easier time was true!
It is essential that anyone considering using the SIPP/SASS route to either buy commercial property or buy shares in companies that themselves are buying/running/investing in residential property (SIPPs/SASSs cannot directly own residential property) seeks fully independent and FCA regulated advice. Getting sight of the advisers terms of business and their professional indemnity cover is an absolute must, as is being totally clear as to with whom the legal (contractual) relationship subsists.
Most of all, check to see that the advisers, trustees, developers, lawyers etc are not in business together; and make sure to seek independent legal advice before going ahead.
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@Tony and @JonCan you answer these simple questions please:1. Is Wealth Builders offering a legitimate service?2. Should Kevin Whelan have some kind of disclaimer on his website saying he is not authorised to give advice or should he actually be FCA regulated to give any kind of advice on pensions? (Perhaps he is regulated, but it is not clear from his website).