The Royal Mint has revealed the next stage in its expansion as a world class bullion supplier with the announcement that Royal Mint gold bullion is now eligible for holding in Small Investment Personal Pension (SIPP) and Small Self-Administered (SSAS) Schemes.
Through its bullion trading platform, royalmintbullion.com, the 1,000-year-old organisation can now offer private individuals and pension scheme providers access to buy and manage gold held within their SIPP and SSAS pension schemes, 24 hours a day, seven days a week, 365 days a year via their own user-friendly online account.
The move follows the decision by the Financial Conduct Authority (FCA) in 2014 to add physical gold bullion to its list of standard assets, meaning that financial advisers can now assist clients wanting to include physical gold in their pension planning through regulated pension schemes. Required to be of a minimum 99.5% purity to be eligible under the scheme, Royal Mint gold bullion exceeds this, at a purity of 999.9%.
Investors wishing to take advantage of The Royal Mint’s long-standing reputation for integrity and accuracy are even offered a choice of bullion to hold in their pension, ranging from Royal Mint Refinery 100g and 1kg bars, to Signature Gold – a service that allows customers to purchase and own a fractional amount of a 400oz gold bar. Once bought, the gold is stored in The Royal Mint’s highly-secure on-site bullion vault storage facility.
Director of Bullion at The Royal Mint Chris Howard said: “The Royal Mint benefits from a centuries-old reputation as a trusted bullion provider and manufacturer of coins on a global scale. The move to make Royal Mint gold bullion available for holding within pension schemes opens us up to a whole new marketplace. This is a natural progression in The Royal Mint’s aim to provide the complete one stop bullion solution.”
How can I access Royal Mint Bullion to hold in a SIPP or SSAS pension?
The first step is to visit www.royalmintbullion.com/Gold-For-Pensions to create an account.
- Private individuals – download the Personal Account Application Form, complete and submit to your pension provider.
- Pension providers – pension providers should please contact our customer service team for further information in order to be set up with an account subject to terms and conditions.
What are the buying prices and fees?
Prices are at competitive premiums determined by live gold prices in real time. There is a transparent fee structure; no hidden charges, no minimum monthly fee, zero vault extraction fees.
Why can I not hold Royal Mint gold coins in a pension?
For UK citizens, this is the first time that Royal Mint gold bullion – specifically Royal Mint Refinery 100g and 1kg bars, and Signature Gold bars – has been authorised by HMRC and Her Majesty’s Treasury for holding in pensions – specifically SIPP and SSAS pensions.”
The rules on this are determined by HM Revenue and Customs, and they determine which gold products can be authorised for holding in pensions. Currently, only certain gold bars and no gold coins are authorised.
Gold bars carry a smaller premium than gold coins, so it makes sense that gold bars are offered for this purpose – for purchase as an investment.
What are The Royal Mint’s expectations for this product?
The Royal Mint expects this move to be well received by pension providers, who will now be in a position to offer their clients the choice of holding Royal Mint bullion – a prestige brand – in their SIPP and SSAS pensions.
Why has The Royal Mint chosen now to launch this, if the FCA decided to add physical gold Bullion to its list of standard assets in 2014?
The Royal Mint has been expanding its bullion portfolio gradually since the introduction of a new 999.9% fineness of gold bullion coins in 2012, so this is a natural progression in The Royal Mint’s bullion timeline – please see full details below.
The Royal Mint’s Bullion Timeline
2012 – The launch of The Royal Mint’s Bullion Division, and the introduction of a new 999.9% fineness of gold Britannia bullion coins alongside the organisation’s flagship Sovereign bullion coin. The year also saw the launch of The Royal Mint’s highly secure on-site bullion vault storage facility.
2014 – The Royal Mint launched a new bullion trading website, www.royalmintbullion.com, enabling customers to buy, store and sell bullion coins at constantly updated prices directly from The Royal Mint quickly, effortlessly and securely, 24 hours a day, 365 days a year.
2015 – The Royal Mint announced the revival of The Royal Mint Refinery bullion brand. Gold and silver minted bars bearing the historic marque became available for the first time since 1968.
Also in 2015, The Royal Mint launched Signature Gold, a new addition to its bullion trading service, allowing customers to purchase and own a fractional amount of a 400oz gold bar.
2016 – Royal Mint gold bullion becomes eligible for holding in pension schemes – Small Investment Personal Pension (SIPP) and Small Self-Administered (SSAS) Schemes.
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