FAQs - Personal pension plans including self-invested personal pensions

Before applying for authorisation, you should decide whether your firm needs permission to carry on any or all of the regulated activities for personal pension schemes. If you want to apply for authorisation, your firm's application must specify the regulated activities you are applying for permission to carry on.

Please read Policy Statement PS06/7 Feedback on CP 06/05 for further information in particular in relation to client money and which firm requires to be authorised.

If you are in any doubt about whether you are carrying on a regulated activity, you should consult the guidance for firms found in the FSA’s Perimeter Guidance manual. You may also wish to seek independent legal advice, if appropriate.

A firm which is currently not authorised by the FSA and proposes to carry on any of the new regulated activities for personal pension schemes will need to apply for authorisation by us. You will need to complete the relevant forms and read the further guidance on how to apply.

A firm which is already authorised by the FSA: We expect that most firms will not need to take any further action. If your permissions include

• the regulated activity 'Establishing, operating or winding up a stakeholder pension scheme'; and/or
• the investment type 'Stakeholder pension scheme'.

We will automatically add a matching personal pension activity or investment type to your firm's permission. If you do not require this permission, then you must tell us by 23 March 2007. See the SIPPs - applying for a VoP page for further information.

If your firm does not hold the regulated activities detailed above and wishes to operate or advise on personal pensions you must apply to vary the firm's permission.

Please see Applying for a variation of permission for the relevant forms, fees and further guidance.

There is a one-off authorisation application fee so we can process the application. The amount will depend on whether the application is straightforward, moderately complex or complex. We expect most applications to be straightforward. See our website for more information on the current fee levels.

Firms establishing, operating and winding up personal pension schemes will be classed as 'moderately complex' and attract an authorisation fee of £5,000.

When applying for authorisation, you must send a cheque for the relevant authorisation application fee in full with the application form. We cannot begin work on your application until we receive the full fee (post-dated cheques will not be accepted).

We do not refund the authorisation fee so you need to be certain that you want to go ahead with the application before applying.

Please send in your application as soon as possible.

Regulation will take effect from 6 April 2007 so you will need to be authorised by then.

You can withdraw an application at any time before the application is granted or refused by writing to us. Your written notification should be signed by someone with appropriate authority. We cannot refund the application fee so you need to be sure that you want to apply before you do so.