David Baker This is Me

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1. 1. Call to tighten SIPP criteria

   www.web-investor.co.uk/article - [Cached]

   Published on: 5/16/2005   Last Visited: 1/20/2008

   David Baker, director of the SIPP division at James Hay, a subsidiary of Abbey, said providers would have limited time to finalise all legal and product arrangements, before the 6 April 2006 deadline, for something that was going to revolutionise the personal pension industry.
   
   In addition to residential property investment, the new regulations will allow for a much wider range of permitted investments including unquoted shares, loans, paintings, furniture and vintage cars to be placed into a SIPP.
   
   Currently, only commercial property is allowed to be purchased and only 100,000 SIPPs are in existence, with about £20bn of assets.
   
   Baker said: "We will be able to do anything we want as long as it is an investment, but I do think this is too wide and will need to be narrowed down at some stage in the future."
   
   Baker said particular attention would have to be focused on residential property investment as the SIPP provider technically became the owner of the investment.
   
   He added: "Owners of the property will have to use an appointed management company as designated by the provider, but we will look to take a more flexible approach.

2. 2. Costa del Sol Property News from Bluewater Homes

   www.bluewater-homes.net/costad - [Cached]

   Published on: 12/12/2004   Last Visited: 2/21/2006

   "We estimate that around a third of our existing clients will want to do this but that doesn't take into account the number of people who will start up a Sipp specifically to buy foreign property," says David Baker of James Hay Trustees, the biggest administrator of Sipps in the market. He reports a flood of inquiries, not just from those wanting to buy a foreign property, but also from individuals who already own a property abroad, and want to know how to transfer this property into a Sipp, to either use the rental income to boost their pension or to release cash from the scheme.
   ...
   Baker confirms that James Hay has yet to decide whether to offer the option of buying property overseas.
   ...
   Case study DAVID and Jean Webb joined the great escape last July and now divide their time between a bungalow near Bognor Regis and a two-bedroom apartment in Cyprus.

3. 3. Tuscany Property - Casa Tuscany - Tuscan Property Sales and Holiday Rentals

   www.casatuscany.com/services/s - [Cached]

   Published on: 10/6/2004   Last Visited: 10/11/2005

   "We estimate that around a third of our existing clients will want to do this but that doesn't take into account the number of people who will start up a Sipp specifically to buy foreign property," says David Baker of James Hay Trustees, the biggest administrator of Sipps in the market.
   
   He reports a flood of inquiries, not just from those wanting to buy a foreign property, but also from individuals who already own a property abroad, and want to know how to transfer this property into a Sipp, to either use the rental income to boost their pension or to release cash from the scheme.
   ...
   Baker confirms that James Hay has yet to decide whether to offer the option of buying property overseas.