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target market assessment 2023
Our help and guidance section contains useful reference material. This ranges from documentation that relates to the operation of our SIPP and SSAS products (such as terms and conditions and key features), to general help and guidance that will assist individuals in the operation of their pension scheme.
investment objectives
We offer two types of product:
- The Odyssey SIPP which primarily has a focus on commercial property and/or allowing a wide range of different investment types. This product carries higher charges with greater flexibility.
- The Odyssey Light SIPP which primarily has a focus on a single investment type, such as a Discretionary Fund Manager. This product carries lower charges and lower flexibility.
- The Odyssey SIPP which primarily has a focus on commercial property and/or allowing a wide range of different investment types. This product carries higher charges with greater flexibility.
There are a relatively narrow range of objectives that will suit our products. Our expected uses are as follows:
| Holding commercial property and land | Odyssey SIPP |
| Using pension funds to borrow to purchase property and land | Odyssey SIPP |
| Holding a mixture of assets | Odyssey SIPP |
| Holding discretionary managed portfolios | Odyssey Light SIPP |
| Holding portfolios of deposits | Odyssey Light SIPP |
| Holding investment grade gold bullion | Odyssey Light SIPP |
Our Negative Market
We believe that the following scenarios are not suited to our products
- Clients seeking only to invest into authorised collective investment schemes, perhaps via a platform. Far cheaper alternatives will likely be available in the marketplace.
- Clients who will only want to hold money as cash in a current bank account. We do not believe this is a viable investment strategy for a SIPP.
- Clients who want to invest into non-standard investments (unquoted equities, non-mainstream pooled investments including unregulated collective investment schemes, other illiquid or opaque investments). Our products will only allow investment into FCA standard investments: broadly, those that are regulated and liquid, plus commercial property and gold.
- Clients seeking only to invest into authorised collective investment schemes, perhaps via a platform. Far cheaper alternatives will likely be available in the marketplace.
customer type
We anticipate that individuals will fall into one of the following customer categories:
- A ‘retail’ type client that has received advice from a regulated financial adviser. A ‘retail’ client is the usual classification of client used in the financial services industry, giving individuals maximum protection.
- A ‘retail’ type client that is not advised, and is seeking to conduct business direct with Odyssey on an ‘execution only’ basis. These types of individual will have researched the market themselves and identified the provider they wish to work with.
- A ‘retail’ type client that has received advice from a regulated financial adviser. A ‘retail’ client is the usual classification of client used in the financial services industry, giving individuals maximum protection.
Our Negative Market
We believe that the following scenarios are not suited to our products
- Clients who are ‘Professional’ clients. These types of client might include people required to be authorised or regulated to operate in the financial markets.
- Clients who are introduced by individuals or firms who are not regulated by the FCA.
- Clients who are ‘Professional’ clients. These types of client might include people required to be authorised or regulated to operate in the financial markets.
general circumstances
In addition to the above, generally, we would anticipate the following to also apply to any individual:
- That you would have a minimum of £50,000 to invest into the SIPP, whether through contributions, transfers from other pension arrangements, or a combination of both;
- That you would be a UK resident or, in some circumstances, an ex-pat UK national;
- That you would be a basic rate taxpayer or higher;
- That you would be aged between 25 and 75.
- That you would have a minimum of £50,000 to invest into the SIPP, whether through contributions, transfers from other pension arrangements, or a combination of both;
Our Negative Market
We believe that the following scenarios are not suited to our products
- Clients with less than £50,000 to invest may find that the charges associated with the SIPP are prohibitive when compared to other products in the market place.
- Clients who are foreign nationals may find that the tax privileges of a UK pension scheme do not extend to their own personal situations.
- Clients who are non-taxpayers may find that the tax privileges of a pension scheme may not be as advantageous as other financial products when in the accumulation phase of pension planning.
- Clients who are younger than 25 might not have the access to fund levels that make a SIPP viable. Clients who are older than 75 may not require the investment flexibility of a SIPP, with the associated charges.
- Clients with less than £50,000 to invest may find that the charges associated with the SIPP are prohibitive when compared to other products in the market place.
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