The Royal Mint launches 'Gold For Pension' scheme

Pensioners and pension providers will be able to purchase a choice of gold bullion bars as well as investing in Signature Gold, which allows customers to purchase and own a share of a 400oz gold bar.

The bars will be stored in the Royal Mint's vault and are subject to a 1% (plus VAT) storage charge based on the daily market value.

Royal Mint said the move is in response to the FCA adding physical gold Bullion to its list of standard assets, meaning financial advisers can assist clients wanting to include physical gold in their pension planning through regulated pension schemes such as a SIPP.

For gold Bullion to be eligible to be held in a pension scheme it must be in a form acceptable to HMRC, currently defined as bar or wafer with purity of no less than 99.5%, professionally stored.

In a statement, Royal Mint said that for private individuals, the scheme provides flexibility and liquidity, while for providers, the account provides "complete control and transparency of clients’ accounts, transactions and transfers".

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."