The facts
Location: Nationwide
Client: Individual Pension funds managed by
the Capita Self Invested Pension Scheme
Start Date: June 07
Completion Date: Ongoing
Contract Type: Draw down service
agreement
Procurement method: By negotiation
Project Value: Individual cases - £600
The project
Five years ago the Capita Group acquired a pension fund
management business, Capita Self Invested Pension Scheme (CSIPS)
based in Salisbury which manages personal pension funds on behalf
of individuals.
Individuals can put forward non residential land or property in
England and Wales to the pension fund for purchase and
incorporation into their pension scheme. CSIPS currently has
about 20 trust funds under management.
Capita Symonds’ property team in Salford co-ordinates the
provision nationally of an inspection reports on each property to
be included into individual’s pension portfolios on behalf of
CSIPS.
Our surveyors provide a one-stop-shop of surveying services on
behalf of participating CSIPs managed funds, enabling a consistency
of approach and a timely delivery of services nationwide. Our
service includes:
- checking compliance with lease terms,
- analysing comparable evidence to determine a market valuation
for the land/property
- suggesting a rental level for the property
- undertaking an insurance valuation
- taking photographs
- verification of measurements
- providing an OS plan of the land/property
This work requires a range of property surveying tasks including
market valuation advice for acquisition and disposal purposes,
revaluation assessments (usually 3 yearly basis) letting advice and
valuations for letting and insurance assessment
Prior to this individual local firms were used leading to an
inconsistency of end product and delivery timescales. Capita
Symonds have now dealt with in excess of 175 instructions, with
instructions increasing on a month by month basis. Volumes are
currently around 15 per month.
Valuations have ranged from extended garden sheds to multi
million retail/ office properties.
Most commissions are in the £150,000-£300,000 Capital valuation
bracket, and cover the whole of England from Cornwall to
Cumbria.