SIPP Charges

SIPPs are one of the most tax-efficient ways of investing for retirement. If you want a flexible pension that puts you in control, a SIPP could be right for you. Please note, dealing charges also apply in addition to our account charges.

Administration Charges

Regular charges

Quarterly admin charge

£22.50 (SIPP value of £50,000 or less)

£45 (SIPP value >£50,000+)

Other charges

Transfer in of another pension scheme

£60 per transferring plan, maximum £300

Transfer out to another registered pension scheme, or annuity purchase

£90 + £25 per investment (max £215)

Transfer out to a qualifying recognised overseas pension

£510

Income drawdown

Flexi-access drawdown

£180 per annum

Capped drawdown before age 75

£180 per annum

Capped drawdown from age 75

£300 per annum

Designate additional funds to drawdown, or request a review of income levels (see note 3)

£90

Convert from capped drawdown to flexi-access drawdown

£90

Charge for taking a one-off payment – Uncrystallised Funds Pension Lump Sum (UFPLS)

£90

Account closure (see note 4)

£300

Payment of death benefits

Time/cost basis. Although the charge can vary, the typical amount is between £250 and £500.

Other administration charges

Dividend reinvestment

2% of the dividend payment, maximum £5

Paper copy of account statement (on request)

£12.50

Notes

1. Payable in arrears at the end of March, June, September and December (charge also applies when your SIPP is in income drawdown).

2. The annual income drawdown charge will become payable immediately where funds are designated to provide drawdown even if you elect to take "nil" income. Payable annually in advance.

3. Payable each time you designate additional funds to drawdown, once your SIPP is in drawdown stage.

4. The closure charge will apply where flexi-access drawdown or uncrystallised funds pension lump sum payments reduce the value of your SIPP below £1000 within 12 months of opening. We will be entitled to close your account and return the remaining funds to you, after deducting our charges. The early closure charge applies to SIPPs opened on or after 6 April 2015. For accounts opened before 6 April 2015, an account closure charge of £90 will apply.

5.All prices include VAT where applicable.

6. All charges except the transfer charge will be deducted from your SIPP.

7. These charges may be shared between AJ Bell Management Limited and IWeb Share Dealing. Regular charges are shared by both firms, while Other charges and Income drawdown charges are collected by AJ Bell Management Limited. Other administration charges are collected by IWeb Share Dealing.


Interest rates

The Self-Invested Personal Pension (SIPP) will pay interest as gross

The interest rate payable on our Self-Invested Personal Pension (SIPP) follows the Bank of England Base Rate. We will amend our interest rate as soon as is practically possible following a change in the base rate - the current rates that are applicable are shown below.


Account Balance AER Interest rate (gross) Interest rate (net)
SIPP £1+ 0.5% 0.5% N/A

More about our SIPP

A SIPP is a flexible way to invest for your future. Choose your own investment and manage your account through our easy-to-use online service.

View our Stocks and Shares ISA

Risk warning

Please remember that the value of an investment and the income from it can go down as well as up and you may get back less than you invested.

We don't provide advice so if you are in any doubt about making your own investment decisions we recommend you seek advice from a suitably qualified financial adviser.

Need more help?

Guidance on your options is also available from Pension Wise, a free and impartial government service. It is not intended to be a substitute for free financial advice. More information can be found at www.pensionwise.gov.uk

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The IWeb Share Dealing Service is operated by Halifax Share Dealing Limited. Halifax Share Dealing Limited. Registered in England and Wales no. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Authorised and regulated by the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.