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

Ongoing charges

Quarterly SIPP admin charge (see note 1)

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

£45 (SIPP value of greater than £50,000)

Other charges

Transfer in of another registered 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 Scheme (QROPS)

£510

Ad hoc statement or valuation (on request)

£12.50

Reinvestment of dividends

2% of the dividend payment, maximum £5

Additional charges

Payable when you start to take income from your SIPP at retirement.

Flexi-access drawdown (see note 2)

£180 per annum

Capped drawdown from age 75 onwards (see note 2)

£180 per annum

Capped drawdown from age 75

£300 per annum

Designate additional funds to drawdown / review income levels (see note 3)

£90

Convert from capped drawdown to flexi-access drawdown

£90

Take a one-off payment Uncrystallised Funds Pension Lump Sum (UFPLS)

£90

SIPP closure charge through drawdown or lump sums (e.g. UFPLS) where the balance is reduced below £1,000 (See note 4)

Within 12 months of opening - £300

Opened for 12 months or more - £90

Payment of death benefits

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

Notes

1. Payable in arrears at the end of March, June, September and December (also applies when your SIPP is in income drawdown). Charges are shared between AJ Bell Management Limited and IWeb Share Dealing. Full details can be found in the Key Features Document [PDF].

2. This 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. We will be entitled to close your SIPP and return the remaining funds to you, after deducting our charges.

5.All prices include VAT where applicable.

6. All charges will be deducted from your SIPP.


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+ 0.75% 0.75% 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.