Pensions are a long-term investment. The retirement benefits you receive from your pension account will depend on a number of factors including the value of your account when you decide to take your benefits which isn't guaranteed, and can go down as well as up. The value of your account could fall below the amount paid in. Tax treatment depends on individual circumstances and may be subject to change in the future.
We keep things simple with a quarterly admin charge based on the value of your SIPP. This charge is payable in arrears at the end of March, June, September and December, and applies for the lifetime of the SIPP.
All charges are inclusive of VAT and will be deducted from the SIPP.
Ad hoc statement or valuation (on request)
Transfer in of another registered pension scheme
£60 per plan (maximum £300)
Transfer out to another registered pension scheme or a Qualifying Recognised Overseas Pension Scheme (QROPS)
£180 per annum
Before age 75 - £180 per annum
Age 75 onwards - £300 per annum
Designate additional funds to drawdown / review income levels2
Convert from capped drawdown to flexi-access drawdown
Take an Uncrystallised Funds Pension Lump Sum (UFLPS) – a one-off payment
CHAPS (same day payment)
SIPP closure through drawdown or lump sums where the balance is reduced below £1,0003
Within 12 months of opening - £300
After 12 months - £90
Payments on death or if your pension is to be split/shared as part of a divorce
Time/cost basis (typically between £250 and £500)
1. This will become payable immediately where funds are designated to provide drawdown even if you elect to take "nil" income. Payable annually in advance.
2. Payable each time you designate additional funds to drawdown, once your SIPP is in drawdown stage.
3. We will be entitled to close your SIPP and return the remaining funds to you, after deducting our charges.
Fund Managers will charge various fees such as an ongoing charge or transaction fees, and details of these can be found within the Key Investor Information Document for each fund.
When you buy a UK stock, you’ll pay a form of tax called Stamp Duty to the Government. Stamp duty is 0.5% of the value of the investments you buy (1% on Irish stocks) and you won’t pay any Stamp Duty on AIM stocks or Exchange Traded Funds.
Any trade over £10,000 will also be liable for a levy of £1 which is paid to the Panel on Takeovers and Mergers (PTM).
Dealing and stock broking administration services are provided by the IWeb Share Dealing Service which is operated by 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 under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.