Last updated10th June 2014
0116 240 8730

City Trustees, MW House, 1 Penman Way, Grove Park, Enderby, Leicester, LE19 1SY

www.citytrustees.co.uk

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Links

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Charges

Charges are subject to VAT although shown excluding VAT
Initial/Set up fee£330
Annual fee£690
Transfer in fee£90 per policy, excludes transfers in on establishment
Transfer out feeTime costed, £160 per hour
In-specie transfer in feeTime costed, £165 per hour
Income DrawdownInitial:

£220

Ongoing:

£170
Additional Income Drawdown feesFurther fund crystallisation calculation, £170 per calculation

Statutory Triennial/Annual Income Review, £170 per review

Age 75 benefit crystallisation event, £170 per review

Flexible Drawdown establishment, time cost £160 per hour

Flexible Drawdown, further withdrawals, £160 per hour
Annuity purchase fee£170
Payment of death benefits feeTime costed, £160 per hour
Other feesContributions:

Single £40

Regular £52 per year

In-Specie £330, additional trasnaction charges may apply, for example in the case of commercial property or unquoted shares

Investments:

Standard investments, e.g. OEICs, Unit Trusts, nominee share dealing accounts, £31 per transaction

Sophisticated e.g. Hedge Funds/UCIS, £80 per transaction

Unquoted shares purchase, £570 per transaction plus £170 per annum

Unquoted share sale, £260 per transaction

Unconnected Third party Loan set up £460 per transaction plus £230 per annum

Non-reviewed non-standard investment purchase, £550 per transaction

Reviewed non-standard investment, £220 per transaction

Non-standard investment sale, £120 per transaction

Non-standard investment annual fee, £120 per annum

Provider investment review: £520

Other fees:

Ad-hoc valuation fee £130

Divorce, pension sharing and earmarking orders and information requests on a time cost basis £160 per hour

Fund split, £230

Trustee meeting, £220 per hour

Management

Access: Direct or via IFAVia IFA only

Online capability

DetailsNo at present, currently being developed

Permitted Investments

Commercial property
Overseas property
Unit trusts & OEICSAll platforms allowed
External deposit accountsUnrestricted access to all 'sippable' deposit accounts
Overseas listed stock and sharesAll stockbrokers allowed
UK listed stocks and sharesAll stockbrokers allowed
AIM sharesAll stockbrokers allowed
Gilts/corporate bondsAll stockbrokers allowed
ETFsAll stockbrokers allowed
Investment trustsAll stockbrokers allowed
Discretionary managementUnrestricted access
National Savings & Investments
Unlisted sharesStart ups and established companies. Subject to pre-approval.
Structured products
Trustee Investment Plans
Insurance company funds
Hedge funds
Traded endowment plans
Intellectual property
Brands / Trademarks
Goodwill
Third party loansSubject to a maximum of 100% of the fund on both a secured and unsecured basis

Property purchase

Purchase fee£870
Sale fee£700
Annual property administration fee£430
VAT registration feeAnnual VAT administration, full service, £220 per annum
VAT return feesCity Trustees calculate, complete and submit future returns on behalf of the SIPP, £200 per year

Where City Trustees have registered for online VAT for the SIPP, and member provides the figures for the return and City Trustees will complete this on member's behalf, £50 per year
Other feesLeases: New, Amendments and Replacements, £170 per lease

Rent review, £170

Borrowing (liaising with lender over facility letter etc), £350 per loan

Environmental report, £300

Joint property purchase (up to 4 members), £540

Property developments, time costed, £160 per hour

Syndicated Property Fee, case by case basis

SIPP Bank Account

SIPP bank account providerBank of Scotland
Current interest rate0 to £49,999, 0.1%

£50,000 to £99,999, 0.15%

£100,000 plus, 0.25%

Structure

Scheme trusteesCity Trustees Ltd
Scheme administratorCity Pensions Ltd

Minimum contributions

Regular paymentsNo minimum
Transfers/Single PremiumsNo minimum
Min additionalNo minimum

Company Information

OwnershipOwned by the Mattioli Woods Group
Year establishedCity Trustees 1996, Mattioli Woods 1991
Funds under management£4 Billion
Number of SIPPs administeredApproximately 3,000 SIPPs and 1,500 SSAS
Defaqto ratingNot available

Transfers

Accepts benefits from defined benefit / final salary schemes?
Yes, if IFA advised

Misc

Flexible Drawdown offeredYes
Scheme Pension offeredYes
Notes

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

info@investmentsense.co.uk

Online enquiry form

City Trustees Bespoke SIPP

City Trustees is a subsidiary of Mattioli Woods plc which advises over 6,000 SIPP and SSAS schemes, with over £4 billion of assets under management.

The City Trustees Bespoke SIPP is hugely flexible and allows access to a wide range of investments including commercial property, listed and unlisted shares, loans, as well as the purchase of intellectual property, goodwill and brands.

The City Trustees Bespoke SIPP is only available via independent financial advisers but has no minimum contribution levels. It is available to receive transfers and can be used for income drawdown and flexible drawdown should this be required.

The mandated SIPP bank account is held with Bank of Scotland with a tiered rate of interest depending on the balance held.