Home| Last updated | 26th August 2011 |
|---|---|
Charges | Charges are subject to VAT although shown excluding VAT |
| Initial/Set up fee | £150 |
| Annual fee | £150 if fund value between £0 - £100,000 £100 if fund value between £100,000 - £150,000 £50 if fund value between £150,000 - £200,000 £0 if fund value £200,000+ |
| Transfer in fee | £75 per transfer (waived until February 2012) |
| Transfer out fee | £75 |
| In-specie transfer in fee | Not applicable in specie transfer not available |
| Income Drawdown | Initial: £120 Ongoing: £150 per year |
| Additional Income Drawdown fees | Payment of entire fund under Flexible Drawdown £300 |
| Annuity purchase fee | None |
| Payment of death benefits fee | None |
| Other fees | None |
Management | |
| Access: Direct or via IFA | Via IFA only |
Online capability | |
| Details | IFA can submit transactions online and obtain valuations. Clients can also access valuation |
Permitted Investments | |
| Commercial property | No |
| Unit trusts & OEICS | Yes, via Cofunds platform only |
| External deposit accounts | No |
| Overseas listed stock and shares | No |
| UK listed stocks and shares | No |
| AIM shares | No |
| Gilts/corporate bonds | No |
| ETFs | No |
| Investment trusts | No |
| Discretionary management | No |
| National Savings & Investments | No |
| Unlisted shares | No |
| Structured products | No |
| Trustee Investment Plans | No |
| Insurance company funds | No |
| Hedge funds | No |
| Traded endowment plans | No |
Property purchase | Not allowed |
| Purchase fee | N/A |
| Sale fee | N/A |
| Annual property administration fee | N/A |
| VAT registration fee | N/A |
| VAT return fees | N/A |
| Other fees | N/A |
SIPP Bank Account | |
| SIPP bank account provider | Royal Bank of Scotland |
| Current interest rate | 0.1% below bank base rate |
Structure | |
| Scheme trustees | Suffolk Life Trustees Ltd |
| Scheme administrator | Suffolk Life Pensions Ltd |
Minimum contributions | |
| Regular payments | £100 |
| Transfers/Single Premiums | £5,000 |
| Min additional | £1,000 minimum additional single contribution or transfer No additional minimum regular contribution |
Company Information | |
| Ownership | Privately owned (Co funds) Owned by Legal & General (Suffolk Life) |
| Year established | 2001 (Cofunds) 1971 (Suffolk Life) |
| Funds under management | In excess of £3.8 billion (Suffolk Life) |
| Number of SIPPs administered | In excess of 16,000 (Suffolk Life) |
Transfers | |
| Accepts benefits from defined benefit / final salary schemes? | Yes, if advised by an IFA |
Misc | |
| Flexible Drawdown offered | Yes |
| Notes |
