Home| Last updated | 26th August 2011 |
|---|---|
Charges | Charges are subject to VAT although shown excluding VAT |
| Initial/Set up fee | £295 |
| Annual fee | £250 |
| Transfer in fee | None if transfer is in cash |
| Transfer out fee | £95 if in cash £250 for in specie transfer (excluding property) out plus £125 per asset transferred |
| In-specie transfer in fee | £100 plus £50 per asset |
| Income Drawdown | Initial fee: £95 plus, £145 if fully vesting, £195 if partially vesting, £245 for phased retirement Ongoing: £145 per year |
| Additional Income Drawdown fees | None |
| Annuity purchase fee | £145 |
| Payment of death benefits fee | £800 |
| Alteration to income fee | None |
| Other fees | Single contributions, £30 Starting and variations to regular contributions, £30 In specie contribution fee, £550 Standard investment transactions, £30 Non standard investment transactions, £295 Implementing divorce / sharing order, £600 |
Management | |
| Access: Direct or via IFA | Both |
Online capability | |
| Details | New system to be launched in quarter 3 2011 with full online valuation capabilities |
Permitted Investments | |
| Commercial property | No |
| Unit trusts & OEICS | Yes, all platforms allowed |
| External deposit accounts | Yes, unrestricted access to all 'sippable' deposit accounts |
| Overseas listed stock and shares | Yes, all stockbrohers allowed |
| UK listed stocks and shares | Yes, all stockbrokers allowed |
| AIM shares | Yes, all stock brokers allowed |
| Gilts/corporate bonds | Yes, all stockbrokers allowed |
| ETFs | Yes, all stockbrokers allowed |
| Investment trusts & REITS & EPUTS | Yes, all stockbrokers allowed |
| Discretionary management | Yes, unrestricted access |
| National Savings & Investments | Yes |
| Unlisted shares | Yes |
| Structured products | Yes |
| Trustee Investment Plans | Yes |
| Insurance company funds | Yes |
| Hedge funds | Yes |
| Traded endowment plans | Yes |
Property purchase | Not permitted |
| 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 | Bank of Scotland |
| Current interest rate | First 0-£49,999.99, 0.1% Next £50,000- £499,999.99, 0.12% Over £500,000, 0.15% |
Structure | |
| Scheme trustees | Hornbuckle Mitchell & Member, Sole Trustee arrangements also available |
| Scheme administrator | Hornbuckle Mitchell |
Minimum contributions | |
| Regular payments | Nil |
| Transfers/Single Premiums | Nil |
| Min additional | Nil |
Company Information | |
| Ownership | Privately owned |
| Year established | 1982 |
| Funds under management | Circa £2 billion |
| Number of SIPPs administered | Circa 13,000 |
Transfers | |
| Accepts benefits from defined benefit / final salary schemes? | Yes, if IFA advised |
Misc | |
| Flexible Drawdown offered | No but planned to be offered from quarter 4 2011 |
| Notes | The Single Investment SIPP is designed to hold one investment only |
