Home| Last updated | 10th February 2012 |
|---|---|
Charges | VAT is charged on fixed fees but not on percentage based fees |
| Initial/Set up fee | £295 if investing in assets other than insured funds or collectives £0 if investing in insured funds or collectives |
| Annual fee | Insured funds: Up to £30,000 0.5% per year £30,000 plus 0.1% per year Additional 0.5% per year until insured funds reach £15,000 Collective funds: Up to £100,000, £200 per year £150,000 - £275,000 £100 per year £275,000 plus £0 per year Self investment: £200 or £375 per year depending on the type of assets held |
| Transfer in fee | None if in cash |
| Transfer out fee | None if in cash |
| In-specie transfer in fee | £20 per holding |
| Income Drawdown | Initial: £130 Ongoing: £130 per year |
| Additional Income Drawdown fees | Alteration to income fee, £50 |
| Annuity purchase fee | None |
| Payment of death benefits fee | None |
| Other fees | An initial charge may be made for investing in insured funds Purchase of UK securities, investment trusts, unit trusts, OEICs, REITS and PIBs £20 Capital actions £20 Insurance company funds £35 Establishing an external Trustee Investment Plan £50 Establishing an external deposit account £50 Appointment of a new investment manager £110 |
Management | |
| Access: Direct or via IFA | Via IFA only |
Online capability | |
| Details | IFA only has access to online funtionality |
Permitted Investments | |
| Commercial property | Yes, but protected rights cannot be used to purchase a property with this SIPP |
| Unit trusts & OEICS | Yes, only available via the Cofunds platform |
| External deposit accounts | Yes, restricted to UK deposit accounts |
| Overseas listed stock and shares | Yes, via Stocktrade |
| UK listed stocks and shares | Yes, via Stocktrade |
| AIM shares | Yes, via Stocktrade |
| Gilts/corporate bonds | Yes, via Stocktrade |
| ETFs | Yes, via Stocktrade |
| Investment trusts | Yes, via Stocktrade |
| Discretionary management | Yes, unrestricted choice of manager providing they are based in the UK |
| National Savings & Investments | Yes |
| Unlisted shares | No |
| Structured products | Yes |
| Trustee Investment Plans | Yes |
| Insurance company funds | Yes |
| Hedge funds | Yes |
| Traded endowment plans | Yes |
Property purchase | |
| Purchase fee | £550 per property (£400 is non refundable and paid up front, £150 paid on completion) |
| Sale fee | £470 per property |
| Annual property administration fee | £600 per property |
| VAT registration fee | Not known |
| VAT return fees | £100 per year per property |
| Other fees | Mortgage fee £125 Property with rent arrears £60 per quarter Development or refurbishment 0.5% of the final cost with a minimum of £850 New lease or renewal of lease £265 Rent review, £265 (member tenant), £470 (third party tenant) Deed of variation £470 |
SIPP Bank Account | |
| SIPP bank account provider | Bank of Scotland |
| Current interest rate | 1% below Bank of Scotland's base rate (can never be negative) |
Structure | |
| Scheme trustees | Legal & General |
| Scheme administrator | Legal & General |
Minimum contributions | |
| Regular payments | £200 per month (regular contributions can only be made to insured funds) |
| Transfers/Single Premiums | £5,000 |
| Min additional | £1,000 minimum additional single contribution or transfer No minimum for additional regular contributions |
Company Information | |
| Ownership | Listed in the UK Stick Exchange |
| Year established | 1836 |
| Funds under management | Not disclosed |
| Number of SIPPs administered | Not disclosed |
Transfers | |
| Accepts benefits from defined benefit / final salary schemes? | Yes, if IFA advised |
Misc | |
| Flexible Drawdown offered | Not currently |
| Notes | Self investment options are only available after the plan has been inforce for 30 days and if the total value in insured funds is at least £25,000 |
