Home| Last updated | 29th August 2011 |
|---|---|
Charges | Charges are not subject to VAT |
| Initial/Set up fee | £431.73 (charge is waived if at least £250,000 is retained in Met Life funds) |
| Annual fee | £524.28 (charge is waived if at least £250,000 is held in Met Life funds) |
| Transfer in fee | None |
| Transfer out fee | 0.50% reducing to £0 over a 5 year period (including if an Annuity is purchased) |
| In-specie transfer in fee | £108.19 |
| Income Drawdown | Initial: None Ongoing: £112.32 per year |
| Additional Income Drawdown fees | Charge for additional tranche providing income £81.14 set up plus £81.14 per year |
| Annuity purchase fee | None |
| Payment of death benefits fee | None |
| Other fees | Collective investments (via Cofunds), £22.89 per deal Collective investments (not via Cofunds), £130.04 one off set up charge, £146.68 annual charge in advance, £112.35 transaction charge Equities and other quoted investments (via Selftrade), £22.89 per deal Equities and other quoted investments including investment based structured products (not available on Selftrade), £73.86 one off set up charge, £22.89 annual charge in advance, £56.18 transaction charge Corporate action (when processed by Met Life), £12.48 Additional bank & building society accounts (including deposit based structured products), £50.98 one off set up charge, £50.98 annual charge in advance, £28.09 transaction charge FSA recognised offshore funds, hedge funds, and other unregulated funds. Exempt property unit trusts and other closed ended funds (not available on Selftrade) and Trustee Investment Plans (not on panel), £130.04 one off set up charge, £146.68 annual charge in advance, £112.35 transaction charge Insurance company funds (On panel Trustee Investment Plans) and Offshore Bonds, £28.09 one off set up charge, £28.09 annual charge in advance, £28.09 transaction charge |
Management | |
| Access: Direct or via IFA | IFA only |
Online capability | |
| Details | Not currently available |
Permitted Investments | |
| Commercial property | Yes |
| Unit trusts & OEICS | Yes, all platforms allowed. Additional charges if Cofunds not used |
| External deposit accounts | Yes, but only fixed term deposits allowed |
| Overseas listed stock and shares | Yes, all stockbrokers allowed. Additional charges of Stocktrade not used |
| UK listed stocks and shares | Yes, all stockbrokers allowed. Additional charges of Stocktrade not used |
| AIM shares | Yes, all stockbrokers allowed. Additional charges of Stocktrade not used |
| Gilts/corporate bonds | Yes, all stockbrokers allowed. Additional charges of Stocktrade not used |
| ETFs | Yes, all stockbrokers allowed. Additional charges of Stocktrade not used |
| Investment trusts | Yes, all stockbrokers allowed. Additional charges of Stocktrade not used |
| Discretionary management | No |
| National Savings & Investments | Yes |
| Unlisted shares | No |
| Structured products | Yes |
| Trustee Investment Plans | Yes |
| Insurance company funds | Yes |
| Hedge funds | Yes |
| Traded endowment plans | No |
Property purchase | |
| Purchase fee | £724.06 per property |
| Sale fee | £581.53 per property |
| Annual property administration fee | £724.06 per property |
| VAT registration fee | None |
| VAT return fees | £133.16 per year per property |
| Other fees | Pension fund borrowing £153.97 Additional member charge £58.24 per year If rent is in arrears £307.92 per year Development or refurbishment 0.5% of final contract price (minimum £1,082.96) New lease or renewal of lease £324.58 Charge for rent review £581.53 Charge for deed of variation £581.53 |
SIPP Bank Account | |
| SIPP bank account provider | Royal Bank of Scotland |
| Current interest rate | 1.875% below the Royal Bank of Scotland base rate with a minimum of 0% |
Structure | |
| Scheme trustees | Met Life Pension Trustees limited |
| Scheme administrator | Met Life Pension Trustees Ltd |
Minimum contributions | |
| Regular payments | £1,000 per year |
| Transfers/Single Premiums | £50,000 |
| Min additional | £5,000 |
Company Information | |
| Ownership | MetLife |
| Year established | 2007 |
| Funds under management | Not disclosed |
| Number of SIPPs administered | Not disclosed |
| Awards | |
Transfers | |
| Accepts benefits from defined benefit / final salary schemes? | Yes |
Misc | |
| Flexible Drawdown Offered | No |
| Notes |
