Last updated14th April 2014

Reviews

Read reviews for the MW Full SIPP

Charges

Charges are subject to VAT although shown excluding VAT
Initial/Set up fee£350
Annual fee£600
Transfer in fee£0 if transfer is made in cash and application is via an IFA

£95 per transfer if MW Pensions arrange the transfer

£95 if transfer is made in cash and application made direct

£150 if transfer in is in Income Drawdown
Transfer out feeTransfer of a SIPP wholly in cash to another SIPP provider, £500

Transfer of a SIPP with no property but with non cash assets to another SIPP provider i.e. assets transferred in specie, £650

Transfer of a SIPP with solely property and cash assets to another SIPP provider, £1,000

Transfer of a SIPP with property and with non cash assets to another SIPP provider i.e. assets transferred in specie, £1,150
In-specie transfer in feeQuoted investments, £150

Property, see property fees
Income DrawdownInitial: £150

Ongoing: £35 per year plus £5 per payment
Additional Income Drawdown feesMandatory reviews, £150

Flexible Drawdown, £250
Annuity purchase fee£300
Payment of death benefits feeTime spent, £500 if straightforward
Other feesAdditional bank accounts after mandatory account and next two, £100 per account

If there are more than 5 additional bank accounts and/or collective investments (eg trustee investment bond or unit trust held outside of a nominee account), charge for each additional sale or purchase, £100

Unregulated investment, £200

Management

Access: Direct or via IFA
Both

Online capability

DetailsNone as yet

Permitted Investments

Commercial property
Overseas propertyOnly if through a GDCV (Genuinely Diverse Commercial Vehicle)
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 shares
Structured products
Trustee Investment Plans
Insurance company funds
Hedge funds
Traded endowment plans
Intellectual property
Brands / Trademarks
Goodwill
Third party loans

Property purchase

Purchase fee£750
Sale fee£500

Sale of property at auction, £1,000
Annual property administration fee£750
VAT registration fee£100
VAT return fees£100 per annum
Other feesRefurbishment and dilapidation, £600

New Development / Design and Build, 0.5% of contract, minimum £1,000

Mortgage arrangement via a bank, £500

Mortgage redemption / lump sum repayments, £100 per event

In-specie transfer of UK commercial property, £350

New lease, £250

Annual administration of a syndicate, £75 per member

Annual multiple tenancy fee, £50 per extra tenant

Late payment of rent, £20 per reminder letter or email

Protracted negotiation regarding rent arrears, £200

Renegotiating rental payments, £400

Renegotiating a mortgage, £200

Tenant entering receivership or liquidation, £1,000

Lender foreclosing on mortgage, £600 minimum

Meeting with member or any other interested party, £250 plus disbursements

Site visit to a property, £250 plus disbursements

SIPP Bank Account

SIPP bank account providerCambridge & Counties Bank Ltd
Current interest rate0.1% up to £10,000

0.25% above £10,000

Structure

Scheme trusteesMW SIPP Trustees Ltd
Scheme administratorMW Pensions Ltd

Minimum contributions

Regular paymentsNo minimum
Transfers/Single PremiumsNo minimum
Min additionalNo minimum

Company Information

OwnershipPrivately owned
Year established2003
Funds under management£141 million in UK SIPP plus £37 million in Isle of Man SIPP
Number of SIPPs administered
Defaqto RatingFour Stars

Transfers

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

Misc

Flexible Drawdown offeredYes
Scheme Pension offeredNo
Notes

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

info@investmentsense.co.uk

Online enquiry form

MW Full SIPP

The MW SIPP (Self Invested Personal Pension) was started in 2004 and currently has over £140 million under management in the UK plus £37 million in the Isle of Man.

The MW SIPP is available both via IFAs (Independent Financial Advisers) and direct.

The MW SIPP allows investors to access a wide range of investments, including commercial property, deposit accounts, directly held securities, discretionary fund managed and deposit accounts.

There is no minimum regular, lump sum or transfer payment needed to start the MW SIPP.

The mandated SIPP bank account is  held with Cambridge & Counties Bank, paying an interest rate below Bank Base Rate but the SIPP does allow investment into other SIPP deposit accounts.