Home| Last updated | 26th August 2011 |
|---|---|
 | Telephone: 0870 414 7000 Address: Suffolk Life, 153 Princess Street, Ipswich, Suffolk, IP1 1QJ Go to the Suffolk Life website |
| Other ways to stay in touch with Suffolk Life |   |
| Literature | Click here to be taken to the literature library on the Suffolk Life website |
Charges | VAT is charged on all fees except those relating to direct property investment |
| Initial/Set up fee | £300 |
| Annual fee | £490 Additional annual fee of £100 is charged for SIPPs containing investments not held with an e-investment affiliate |
| Transfer in fee | £0 if IFA completes the administration Other transfers in £75, maximum of £300 |
| Transfer out fee | £0 if the transfer is made in cash from the SIPP default bank account £100 - £300 in specie transfer out fee |
| In-specie transfer in fee | £100 basic fee rising to a maximum of £300 per transfer per plan dependent on the investment held |
| Income Drawdown | Initial: £155 Ongoing: £155 per year, when income is taken |
| Additional Income Drawdown fees | Review of income limits £155 Payment of whole fund as a pension income through Flexible Drawdown, £300 |
| Annuity purchase fee | None |
| Payment of death benefits fee | None |
| Other fees | To establish or amend a regular payment £25 Single contributions £25 Connected party transactions, £75 per holding In specie contributions, £700 Off panel investment transactions £25 - £100 per transaction Additional bank account fees £25 - £75 per transaction Establish investment account with other investment firms, £100 Corporate action when processed by Suffolk Life, £25 Unlisted company share facility fee, £300 CHAPs payments £30 Creation of temporary overdraft facility, £35 Renewal of temporary overdraft facility (every 3 months), £100 Establishment, variation, reduction or repayment of a loan facility, time costed Borrowing facility fee, £100 per plan per year |
Management | |
| Access: Direct or via IFA | Via an IFA only |
Online capability | |
| Details | Plan overview and information on where funds are invested |
Permitted Investments | |
| Commercial property | Yes |
| 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 stockbrokers allowed |
| UK listed stocks and shares | Yes, all stockbrokers allowed |
| AIM shares | Yes, all stockbrokers allowed |
| Gilts/corporate bonds | Yes, all stockbrokers allowed |
| ETFs | Yes, all stockbrokers allowed |
| Investment trusts | 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 | |
| Purchase fee | Time costed, estimate £1,700 to £1,900 per property |
| Sale fee | Time costed, estimate £600 - £800 per property |
| Annual property administration fee | Time costed, estimate £700 per year |
| VAT registration fee | £150 per year |
| VAT return fees | Covered in above charges |
| Other fees | Annual property facility fee £100 Borrowing fee £100 per year |
SIPP Bank Account | |
| SIPP bank account provider | Bank of Scotland |
| Current interest rate | <£49,999 1% below B of E Base Rate £50,000 - £249,999 0.5% below B of E Base Rate £250,000+ 0.25% below B of E Base Rate (rates would never be negative) |
Structure | |
| Scheme trustees | Suffolk Life Trustees Limited |
| Scheme administrator | Suffolk Life |
Minimum contributions | |
| Regular payments | Nil |
| Transfers/Single Premiums | Nil |
| Min additional | Nil |
Company Information | |
| Ownership | Owned by Legal & General |
| Year established | 1971 |
| Funds under management | In excess of £3.8bn |
| Number of SIPPs administered | In excess of 16,000 |
Transfers | |
| Accepts benefits from defined benefit / final salary schemes? | Yes |
Misc | |
| Flexible Drawdown offered | Yes |
| Notes |
