Last updated3rd July 2014

Reviews

Read reviews for the Suffolk Life SmartSIPP

Charges

Charges are subject to VAT although shown excluding VAT
Initial/Set up feeNone if set up online

£100 if set up using a paper application
Annual fee£255

An additional £100 per year is payable for plans where one or more investments are held direct with the fund provider
Transfer in feeNil if Origo's Options is used or where the adviser completes the administration.

Other transfers in £75 (maximum £300)
Transfer out fee£75 if in cash

£150 for in specie transfer out

In specie transfer out where the investment is to be held direct with the fund provider, extra £25 per holding

In specie transfer out where deeds of assignment are needed, extra £25 per deed

In specie transfer out where additional documentation from a fund provider is needed, extra £25 per additional document

Maximum in specie transfer out fee, £300

Transfer out to a QROP, extra £155

Forwarding to receiving scheme monies received after the SIPP is closed, £100
In-specie transfer in fee£100 basic fee

With transfers to an investment manager or platform account, additional £0

Where the investment is held directly with the fund provider, additional £25 per holding

Where a deed of assignment is needed, additional £25 per deed

Where Suffolk Life is required by the fund provider to complete an application form or other documentation, extra £25 per additional document

Maximum in-specie transfer fee of £300 per transfer per plan
Income DrawdownInitial:

£155

Ongoing:

£155 per sub plan (capped at £310 per annum), if income is taken, no fee if income is not taken
Additional Income Drawdown feesLifetime Allowance test at age 75, £155

Mandatory reviews, £155 for each sub plan

Switching from Capped Drawdown to Flexible Drawdown, £155

Payment of whole fund as a pension income through Flexible Drawdown, £300

Payment of fund through Triviality commutation, £75
Annuity purchase fee£75
Payment of death benefits fee£300
Other feesContributions:

Direct debit or cheque with the original application, £0

All other contributions, £25

Refund of contributions (where allowed), £25

Investment related fees:

Investments made through an investment firm, £0

Investments held direct with a UK fund provider, £25 per fund

Investments held direct with an offshore fund, £75 per fund

Additional bank account fees £25 streamlined, £75 others

Corporate action when processed by Suffolk Life, £25

Change of investment firm, £100

Other fees:

Faster Payments, £3

CHAPs payments, £10

Management

Access: Direct or via IFAVia IFA

Online capability

DetailsAdvisers can access client details, plan values, transfer in, contribution and investment details via the Suffolk Life secure portal. This information can also be accessed by the investor if they choose to do so. The secure portal also offers online dealing via Cofunds, online illustrations can also be accessed as can an online application form

Permitted Investments

Commercial property
Overseas property
Unit trusts & OEICSVia limited range of platforms
External deposit accountsSubject to conditions, see 'Notes' below for more information
Overseas listed stock and sharesVia limited range of stockbrokers
UK listed stocks and sharesVia limited range of stockbrokers
AIM sharesVia limited range of stockbrokers
Gilts/corporate bondsVia limited range of stockbrokers
ETFsVia limited range of stockbrokers
Investment trustsVia limited range of stockbrokers
Discretionary management
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 feeN/A
Sale feeN/A
Annual property administration feeN/A
VAT registration feeN/A
VAT return feesN/A
Other feesN/A

SIPP Bank Account

SIPP bank account providerBank of Scotland
Current interest rate>£249,999, 0.15%

£250,000 plus, 0.25%

Structure

Scheme trusteesSuffolk Life Trustees Ltd
Scheme administratorSuffolk Life Pensions Ltd

Minimum contributions

Regular paymentsNo minimum
Transfers/Single PremiumsNo minimum
Min additionalNo minimum

Company Information

OwnershipOwned by Legal & General Retail Investments (Holdings) Ltd
Year established2007
Funds under management£6.9 billion
Number of SIPPs administered21,566
Defaqto ratingThree Stars

Transfers

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

Misc

Flexible Drawdown offeredYes
Scheme Pension offeredNo
NotesTerm deposit accounts are allowable where they:

have a fixed term of 5 years or less

have a fixed rate

are a sterling deposit held with a UK
authorised credit institution

are able to accept pension monies by trustee application

are able to be operated by post and/or fax by Suffolk Life’s signatories

Where the term is more than 12 months the accounts must contain the following clauses in the contract, exercisable at the option of Suffolk Life:

be fully transferrable in the name of both the legal owner of the asset and the investor; and

be breakable on the death of the investor

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

info@investmentsense.co.uk

Online enquiry form

Suffolk Life SmartSIPP

We are one of the UK’s leading providers and administrators of SIPPs (self-invested personal pensions). Operating since 1971, we currently look after over 21,000 self-invested plans with £6.8 billion assets under administration.

In an increasingly commoditised market we believe that by continuing to focus on high quality personal service we can maintain the support that adviser firms need to build their businesses and add value to their clients.

SmartSIPP is our platform-focused offering:

  • Range of platforms
  • Easy switching between platforms – no need for a pension scheme transfer
  • Independent SIPP wrapper
  • Backed up by a quality service you can trust
  • Online application to streamline the SIPP opening process

More information and a list of our Smart Partners can be found here.

Your money is tied up until you take your benefits, which is usually from age 55. The value of your pension fund may fall as well as rise.