Last updated23rd May 2017

Reviews

Read reviews for the Wensley Mackay Personal Pension

Charges

Charges are subject to VAT although shown excluding VAT
Initial/Set up feeNone
Annual fee£520
Transfer in feeCash Transfer £100

Transfer out feeTBC
In-specie transfer in feeIn specie property transfer £600
Taking Benefits
Income Drawdown set up (paying PCLS) £150

One off payment £60 per payment

Annual income drawdown charge £120 per annum

Exhausting Fund £150

Converting from Capped Drawdown to Flexi-Access Drawdown Nil

Flexi Access Drawdown where no income is taken £50 per annum

Capped Drawdown Calculation £150 per tranche

Capped Drawdown Pension payment £10 per month

£60 pension income set up

Ongoing:

£60, annual pension payment
Additional Income Drawdown fees
None
Annuity purchase fee£150
Payment of death benefits fee£150
Other feesEstablishment of Cater Allen current account nil

Establishment of investment partner accounts nil

Establishment of additional bank accounts and non investment partner accounts £80

Divorce / Pension Sharing Order / Bankruptcy, £500

Management

Access: Direct or via IFABoth

Online capability

DetailsNone, other than that provided by platforms and stockbrokers used

Permitted Investments

Commercial property
Overseas propertyConsidered on a case by case basis
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 trusts
All stockbrokers allowed
Discretionary managementUnrestricted access
National Savings & Investments
Unlisted sharesConsidered on a case by case basis
Structured productsConsidered on a case by case basis
Trustee Investment Plans
Insurance company funds
Hedge funds
Traded endowment plans
Intellectual propertyConsidered on a case by case basis
Brands / TrademarksConsidered on a case by case basis
Goodwill
Third party loansConsidered on a case by case basis

Property purchase

Purchase fee£400 per property

Joint ownership surcharge for each additional member £120
Sale fee£400 per property
Annual property administration feeNone
VAT registration fee£120
VAT return fees£30 per quarter
Other feesBorrowing fee, £300

Borrowing Annual Administration, nil

Borrowing Arrears Case surcharge £100 per relevant quarter or part quarter

In specie property transfer in, £600

Lease nil

Rent Review nil

Property Development 0.5% of development costs

SIPP Bank Account

SIPP bank account providerCater Allen
Current interest rate£5,000 - £99,999 - 0%

£100,000 - £499,999 - 0.2%

£500,000 - £999,999 - 0.25%

£1,000,000+ - 0.25%

Structure

Scheme trusteesWM Pension Trustee Services Limited
Scheme administratorWensley Mackay Limited

Minimum contributions

Regular paymentsNone
Transfers/Single PremiumsNone
Min additionalNone

Company Information

OwnershipPrivately owned
Year established1992
Funds under managementNot known
Number of SIPPs administeredCirca 300
Defaqto ratingFour Stars

Transfers

Accepts DB transfers?Yes

Misc

Flexible Drawdown offeredYes
Scheme Pension offeredNo
NotesSome fees may be higher if the work involved is significantly greater than usual

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

info@investmentsense.co.uk

Online enquiry form

Wensley Mackay Personal Pension

Wensley Mackay is owned privately, was established in 1992 and based in Cumbria.

Wensley Mackay offer a Small Self Administered Scheme (SSAS) as well as a Self Invested Personal Pension Plan (SIPP)

Wensley Mackay manages around 300 SIPPs and can accept business either direct or via an IFA (Independent Financial Adviser).

The SIPP allows access to a wide range of investments, including commercial property, shares, both listed and unlisted (on a case by case basis), discretionary managers, structured products and deposit accounts.

There is no minimum investment needed to open a Wensley Mackay SIPP and the mandated bank account is held with Cater Allen, although the member can chose an alternative should they wish to do so.