Last updated 21st July 2014
Jeff Steedman (North) 01786 237 053
Simon Perry (South) 07436 795970
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Charges are subject to VAT although shown excluding VAT
Initial/Set up fee None
Annual fee 0.24% of the fund
£174 minimum charge per year
£570 maximum charge per year
Transfer in fee £58 per transfer
Transfer out fee £430 for closure of the SIPP, plus £129 per transfer
In-specie transfer in fee £169 per transfer
Income Drawdown Initial: £129
Ongoing: £13 per payment (monthly, quarterly, half yearly, annually income options)
Additional Income Drawdown fees None
Annuity purchase fee None
Payment of death benefits fee None
Other fees Standard Investments:
Purchase and sale of standard investments e.g. Unit Trusts, OEICs, Trustee Investments, and other Pension, 0.25% of the amount invested, charged for the purchase and for the sale, subject to a minimum of £30 and a maximum of £113
Annual administration for standard investments £68 for the first investment, £136 for two or more investments
Establishment of additional bank accounts, 0.25% of initial deposit subject to a minimum of £30 and a maximum of £113
Annual administration for bank accounts £68 for the first investment, £136 for two or more investments
Stockbroker & DFM Accounts:
Establishment of Stockbroker or Discretionary Fund Management, £124
Annual administration for Stockbroker or Discretionary Fund Management, £68
Purchase of unquoted shares, £600
Sale of unquoted shares, 0.25% of the amount sold, subject to a minimum of £30 and a maximum of £113
Annual administration of unquoted shares, £290
Purchase of other investments e.g. Futures, Traded Endowment policies, Venture Capital Trusts, Hedge Funds, Options, Overseas Equities, Contracts for Difference, £345 (indicative fee)
Sale of other investments, 0.25% of the amount sold, subject to a minimum of £30 and a maximum of £113
Annual administration of other investments, £68 for the first investment, £136 for two or more investments
Lending to unconnected third parties:
Preparation of loan paperwork and arranging security, £145 per loan
Annual administration, £145 per loan
Access: Direct or via IFA Both
Details A secure online portal is provided for both Adviser and member. Principle Adviser can access all advised clients, or drill down to individuals. Provides online valuations including live scheme account. Online access to Fundsdirect trading accounts.
Commercial property Overseas property Unit trusts & OEICS All platforms allowed
External deposit accounts Unrestricted access to all 'sippable' deposit accounts
Overseas listed stock and shares All stockbrokers allowed
UK listed stocks and shares All stockbrokers allowed
AIM shares All stockbrokers allowed
Gilts/corporate bonds All stockbrokers allowed
ETFs All stockbrokers allowed
Investment trusts All stockbrokers allowed
Discretionary management Unrestricted 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 Subject to a maximum of 70% of the value of the fund, on a secured basis only
Purchase fee £825
Sale fee £415
Annual property administration fee £510 per property per lease
VAT registration fee None
VAT return fees None
Other fees Borrowing fee, £255
SIPP Bank Account
SIPP bank account provider Bank of Scotland
Current interest rate £0 - £9,999 - 1% below Bank of Scotland base rate
£10,000 - £49,000 - 0.5% below Bank of Scotland base rate
£50,000+ - 0.25% below Bank of Scotland base rate
Scheme trustees Xafinity Pension Trustees Ltd
Scheme administrator Xafinity SIPP Services Ltd
Regular payments No minimum
Transfers/Single Premiums £25,000
Min additional No minimum
Ownership The Xafinity Group is owned by CBPE Capital LLP, a private equity firm formed in 1984.
Year established 2007
Funds under management Not disclosed
Number of SIPPs administered 1,300
Defaqto rating Five Stars
Accepts benefits from defined benefit / final salary schemes?
Yes, if IFA advised
Flexible Drawdown offered Yes
Scheme Pension offered No
Xafinity offer two SIPPs (Self Invested Personal Pensions) as well as a SSAS (Small Self Administered Scheme).
Xafinity administer over 1,000 SIPPs.
The Xafinity SIPP has wider investment powers than the Simply SIPP, for example it can invest in unlisted shares and commercial property, which are not available in the Xafinity Simply SIPP.
Unusually the Xafinity Full SIPP has no initial charge and the annual fee is based on a percentage of the amount invested with a cap and collar on these fees.
The Xafinity Full SIPP is only available through IFAs (Independent Financial Advisers) and has no minimum regular contribution, although a minimum transfer in or lump sum of £25,000 is required.
The mandated SIPP bank account is held with Bank of Scotland, which pays less than Bank Base Rate for all balances. Investors looking to hold significant amounts of Cash can however access other deposit accounts.