Last updated14th April 2016

Reviews

Read reviews for the Cofunds Pension Account

Charges

Charges are subject to VAT although shown excluding VAT
Initial/Set up fee£150
Annual fee£150 if fund value between £0 - £100,000

£100 if fund value between £100,000 - £150,000

£50 if fund value between £150,000 - £200,000

£0 if fund value £200,000+
Transfer in fee£75 per transfer (waived until further notice)
Transfer out fee£75
In-specie transfer in feeNot applicable in specie transfer not available
Income Drawdown
Flexi-Access Drawdown:

Establishing Flex-Access Drawdown £120

Payment of regular pension £150 per annum

Final payment and SIPP closure fee £300

Capped Drawdown:

Switch to Flexible Drawdown £150

Payment of regular pension £150 per annum

Review of Capped Drawdown £165
Annuity purchase feeNone
Payment of death benefits feeNone
Other feesNone

Management

Access: Direct or via IFAVia IFA only

Online capability

DetailsIFA can submit transactions online and obtain valuations. Clients can also access valuation

Permitted Investments

Commercial property
Unit trusts & OEICSVia Cofunds platform only
External deposit accounts
Overseas listed stock and shares
UK listed stocks and shares
AIM shares
Gilts/corporate bonds
ETFs
Investment trusts
Discretionary management
National Savings & Investments
Unlisted shares
Structured products
Trustee Investment Plans
Insurance company funds
Hedge funds
Traded endowment plans

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 providerRoyal Bank of Scotland
Current interest rate0.40% below bank base rate

Structure

Scheme trusteesSuffolk Life Trustees Ltd
Scheme administratorSuffolk Life Pensions Ltd

Minimum contributions

Regular payments£100
Transfers/Single Premiums
£5,000
Min additional£1,000 minimum additional single contribution or transfer

No additional minimum regular contribution

Company Information

OwnershipPrivately owned (Co funds)

Owned by Legal & General (Suffolk Life)
Year established2001 (Cofunds)

1971 (Suffolk Life)
Funds under managementIn excess of £3.8 billion (Suffolk Life)
Number of SIPPs administeredIn excess of 16,000 (Suffolk Life)

Transfers

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

Misc

Flexible Drawdown offeredYes
Notes

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

info@investmentsense.co.uk

Online enquiry form

Cofunds Pension Account

Cofunds are one of the largest providers of investment products in the UK, offering a SIPPs (Self Invested Personal Pensions), Personal Pension, and ISA amongst their range.

The Cofunds SIPP is only available via IFAs (Independent Financial Advisers) and offers access to a more restrictive range of investments than other SIPPs, acting predominantly as a platform to trade funds.

Cofunds have won a number of awards, including ‘Best Online Service’ in 2011 from Moneyfacts.

The Cofunds SIPP is run on conjunction with Suffolk Life and has a minimum monthly contribution of £100 with the minimum allowable transfer in or single lump sum payment of £5,000.

The mandated SIPP bank account is held with Royal Bank of Scotland and pays an interest rate below Bank Base Rate. Investors looking to hold a significant amount of their pension in Cash have limited options as the Cofunds SIPP does not allow access into other SIPP deposit accounts.