Last updated13th November 2018

Reviews

Read reviews for the Curtis Banks SIPP

Charges

Charges are subject to VAT although shown excluding VAT
Initial/Set up fee£200
Annual fee£245

The annual fee is increased by £315 if the SIPP contains more than bank accounts and a simple investment portfolio with paperless transactions

A further £100 is charged where no servicing IFA is linked to the SIPP
Transfer in fee£0 for electronic transfers

£100 per paper-based transfer
Transfer out fee£250

£350 transfer out to QROPS
In-specie transfer in fee£100 per transaction for listed simple/investment portfolio
Taking BenefitsAccessing fund using Flexi-Access drawdown, £120

Uncrystallised Fund Pension Lump Sum, £120 per payment

Conversion from Capped to Flexi-Access drawdown, nil

Payment of total fund and SIPP closure, £250

Calculation of capped drawdown benefits, £120

Payment of pension (where income taken) £150 pa

Capped Drawdown reviews/LTA test at 75/excess LTA payment, £100

Ongoing: £125
Annuity purchase fee£75 plus transfer out cost
Payment of death benefits fee£500
Other feesNone standard investments e.g. unquoted shares, loans and unusual investments, time costed, £500 minimum

Non standard investments annual fee, £200 per annum

Implementing pension sharing order, £300

correspondence on non-payment of fees, £25

meetings with clients, complex or time consuming transactions, all time costed

Management

Access: Direct or via IFABoth

Online capability

Full online visibility of SIPP assets, drawdown summary, transaction history, illustrations. On-line SIPP application process for certain products.
DetailsFull online data

Permitted Investments

Commercial property
Overseas propertyOn 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 trustsAll stockbrokers allowed
Discretionary managementUnrestricted access
National Savings & Investments
Unlisted sharesSubject to full due diligence
Structured products
Trustee Investment Plans
Insurance company funds
Hedge funds
Traded endowment plans
Intellectual property
Brands / trademarks
Goodwill
Third party loansSubject to a maximum of 100% of the fund, only to companies and ideally on a secured basis

Property purchase

Purchase fee£750

plus a further £150 per member for shared purchases
Sale fee£600
Annual property administration feeProperty £475

Land £375

plus £150 per additional member for shared purchases
VAT registration fee£150 per property
VAT return fees£200 per annum
Other feesBorrowing:

Extra initial charge, £250

Annual charge, £150 per annum per borrower

Additional fee for second and each subsequent tenant, £300 pa

SIPP Bank Account

SIPP bank account providerBarclays
Current interest rate0.1%

Structure

Scheme trusteesColston Trustees
Scheme administratorCurtis Banks

Minimum contributions

Regular paymentsNo minimum
Transfers/Single PremiumsNo minimum
Min additionalNo minimum

Company Information

OwnershipPrivately owned by shareholders
Year established1995
Funds under management£25.1 billion in total
Number of SIPPs administered77,552
Defaqto ratingFive Stars

Transfers

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

Misc

Flexi-Access Drawdown/UFPLS offeredYes

Notes

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

info@investmentsense.co.uk

Online enquiry form

Curtis Banks SIPP

Curtis Banks are the largest SIPP provider in the UK and established the SIPP side in 1995.

Based in Bristol, Curtis Banks run over 77,552 SIPPs, with over £25.1 billion funds under management.

The Curtis Banks SIPP has been awarded the Defaqto 5 Star Rating and allows access to a wide range of investments with very few restrictions.

The Curtis Banks SIPP can be accessed directly by investors or via an Independent Financial Adviser (IFA), either way details of the SIPP, including contribution and transaction histories can be viewed online.

The mandated SIPP bank account is held with Barclays, which pays a rate of interest of 0.1% on the balance in the account. Although investors looking for a better return on their Cash can access any SIPP deposit account at no additional cost.