Last updated12th March

Reviews

Read reviews for the Legal & General Portfolio Plus SIPP

Charges

VAT is charged on fixed fees but not on percentage based fees
Initial/Set up fee£295 if investing in assets other than insured funds or collectives

£0 if investing in insured funds or collectives
Annual feeInsured funds:

Up to £30,000 0.5% per year

£30,000 plus 0.1% per year

Additional 0.5% per year until insured funds reach £15,000

Collective funds:

Up to £100,000, £200 per year

£150,000 - £275,000 £100 per year

£275,000 plus £0 per year

Self investment:

£200 or £375 per year depending on the type of assets held
Transfer in feeNone if in cash
Transfer out fee
None if in cash
In-specie transfer in fee£20 per holding
Income DrawdownInitial: £130

Ongoing: £130 per year
Additional Income Drawdown feesAlteration to income fee, £50
Annuity purchase feeNone
Payment of death benefits feeNone
Other feesAn initial charge may be made for investing in insured funds
Purchase of UK securities, investment trusts, unit trusts, OEICs, REITS and PIBs £20

Capital actions £20

Insurance company funds £35

Establishing an external Trustee Investment Plan £50

Establishing an external deposit account £50

Appointment of a new investment manager £110

Management

Access: Direct or via IFAVia IFA only

Online capability

DetailsIFA only has access to online funtionality

Permitted Investments

Commercial propertyBut protected rights cannot be used to purchase a property with this SIPP
Unit trusts & OEICSOnly available via the Cofunds platform
External deposit accountsRestricted to UK deposit accounts
Overseas listed stock and sharesVia Stocktrade
UK listed stocks and sharesVia Stocktrade
AIM sharesVia Stocktrade
Gilts/corporate bondsVia Stocktrade
ETFsVia Stocktrade
Investment trustsVia Stocktrade
Discretionary managementUnrestricted choice of manager providing they are based in the UK
National Savings & Investments
Unlisted shares
Structured products
Trustee Investment Plans
Insurance company funds
Hedge funds
Traded endowment plans

Property purchase

Purchase fee£550 per property (£400 is non refundable and paid up front, £150 paid on completion)
Sale fee£470 per property
Annual property administration fee£600 per property
VAT registration feeNot known
VAT return fees£100 per year per property
Other feesMortgage fee £125

Property with rent arrears £60 per quarter

Development or refurbishment 0.5% of the final cost with a minimum of £850

New lease or renewal of lease £265

Rent review, £265 (member tenant), £470 (third party tenant)

Deed of variation £470

SIPP Bank Account

SIPP bank account providerBank of Scotland
Current interest rate1% below Bank of Scotland's base rate (can never be negative)

Structure

Scheme trusteesLegal & General
Scheme administratorLegal & General

Minimum contributions

Regular payments£200 per month (regular contributions can only be made to insured funds)
Transfers/Single Premiums£5,000
Min additional£1,000 minimum additional single contribution or transfer

No minimum for additional regular contributions

Company Information

OwnershipListed in the UK Stick Exchange
Year established1836
Funds under managementNot disclosed
Number of SIPPs administeredNot disclosed

Transfers

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

Misc

Flexible Drawdown offeredNot currently
NotesSelf investment options are only available after the plan has been inforce for 30 days and if the total value in insured funds is at least £25,000

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

info@investmentsense.co.uk

Online enquiry form

Legal & General Portfolio Plus SIPP

Legal & General was established in 1836 and has head offices in London.

The Legal & General Portfolio Plus SIPP has a relatively complex charging structure, with either percentage of fixed fees depending on the type of investments made.

The SIPP will allow investment into a wide range of assets including collectives, funds, directly held securities and commercial property.

The Legal & General Portfolio Plus SIPP is only available via Independent Financial Advisers (IFAs) and has a minimum contribution of £200 per month or £5,000 for initial lump sum payments or transfers in.

The mandated SIPP bank account is held with Bank of Scotland with an interest rate of 1% below Bank Base Rate, although the actual rate can never be negative.