Last updated15 November 2018

Reviews

Read reviews for the Suffolk Life MasterSIPP

Charges

VAT is charged on all fees except those relating to direct property investment
Initial/Set up fee£300
Annual fee£560
Transfer in feeNone, if Origo's Options is used or where the adviser completes the administration

Other transfers in £75 (maximum £300)
Transfer out fee£100 if the transfer is made in cash from the SIPP default bank account

To an overseas pension scheme, an additional £155
In-specie transfer in fee£150 basic fee

Forwarding to receiving scheme monies received after the SIPP is closed, £100
Income DrawdownInitial:

£155 each event

Ongoing:

£155 per year, when income is taken, each subplan (max £300)
Additional Income Drawdown feesMandatory reviews, £155

Switching from Income Drawdown to Flexible Drawdown, £155

Payment of whole fund as a pension income through Flexible Drawdown, £300
Annuity purchase fee£100
Payment of death benefits feeNone
Other feesContributions

Single contributions made in Sterling, Euros or US Dollars, £100

Refund of contributions (where allowed), £25

In specie contributions, £715

Connected party transactions

Connected party transactions £255

Investment related fees:

Investments made through an e-investment affiliate, £0

Investments made through an investment manager, broker or platform provider that is not an e-investment affiliate, £25

Investments held direct £50 (max £150)

Investments held direct with an offshore fund, £75

Additional annual fee for SIPP plans containing investments not held with an e-investment affiliate, £100 per year

Corporate action when processed by Suffolk Life, £25


Other fees:

CHAPs payments, £10

Faster Payments, £2

Establishment, variation, reduction or repayment of a loan facility, time costed

Borrowing facility fee, £100 per plan per year

Ad hoc valuation, time costed, minimum £100

Forwarding to receiving scheme monies received after the SIPP is closed, £100

Management

Access: Direct or via IFAVia an IFA only

Online capability

DetailsAdvisers can access client details, plan values, transfer in, contribution and investment details via the Suffolk Life secure portal. This information can also be accessed by the investor if they choose to do so. The secure portal also offers online dealing via Cofunds, online illustrations can also be accessed

Permitted Investments

Commercial property
Overseas property
Unit trusts & OEICSAll platforms allowed
External deposit accountsSubject to conditions, see 'Notes' below for more information
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 shares
Structured products
Trustee Investment Plans
Insurance company funds
Hedge funds
Traded endowment plans
Intellectual property
Brands / Trademarks
Goodwill
Third party loans

Property purchase

Purchase feePanel solicitor used, £1,450

Off-panel solicitor used, time costed, estimate of £1,700 - £1,900
Sale feePanel solicitor used, £600

Off-panel solicitor used, time costed, estimate of £600 - £800
Annual property administration feeProperty facility fee, £100 per annum, per property per pension

Property accounting fee (only for properties partly owned by Suffolk Life), time costed, estimated at £600 per annum

Property accounting fee (only for properties partly wholly by Suffolk Life), time costed, estimated at £700 per annum



VAT registration feeNone
VAT return fees£150 per annum
Other feesVariation of proportion of property ownership, time costed, estimate £500 - £700

SIPP Bank Account

SIPP bank account providerBank of Scotland
Current interest rateTBC

Structure

Scheme trusteesSuffolk Life Trustees Ltd
Scheme administratorSuffolk Life Pensions Ltd

Minimum contributions

Regular paymentsNo minimum
Transfers/Single Premiums
No minimum
Min additionalNo minimim

Company Information

OwnershipOwned by Curtis Banks Group
Year established2007
Funds under managementOver £8.8 billion
Number of SIPPs administeredOver 28,000
Defaqto ratingFive Stars

Transfers

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

Misc

Flexible Drawdown offeredYes
Scheme Pension offeredNo
NotesTerm deposit accounts are allowable where they:

have a fixed term of 5 years or less

have a fixed rate

are a sterling deposit held with a UK
authorised credit institution

are able to accept pension monies by trustee application

are able to be operated by post and/or fax by Suffolk Life’s signatories

Where the term is more than 12 months the accounts must contain the following clauses in the contract, exercisable at the option of Suffolk Life:

be fully transferrable in the name of both the legal owner of the asset and the investor; and

be breakable on the death of the investor

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

info@investmentsense.co.uk

Online enquiry form

Suffolk Life MasterSIPP

Since joining the Curtis Banks Group, we are the UK’s largest SIPP providers and administrators of SIPPs (self-invested personal pensions). Operating since 1971, we currently look after over 28,000 self-invested plans with £8.7 billion assets under administration.

In an increasingly commoditised market we believe that by continuing to focus on high quality personal service we can maintain the support that adviser firms need to build their businesses and add value to their clients.

MasterSIPP is designed to offer ultimate SIPP flexibility:

  • Fully bespoke SIPP, giving you the freedom to access the widest range of investments
  • Access to virtually any investment counterparty (subject to meeting our due diligence): platform, stockbroker, investment firm or invest direct through us
  • 5 star Defaqto rating 2014
  • Commercial property expertise – we own over 3,100 properties on behalf of over 4,900 investors

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Your money is tied up until you take your benefits, which is usually from age 55. The value of your pension fund may fall as well as rise.