Last updated1 April 2019

Reviews

Read reviews for the Westerby Trustee Services SOLO SIPP

Charges

Charges are subject to VAT although shown excluding VAT
Initial/Set up fee£205
Annual fee£275
Transfer in feeOrigo - Nil
Paper - £50 per transfer
DB Transfer - £100 per transfer

Transfers in during 2nd and subsequent policy years - £75
Transfer out feeCash £150

Other assets £250 per asset
In-specie transfer in feeNot allowed
Income DrawdownInitial: £150

Ongoing: £150 per annum
Additional Income Drawdown fees
Payment of whole fund under Flexible Drawdown in year one, £275

Mandatory reviews, £150 (Capped Drawdown)
Annuity purchase fee£225
Payment of death benefits feeTime costed, subject to a minimum of £200

Other feesAd hoc valuations, £75

In specie transfer out, £250 Assets and £150 Cash

Pension sharing on divorce, time costed subject to a minimum of £200

Additional deeds, £250

Reminder letters on matters outstanding over 90 days, £25 per letter

Management

Access: Direct or via IFABoth

Online capability

DetailsApplication Form, Key Features Documents available to download from website. Online access only available to IFAs

Permitted Investments

Commercial property
Overseas property
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
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

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 providerMetro Bank
Current interest rate0.40%

Structure

Scheme trusteesWesterby Trustee Services Limited
Scheme administratorWesterby Trustee Services Limited

Minimum contributions

Regular paymentsNo minimum
Transfers/Single PremiumsNo minimum
Min additionalNo minimum

Company Information

Ownership
Privately owned
Year established1996
Funds under management£576million
Number of SIPPs administeredOver 1,900
Defaqto rating4 Star

Transfers

Accepts benefits from defined benefit / final salary schemes?
No

Misc

Flexible Drawdown offeredYes
Scheme Pension offeredNo
NotesPayment of whole fund under Flexible Drawdown in year one, £275

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

info@investmentsense.co.uk

Online enquiry form

Westerby Trustee Services SOLO SIPP

Westerby Trustee Services provide both SIPPs (Self Invested Personal Pensions) and SSAS (Small Self Administered Schemes) via IFAs and for direct customers.

Established in 1996 Westerby Trustees Services are a privately owned company, based in Leicester, who administers over 1,900 SIPPs with funds under administration in excess of £576million.

The two SIPPs offer are the Full SIPP and the SOLO SIPP.

The SOLO SIPP is targeted at investors who want wider investment powers than a Personal Pension but do not need a full SIPP. It therefore has more restrictive investment powers than the Full SIPP, for example it does not allow the purchase of commercial property.

Whether a lump sum, transfer or regular premium is paid into the SOLO SIPP there is no minimum contribution but there is a minimum fund value of £20,000.

The mandated SIPP bank account is held with Metro Bank.