Last updated3 November 2016

Reviews

Read reviews for the Xafinity Simply SIPP

Charges

Charges are subject to VAT although shown excluding VAT
Initial/Set up fee£150
Annual fee£250 for one investment account

£299 for two investment accounts

Changing from one to two investment accounts and vice/versa £54 per event
Transfer in feeNone
Transfer out fee£137 per transfer
In-specie transfer in feeNone
Taking BenefitsFlexi-Access Drawdown:

Set up £137

Ad hoc payments and changes £137 per payment/change plus £137 for SIPP closure

Payment processing £15 per payment

Capped Drawdown:

Ad hoc payments and changes £137 per payment/change plus £137 for SIPP closure

Payment processing £15 per payment

Uncrystallised funds pension lump sum:

£280 per lump sum plus £137 for SIPP closure
Annuity purchase fee£137 per purchase plus £137 for SIPP closure
Payment of death benefits fee£137 per event
Other fees
Sale or closure of a main investment (excludes the main scheme account), £116 per event

Management

Access: Direct or via IFABoth

Online capability

DetailsA secure online portal is provided for both Adviser and member. Principle Adviser can access all advised clients, or drill down to individuals. Provides online valuations including live scheme account. Online access to Fundsdirect trading accounts.

Permitted Investments

Commercial property
Overseas property
Unit trusts & OEICSAll platforms allowed
External 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 shares
Structured productsSubject to review
Trustee Investment Plans
Insurance company funds
Hedge funds
Traded endowment plans
Peer to Peer Lending
Intellectual property
Brands / Trademarks
Goodwill
Third party loans

Property purchase

Purchase feeN/A
Sale feeN/A
Annual property administration feeN/A

VAT registration fee
N/A
VAT return feesN/A
Other feesN/A

SIPP Bank Account

SIPP bank account providerBank of Scotland
Current interest rate£0 - £9,999 - 1% below Bank of Scotland base rate

£10,000 - £49,000 - 0.5% below Bank of Scotland base rate

£50,000+ - 0.25% below Bank of Scotland base rate

Structure

Scheme trusteesXafinity Pension Trustees Ltd
Scheme administratorXafinity SIPP Services Ltd

Minimum contributions

Regular paymentsNo minimum
Transfers/Single PremiumsNo minimum
Min additionalNo minimum

Company Information

OwnershipThe Xafinity Group is owned by CBPE Capital LLP, a private equity firm founded in 1984
Year established2007
Funds under administrationNot disclosed
Number of SIPPs administered1,300
Defaqto ratingFour Stars

Transfers

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

Misc

Flexible Drawdown offeredYes
Scheme Pension offeredNo
Notes

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

info@investmentsense.co.uk

Online enquiry form

Xafinity SimplySIPP

Xafinity offers both SIPPs (Self Invested Personal Pensions) and SSAS (Small Self Administered Schemes).

The Xafinity Simply SIPP has more restrictive investment options than their Full SIPP and is aimed at investors who want more options than a Personal Pension Plan can give them without needing the Full SIPP.

The Xafinity Simply SIPP cannot, for example, invest in commercial property or allow the purchase of unlisted shares; the Xafinity Full SIPP would be needed for these.

The group has won awards from UK Pensions Awards on several occasions but more recently they have won ‘Pensions Administration Software’ from 2012 Pensions and Investment Provider Awards.

The Xafinity Simply SIPP is only available via IFAs and has no minimum contribution level.

The mandated SIPP bank account is held with Bank of Scotland and pays below Bank Base Rate for all balances, although for investors who want to hold significant amounts of Cash in their SIPP other deposit accounts can be opened.