Last updated21 May 2019
Guest blogsIncome Drawdown: 120% more flexible, 100% easier (12th February 2013)

Income Drawdown Q & A: Everything you need to know about the Income Drawdown changes (31st January 2013)

High-Definition Illustration of Retirement (12th December 2012)


Charges are subject to VAT although shown excluding VAT
Initial/Set up fee£100, where an online application is made following advice from a financial adviser

£300, where a paper application is made following advice from a financial adviser

£400, where a paper application is made and no advice has been taken
Annual fee£250
Transfer in feeNone
Transfer out fee£200, for cash transfer out only
In-specie transfer in feeTime costed for other transfers in or out
Taking BenefitsFlexi-Access Drawdown:

New or further flexi-access drawdown pension set up £200 initially

Flexi-access drawdown pension payments (regular monthly or quarterly intervals) £156 per annum

Flexi-access drawdown pension payments (annual or ad hoc payments) £75 per annum

Capped Drawdown:

Further capped drawdown pension set up £200 initially

Further capped drawdown pension review £160 initially

Capped drawdown pension payments (regular monthly or quarterly intervals) £156 per annum

Capped drawdown pension payments (annual or ad hoc payments) £75
per annum

Conversion of capped drawdown to flexi-access drawdown pension £25 initially

Uncrystallised funds pension lump sum:

Payment of benefits under UFPLS rules £200 per event

Annuity purchase feeFrom £210
Payment of death benefits feeTime costed
Other feesInvestment related fees:

Additional administration cost for investments other than one panel investment provider, £300 per annum

Additional valuation of non-panel assets during the year, time costed

Cash transfers to/from non-panel investment provider (fee not applicable to ongoing regular payments), £25

Unquoted share purchase, from £1,200

Unquoted share sale, from £800

Unquoted shares annual review, from £250

Purchase of an Unregulated Collective Investment Scheme (UCIS), from £600

Gold bullion portfolio set up, £200

Loan from SIPP to Ltd company, from £900

Loan to SIPP, from £375

Loan annual administration, from £220

Syndicated property purchase:

Purchase / sale of syndicated property share, £260

Annual administration, £90 per annum

Bank deposit accounts:

Deposit account set up, £260 (does not apply when accounts from the pre-approved banking arrangements are chosen)

Deposit account annual administration, £75

Cash transfers to/from deposit account (fee not applicable to ongoing regular payments), £25


Compulsory Lifetime Allowance test age 75 time costed

Lifetime Allowance charge payment, £77


Access: Direct or via IFABoth

Online capability

DetailsSIPPs Online allows financial advisers to produce new business illustrations (accumulation and drawdown) and to complete applications.

Illustrations can be saved, retrieved and used to prepopulate applications.

Applications can be part-completed and resumed later. The progress of applications can be tracked and secure file exchange is enabled.

Clients do not need to be present when advisers complete the online application and all signing is delivered at once. An application summary is suitable for the client and/or compliance.

Permitted Investments

Investments and the parties used for execution/custody of them have to pass the SIPP Provider's due diligence.
Commercial property
Overseas property - on case by case basis
Unit trusts & OEICS All platforms allowed
External deposit accounts
Overseas listed stock and shares All stockbrokers allowed
UK listed stocks and shares All stockbrokers allowed
AIM shares All stockbrokers allowed
Gilts/corporate bonds All stockbrokers allowed
ETFs All stockbrokers allowed
Investment trusts All stockbrokers allowed
Discretionary management Unrestricted access
National Savings & Investments
Unlisted shares
Structured products
Trustee Investment Plans
Insurance company funds
Hedge funds
Traded endowment plans
Peer to Peer Lending
Intellectual property
Brands / Trademarks
Third party loans

Property purchase

Purchase feeFrom £670
Sale feeFrom £360
Annual property administration fee£155
VAT registration fee£305
VAT return fees£295 per annum
Other feesMortgage set up or rearrangement, from £305

Annual mortgage fee, £140

Annual rental invoice fee per tenant, £105

Rent review, £100

Additional property related work (eg. leases, extra VAT work, appointment of professionals, mortgage redemptions, property development) time costed

SIPP Bank Account

SIPP bank account providerBank of Scotland
Current interest rate0.30%


Scheme trusteesBW SIPP Trustees Limited
Scheme administratorBW SIPP LLP

Minimum contributions

Needs to be a minimum fund size of £50,000
Regular paymentsNo minimum
Transfers/Single PremiumsNo minimum
Min additionalNo minimum

Company Information

OwnershipThe operator is BW SIPP LLP, which is a wholly owned subsidiary of Barnett Waddingham LLP.
Year establishedBarnett Waddingham LLP, 1989

Funds under adminstrationApproximately £4 billion
Number of SIPPs administeredOver 19,000
Defaqto ratingNot available


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


Flexi-Access Drawdown offeredYes
Uncrystallised Funds Pension Lump Sum offeredYes
Scheme Pension offeredNo

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

Online enquiry form

Barnett Waddingham

Barnett Waddingham is the UK’s largest independent provider of actuarial, administration and consultancy services. They have been awarded an AKG rating of ‘B’ for the third consecutive year, indicating that their financial strength has been deemed “strong”.

Founded in 1989, the firm now comprises 70 partners and c.1,000 employees including 123 actuaries, spread across eight UK offices.  They act for a wide range of clients, large and small, in both the private and public sectors including 15% of FTSE 350 firms with a DB scheme as well as providing SIPPs for individuals.

The group has funds under administration of approximately £4 billion and manages around 19,000 SIPPs.

The Barnett Waddingham SIPP can be opened directly or via an IFA and allows investment in a wide range of assets, including commercial property.