Last updated 16 May 2019
Charges are subject to VAT although shown excluding VAT
Initial/Set up fee £0 Online application
£100 Paper based application
Annual fee £260 - using a Curtis Banks Investment Partner &/or one deposit account
£560 full range of investment options
A further £100 is charged where no servicing IFA is linked to the SIPP
Transfer in fee £50 for cash transfers
£100 in-specie transfers
Transfer out fee £250
£350 transfer out to QROPS
In-specie transfer in fee £100 per transaction for listed simple/investment portfolio
Taking Benefits Accessing fund using Flexi-Access drawdown, £120
Uncrystallised Fund Pension Lump Sum, £120 per payment
Conversion from Capped to Flexi-Access drawdown, nil
Payment of total fund and SIPP closure, £250
Calculation of capped drawdown benefits, £120
Payment of pension (where income taken) £150 pa
Capped Drawdown reviews/LTA test at 75/excess LTA payment, £100
Annuity purchase fee £250 plus transfer out cost
Payment of death benefits fee Time costed (min £500)
Other fees Specialist investment due diligence/purchase fee, £500
Specialist investment due diligence/purchase fee - top up, £250
Specialist investments annual fee, £200 per annum
Implementing pension sharing order, £300
correspondence on non-payment of fees, £25
Access: Direct or via IFA Both
On-line SIPP application process which sees the establishment fee waived. Full online visibility of SIPP assets, drawdown summary, transaction history, illustrations. The online portal is completely responsive to any device to access on the go, with secure messaging for reliable, secure communications.
Details Full online data
Commercial property Overseas property Unit trusts & OEICS All platforms allowed
External deposit accounts Unrestricted access to all 'sippable' 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 Subject to full due diligence
Structured products Trustee Investment Plans Insurance company funds Hedge funds Traded endowment plans Intellectual property Brands / trademarks Goodwill Third party loans Subject to a maximum of 100% of the fund, only to companies and ideally on a secured basis
Purchase fee £750 (VAT exempt)
plus a further £150 per member for shared purchases (VAT exempt)
Sale fee £600
Annual property administration fee Property £475 (VAT exempt)
Land £375 (VAT exempt)
plus £150 per additional member for shared purchases (VAT exempt)
VAT registration fee £150 per property (VAT exempt)
VAT return fees £200 per annum (VAT exempt)
Other fees Borrowing: (all VAT exempt)
Extra initial charge, £250
Annual charge, £150 per annum per borrower
Additional fee for second and each subsequent tenant, £300 pa* (capped at £600 per property, or £300 where a property manager is appointed)
SIPP Bank Account
SIPP bank account provider Barclays
Current interest rate 0.1%
Scheme trustees Suffolk Life Trustees Limited
Scheme administrator The SIPP Provider is Curtis Banks Pensions *Curtis Banks Pensions is a trading name of Suffolk Life Pensions Limited (company number 1180742) which is authorised and
regulated by the Financial Conduct Authority (FCA) (number 116298).
Regular payments No minimum
Transfers/Single Premiums No minimum
Min additional No minimum
Ownership Curtis Banks was admitted to AIM market of London Stock Exchange 7th May 2015.
More information on the ownership structure and shareholder details can be found on the website here;
Year established 2009
Funds under management £25.1 billion in total
Number of SIPPs administered 77,500 +
Defaqto rating Five Stars
Accepts benefits from defined benefit / final salary schemes?
Yes, if IFA advised
Flexi-Access Drawdown/UFPLS offered Yes
Curtis Banks Your Future SIPP
The company, background or history
The Curtis Banks Group was established in 2009 and through a combination of organic growth and acquisitions has quickly grown to be largest independent SIPP provider in the UK. We also specialise in small self-administered schemes (SSAS); our senior team having been involved with them since 1995, giving us almost unrivalled experience in the market.
Today the Curtis Banks Group administers over 77,500 SIPPs, with assets under administration of £25.1bn (as at 30 June 2018).
We are committed to investing in our systems and proposition so that we can offer as much flexibility as we can to our clients. 2019 sees the launch of Your Future SIPP, a product which has been designed with flexibility in mind (see below). 2019 also sees the launch of our new Group-wide website and portal, which are fully responsive to all devices, allowing advisers and clients to access our services on the move.
We have a Financial Strength Assessment rating of B (Strong) from AKG, with four-star ratings for Service and Image & Strategy, and a five-star rating for Business Performance.
We are well capitalised in excess of our regulatory requirements. We have an internal policy for the regulated companies within the Group to hold at least 130% of the regulatory requirement, and as at 30 June 2018 we have an aggregate surplus of £4.3m using that policy.
5 star Defaqto rating for Your Future SIPP for 2019
5 star Moneyfacts rating for Your Future SIPP for 2019
Performance and range of funds
We provide the pension wrappers only, and clients can use the investment firms of their choice, subject to our due diligence. We do not have a range of funds.
Pension Products range/suitability
Your Future SIPP is an exciting new proposition from Curtis Banks which has been designed to suit client needs in the modern world of retirement. Your Future SIPP provides advisers and their clients with the choice of virtually the whole of market investments, platforms, brokers and discretionary managers. It also provides access to our renowned commercial property proposition, with a dedicated team of professionals who manage in excess of 6,000 properties. Your Future SIPP is supported by our new online portal, offering an enhanced digital service which is fully responsive to laptops, tablets, and mobiles; allowing advisers and clients to access services on the move.
Data As At 31 January 2019