Last updated 28 May 2019
Charges are subject to VAT although shown excluding VAT
Initial/Set up fee £0, online application
Annual fee £175, this includes one free standard investment
Transfer in fee £50 per transfer, overseas transfer in £100
Transfer out fee Cash transfer to a UK pension scheme, £100
In-specie transfer out, £50 per asset
Cash transfer to an overseas pension scheme £300
In-specie transfer in fee £50 per transfer
Taking Benefits Benefit Crystallisation Event:
Initial Fee, £100
Drawdown or beneficiaries drawdown, £100 per annum
The annual fee does not apply to payment of Pension Commencement Lump Sums.
Payment of regular pension £100 per annum
The fee does not apply to payments of Pension Commencement Lump Sums.
Uncrystallised funds pension lump sum:
£100 per payment
Annuity purchase fee £100
Payment of death benefits fee Lump sum payment, £100
Dependents pension (i.e. Income Drawdown), £100 per annum
Other fees Investments
Additional standard investment , £25 per annum
Pension sharing order, £150
SIPP Closure Fee £100
Contributions via Direct Debit £10 per year
Access: Direct or via IFA Both
Details Through the Embark Pensions Portal IFAs can apply fully online (no need for paper), perform illustrations online, track transfers and view valuations of clients assets. Direct clients can apply online, track their transfers and obtain valuations.
Commercial property Overseas property Unit trusts & OEICS All platforms allowed
External deposit accounts Where realisable within 30 days
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 Goodwill Third party loans
Purchase fee £500 per property using panel solicitor
£900 per property using off panel solicitor
Sale fee £250
Annual property administration fee £500
VAT registration fee £100
VAT return fees £120
Other fees Borrowing, £150 initial, £120 per annum per member
Annual property fee per member £50
SIPP Bank Account
SIPP bank account provider Metro Bank
Current interest rate 0.5%
Scheme trustees Embark Pensions Trustees Ltd
Scheme administrator Embark Pensions
Regular payments No minimum
Transfers/Single Premiums No minimum
Min additional No minimum
Ownership Privately owned
Year established 2007
Funds under administration £15 billion
Number of SIPPs administered 12,439
Defaqto rating Five Stars
Accepts benefits from defined benefit / final salary schemes? Yes, only if IFA advised
Flexible Drawdown offered Yes
Uncrystallised Funds Pension Lump Sum Yes
Scheme Pension offered No
Notes The Option SIPP has been created to provide a pension product that can be tailored to the individual need of each client.
We are all individuals, our pension should be too!
The Option SIPP is underpinned by 3 basic pillars:
Embark Pensions – Option SIPP
Embark Pensions bought Liberty SIPP in October 2018.
Based in Bolton, Embark Pensions – Option SIPP currently manages 12,439 SIPPs and has a 5 star Defaqto rating.
The Embark Pensions Option SIPP allows investment into wide range of assets including commercial property, unit trusts & OEICS, UK & overseas listed stock and shares, investment trusts, discretionary management and national savings & investments.
Embark Pensions allows their SIPPs to be opened via IFAs (Independent Financial Advisers) or direct by the client. The mandated SIPP bank account is held with the Metro Bank.