Set Up and Administration Setting up your SIPP (1) £400
Contributions (one off or regular) to your SIPP(2) FREE
Transfers into your SIPP(2) FREE
Annual Administration Charge (paid in advance)(3) £400
Ongoing Management Investment Purchase FREE
Investment Sale FREE
Annual Valuation Reports FREE
Annual Pension Illustrations FREE
Additional Valuations or Illustrations(4) £25 each
Calculating and Taking Benefits Income Drawdown (Capped Drawdown):
Annual Income Drawdown Charge (if taking regular income) £150
Annual Income Drawdown Pension One Off Payment Charges(5) £50
Income Drawdown Reviews (other than statutory reviews)(6) £100
Flexi Access Pension Drawdown (including UFPLS):
Flexi Access Pension Drawdown Calculation(7) £75
Start Flexi Access Pension Drawdown(8) £150
Annual Flexi Access Drawdown Charge if not taking income NIL
Annual Flexi Access Drawdown Charge if taking regular income £150
Each one off Flexi Access Drawdown pension payment(5) £50
Other Payments for your Pension
Pension Splitting on Divorce £150
Triviality Pension Payment £150
Transfers to Other UK Pensions Schemes (Cash) NIL
Transfers to Other UK Pension Schemes (In-Specie) NIL
Pension Transfer to QROPS (Cash) NIL
Pension Transfer to QROPS (In-Specie) NIL
Arranging Death Benefits £150
Notes referenced above:
1 This amount is to set up your SIPP, its bank account and to provide you with the relevant information on membership. This amount becomes due on acceptance of your application form by the Trustees, and will be settled on receipt of the first contribution or transfer received into the bank account. If you have transferred ‘in-specie’ without any cash element, we will collect this from your investments.
2 Contributions and Transfers are free. You can contribute any cash amount subject to the minimums, or transfer in a pension as cash or in-specie, without any charge.
3 This amount is for the normal operating of your pension plan, any reporting we need to make, and the administration of the scheme. Within this amount we cover the provision of the online systems, where used, the preparation and provision of annual statements and illustrations. This amount also covers the administration relating to transfers into the scheme, contributions into the scheme and any investments.
4 Additional valuations, as well as illustrations not relating to a pension drawdown calculation, in excess of the annual provisions carry a charge, however, our online systems allow you to gain some sight of the pension and investments, and your investment provider may be able to provide you with direct access to their own valuations. This charge covers the administrative responsibility to contact all relevant parties to collate the information, update our systems, and generate the illustration or valuation.
5 Where you request the Trustees to make a one off payment from your pension, either outside of a regular arrangement for pension to be paid, or where there is no such regular arrangement in place, this additional charge will be levied. This charge covers the administration of the payment as well as the tax reporting and remittance required in respect of this payment. Note: There may be tax implications with taking ad hoc payments. Unless we have an operable tax code, we will use the standard tax code applicable. You may be liable for an adjustment as a result of payments which are not in line with your tax code. You should contact HMRC with details of your income, including the pension, to find out more.
6 Income Drawdown currently needs to be reviewed every 3 years (annually from 75 years old), however, you may be eligible to review your pension income limit each year in the 60 days preceding the annual review date. If you wish to review your pension at this time, it will carry this additional charge. Note: Where you have completed an Income Drawdown Calculation, this will be offset against the charge. This will not be charged for any review statutorily required.
7 This charge covers a valuation of the pension fund, calculating benefits and providing an illustration of the potential benefits available. If a simpler or speculative calculation is required, a reduced charge may apply. If you proceed to act on the calculation within 30 days of its execution the charge can be offset against the Drawdown charge.
8 This charge covers a valuation of the pension fund, calculating benefits and putting part or all of your pension into a ‘crystallised’ state. Where you are eligible for a tax free lump sum, the arrangement of this will also be covered in this charge. Note: This does not include any bank payment charges where applicable.
