What charges will I pay for taking my pension?
It depends on how you choose to take income from your SIPP:
|Charge (VAT is payable in addition)|
|One-off payment of a tax free lump sum, income payment or small lump sum||£25|
|Regular income drawdown payments or regular pension lump sums||£100 pa|
|Crystallised funds where no income is paid||No charge|
|Purchase an annuity||£150|
|Review of capped drawdown (includes triennial/annual reviews and reviews when additional funds are moved into drawdown)||£75|
|Payment of benefits on death or if your pension is to be split/shared as part of a divorce||Time/cost basis. Minimum charge expected to be £250|
|Closure of your SIPP through taking flexi-access drawdown payments or regular pension lump sums within 12 months of opening your SIPP||£295|
Take a look at our charges and rates page for more information.