SIPP charges

Annual shares custody charge (including investment trusts, ETFs, gilts and bonds)
0.25% of the value of the shares in your account
Maximum £25 per quarter Maximum £10 per month from 1 January 2021
Annual funds custody charge (including unit trusts, OEICs and structured products)
0.25% on the first £250,000 of funds
0.10% on the value between £250,000 and £1m
0.05% on the value between £1m and £2m
No charge on the value of funds over £2m
Cash
No charge
Buying and selling investments (per deal)
£1.50 Funds (including unit trusts and OEICs) online
£9.95 Shares (including investment trusts, ETFs, gilts and bonds) online
£4.95 Shares, where there were 10 or more online share deals in the previous month
Value Charge
Regular investments online £1.50
Dividend reinvestment 1.00% (min £1.50, max £9.95)
Telephone £29.95
Where we are required to complete a paper application (eg structured products and IPOs where specified) £100
Foreign exchange charge on international dealing and foreign currency funds First £10,000
Next £10,000
Next £10,000
Value over £30,000
1.00%
0.75%
0.50%
0.25%
  • Interest rates paid on the cash held in your SIPP account

    Interest rates paid on the cash held in your SIPP from 5 June 2020

    Cash balance Gross interest rate
    All balances 0.00%

    Notes:

    • When comparing charges between different SIPP product providers, you should also compare the interest rates payable on your cash, particularly if you intend to hold significant sums of money in cash. The amount of interest paid will depend on the amount you choose to hold in cash and market interest rates.
    • AJ Bell receives payments from banks based on the aggregate cash balances held across all accounts. The amount we receive will vary depending on the total cash balances held and market interest rates. Over the foreseeable future, we expect to receive between 0.10% below and 0.60% above the prevailing base rate for cash held within a SIPP, although it may be higher or lower when interest rates are volatile. These payments are used to pay interest at the rates shown on our website, and we retain the amount received above these rates to keep our administration, custody and dealing charges low.
  • Flexi-access income drawdown and pension lump sum charges
    Charge (VAT is payable in addition) Charge from 1 January 2021 (VAT is payable in addition)
    One-off payment of a tax free lump sum, income payment or small lump sum £25 No charge
    Regular income drawdown payments or regular pension lump sums £100 pa No charge
    Crystallised funds where no income is paid No charge No charge

    For charges relating to capped drawdown please see ‘Capped drawdown charges’ in the notes section below.

    Notes:

    • The annual charge will be payable when the SIPP is first put into drawdown if you are to receive a regular income or when the regular income or regular pension lump sums are set up, and on each subsequent anniversary.
    • Where we make a one-off payment by CHAPS at your request please note that the CHAPS charge will apply in addition to the one-off payment charge.

    Capped drawdown charges

    If you are accessing your pension via capped drawdown the following charges apply:

    • One-off payment of a tax free lump sum or one-off income payment - £25 + VAT
    • Regular income drawdown payments - £100 per annum + VAT
    • Crystallised funds where no income is paid – no charge
    • Review of capped drawdown (includes triennial/annual reviews and reviews when additional funds are moved into drawdown) - £75 + VAT
    • The annual charge will be payable on each anniversary if you are taking a regular income
  • Transfer out and other charges
    Charge (VAT is payable except where stated) Charge from 1 January 2021 (VAT is payable except where stated)
    Transfer out to another UK registered pension scheme in cash £75 No charge
    Transfer out to another UK registered pension scheme in specie £25 per holding (no VAT) plus £75 £9.95 per holding (no VAT)
    Transfer out to an overseas pension scheme (QROPS) £250 £250
    Payment by CHAPS £25 £25
    Disinvestment, if we need to sell some of your holdings to cover charges £9.95 per holding (no VAT) £9.95 per holding (no VAT)
    Foreign exchange charge payable when we have to convert any dividends or corporate action payments into sterling 0.50% (no VAT) 0.50% (no VAT)
    Purchase an annuity £150 £150
    Additional charge for transferring in a pension to your SIPP and then transferring your SIPP to another provider or closing it within 12 months £295 £295
    Payments 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 Time/cost basis. Minimum charge expected to be £250

    Notes:

    • The additional SIPP charge will apply if you transfer a pension to us and then substantially transfer your SIPP to another pension scheme, or close your SIPP through taking flexi-access drawdown payments or pension lump sums, within 12 months of opening.
    • We offer segregated accounts – to find out more about these and the charges that apply, please email newbusiness@youinvest.co.uk.

We'll take all charges from your SIPP, unless you've requested otherwise. These charges and rates are effective from 30 November 2020 and detail the updated charges to be implemented from 1 January 2021. You must always ensure that there is sufficient cash in your account to cover our charges and any pension, lump sum or other payments, when they are due for payment. VAT is only applicable where indicated.

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