SIPP charges
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
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% |
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Interest rates paid on the cash held in your SIPP
Interest rates paid on the cash held in your SIPP until 9 April 2020
Cash balance Gross interest rate for this tier only Interest rate (AER) for this tier only Above £100,000 0.25% 0.25% Above £50,000 - £100,000 0.15% 0.15% Above £10,000 - £50,000 0.10% 0.10% £10,000 and below 0.00% 0.00% Interest rates paid on the cash held in your SIPP from 10 April 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.
- The interest rate for each tier only applies to money held in that tier and not to the account balance as a whole. Total interest paid will be a blended rate depending on the money held in each tier. Therefore the interest rates shown should not be used for comparative purposes with other accounts, unless they operate on a similar basis.
- Interest rates are subject to variation and interest is paid to your account quarterly, in arrears. Interest will not be credited or paid if the amount of such interest, at the end of each quarter, is less than £2.50.
- There are no routine bank transaction charges and interest is paid to your account without any deduction of tax.
- The Annual Equivalent Rate (AER) represents the annual rate effectively received by your account if the interest at gross rate applied during a year remained in the account and itself earned interest.
- 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 0.25% below and 0.6% 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.
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Income drawdown and other pension charges
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 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.
- The closure charge will apply where you have reduced the value of your SIPP to £1,000 or less through taking flexi-access drawdown or regular pension lump sums within 12 months of opening your SIPP. We will be entitled to close your account and pay the remaining funds to you, after deducting our charges.
- 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.
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Transfer out and other charges
Charge (VAT is payable except where stated) Transfer out to another UK registered pension scheme in cash £75 Transfer out to another UK registered pension scheme in specie £25 per holding (no VAT) plus £75 Transfer out to an overseas pension scheme (QROPS) £250 Payment by CHAPS £25 Disinvestment, if we need to sell some of your holdings to cover charges £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)
We'll take all charges from your SIPP, unless you've requested otherwise. These charges and rates are effective from 11 March 2020. 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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