Interest rates paid on the cash held in your SIPP account
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
- 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.
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 £29.95 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)