Interest rates paid on the cash held in your SIPP account
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.
- 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.
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
- 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 email@example.com.