|
|
|
So what does it all cost?
Our charges are explicit and are set at a level to reflect the amount of work involved. Everyone pays their fair share of the administration costs and you will see that the charges become cost effective at a relatively low fund size.
Establishment & administration
| When you establish your sipp (1) |
£120 + VAT |
| Quarterly administration (2) |
| Fund value |
Charge |
| Less than £25,000 |
£25 + VAT |
| £25,000 to £50,000 |
£35 + VAT |
| £50,000 and above |
£45 + VAT |
|
| If you pay a regular or single contribution | Nil |
| If you transfer in from another registered pension scheme (3)(4) |
£60 + VAT per transfer (applies to the first 5 transfers) |
Notes
- A 50% discount applies for SIPPs established for children (under the age of 18).
- Payable at the end of March, June, September and December. The fund value is the net asset value of the SIPP on the last working day of the relevant month. The first charge will be made at the end of the quarter after your SIPP is established.
- No charges apply for the sixth and subsequent transfers.
-
For in-specie transfers in, unless advised otherwise, our charges will be our standard transfer fee plus
- transfer of an investment account, within the terms of a discretionary or non discretionary investment agreement, where all assets are held in nominee name - £225 per account;
- assignments of insurance policies - £225 per deed of assignment; and
- property transfers are charged for as a property purchase (see Property section).
These additional in-specie charges will not apply if the assets are to be transferred to one, or more, of our Panel Investment Partner Options.
Investment administration
Panel Investments
No charges apply for the movement of money to, or from, your SIPP cash account to, or from, any of our Investment Partners (1).
The investment management, or dealing charges, made by the Investment Partner are in addition to the Sippcentre charges shown in this Schedule and are set out on the Investment Fact Sheet for the Investment Partner.
If any of the SIPP fund is invested outside of our Panel Investment Partner Options, additional administration charges will apply as set out below.
| If you transfer assets in-specie between Investment Partners and/or Off Panel investment managers |
£150 + VAT |
| If you invest your SIPP with more than one Investment Partner (1), |
£5 + VAT per quarter for
|
| there will be an additional quarterly administration charge (2) |
each additional Investment Partner |
Investments held off panel
These charges will only apply if some, or all, of the SIPP is invested outside of our Panel Investment Partner Options (1).
| If you carry out an Off Panel transaction (3) |
£30 + VAT |
| Additional quarterly administration (4) |
£30 + VAT (up to 5 assets) |
Notes
- For this purpose "Investment Partner" includes our Advisory and Execution Only investment options.
- This charge will be calculated based on the number of Investment Partners at the end of each quarter. For example if your SIPP is invested with 3 Investment Partners at the end of December the additional quarterly administration charge payable would be £10 + VAT at the end of December.
- A charge will apply for each transaction, e.g. purchase, sale, switch or top-up of a specific investment; set up, top-up or closure of an additional bank or investment manager account; movement of money to, or from, your SIPP cash account. Separate charges apply for property investments as set out in the
Property section
.
- Applies if, at any time during the quarter, any investment (including Trustee Investment Plans and property) is held outside of our Panel Investment Partner Options. If you hold more than 5 assets off panel there will be an additional charge of £10 + VAT per asset.
Property
There are a variety of costs associated with the purchase of a property, the majority of which will be incurred whether or not the property is bought via a SIPP. All costs associated with the purchase and administration of the property must be met from the SIPP. It is you and your Adviser's responsibility to ensure that there is sufficient cash in the right bank account, at the right time, in order to meet the SIPP's obligations.
Our charges shown below are intended as an indication only and we do reserve the right to make additional or higher charges, if the circumstances warrant it. We will advise you at the earliest opportunity of any additional, or higher, charges that may apply (1).
Purchase
| If you buy a property (2) | £550 + VAT |
| If you borrow money to purchase a property (2) | £350 + VAT |
| If multiple SIPPs buy a property together (3) | £250 + VAT |
| If we complete VAT registration for the property | £100 + VAT |
Quarterly Administration
| Per property (2) | £75 + VAT |
| Per loan (2) | £30 + VAT |
| Per VAT return | £30 + VAT |
| Development and Refurbishment | 0.5% + VAT of the total costs |
Leases
| If an existing lease is renewed or a new lease put in place for a property held by your SIPP | £250 + VAT |
Sale
| If you sell a Property | £300 + VAT |
| If borrowing is repaid (4) | £100 + VAT |
| If a jointly held property is sold (3) | £100 + VAT |
Notes
- Non-standard administration will be charged at our prevailing charge out rate (available on request). Any work relating to contamination, environmental issues or multiple tenancies will be subject to an additional charge which will be confirmed upon request.
- These charges all apply on a per property basis.
- Applies as a one off charge per member of the group.
- Applies when a loan is fully repaid, whether or not on sale.
In addition to our charges, all disbursements must be paid from the SIPP. Disbursements will include stamp duty land tax; land registry fees; search fees; and solicitor's, surveyor's and lender's fees. It is not possible to provide accurate estimates of these costs, which will be advised to you when you appoint the professional advisers on behalf of the SIPP. You are free to choose your own professional advisers, e.g. solicitor, surveyor, and commercial lender. You, or someone chosen by you, can act as property manager. If the property manager is unfamiliar with SIPP documentation we may make further charges to deal with any additional queries that arise.
Benefits and transfers out
| If you set up an unsecured pension (USP), including paying any lump sum benefits (1) |
£150 p.a. + VAT |
| If you set up an alternatively secured pension (ASP) at age 75 (1) |
£250 p.a. + VAT |
| If you designate additional funds, or request a review of income levels, under USP (2) |
£75 + VAT |
| If you purchase an annuity with part, or all, of your fund |
£75 + VAT |
| One-off benefit payment (3) |
£25 + VAT |
| If you transfer out to another UK pension scheme (4) |
£75 + VAT |
| Payment of benefits on death or if your pension is to be split/shared following a divorce |
Time/cost basis |
| Trivial commutation |
£150 |
Notes
- The annual income withdrawal charge will become payable immediately funds are designated to provide USP or ASP, even if you elect to take "nil" income.
- No additional charge is made when the first funds are designated to provide unsecured pension, funds are designated to alternatively secured pension at age 75, or to carry out the review of income levels required by legislation.
- Payable when any pension payment is made as a one-off BACs payment outside of our standard monthly payment process.
-
A separate charge will be made for each transfer payment made to another registered pension scheme. Transfers to a Qualifying Recognised Overseas Pension Scheme (QROPS) will be charged an additional £175. Unless advised otherwise, charges for an in-specie transfer to another registered pension scheme will be our standard transfer charge plus
- transfer of an investment account, within the terms of a discretionary or non discretionary investment agreement, where all assets are held in nominee name - £225 per account;
- assignments of insurance policies - £225 per deed of assignment; and
- property transfers are charged for as a property purchase (see Property section).
These additional in-specie charges will not apply if the assets are to be transferred to one, or more, of our Panel Investment Partner Options.
General
- All charges are due to A J Bell Management Limited and will be deducted from the SIPP cash account.
- A CHAPs fee of £25 + VAT per payment will be payable for all transactions paid by CHAPs.
- There is no additional charge for payments made by BACS or by cheque.
- Bank charges may apply if a regular payment such as a Direct Debit is rejected due to insufficient funds.
- This Charges & Rates page must be read together with the Sippcentre Terms and Conditions.
Interest rates (Last updated on 16 March 2009)
Cash Balance | Interest Rates (Gross) | Interest Rates (AER) | | All Balances | 0.00%
| 0.00%
|
Notes
- Please note that all cash will be held in your SIPP cash account until invested or transferred to your chosen Panel or Off Panel investment partner.
- There are no routine bank transaction charges and interest is paid to your account without any deduction of tax.
- Interest rates are subject to variation and interest is paid to your account quarterly, in arrears.
- You will receive a regular statement detailing all of the transactions on your account. Full details are also available online at www.sippcentre.co.uk.
- The Annual Equivalent Rate, AER, represents the annual rate effectively received by a customer if the interest at gross rate applied during a year remained in the account and itself earned interest. As every advert for a savings product where a rate is displayed will contain an AER, you will be able to compare more easily the return you can expect from your savings over time.
- We may receive payments from banks based on aggregate cash balances held across all SIPP cash accounts with them and keep these payments for our own account.
Investment charges
Investment charges vary depending upon which of the investment options is chosen. Details of these charges can be found on the Investment Fact Sheets in the Investment Options area of our website. Investment charges are payable in addition to the charges shown above.
Adviser remuneration
Adviser Remuneration can be paid out of the SIPP cash account at rates to be agreed between the Adviser and the Client. Certain investment options may also pay commission to the Adviser. Your Adviser will provide you with further details.
|
