Self Invested Personal Pension (SIPP) - Rates & Charges

SIPP Administration Charges

Accumulation Phase

These charges are taken in arrears and apply per account.

Quarterly administration charge				£37.50*
Transfers in		First five transfers Additional transfers		£75 per transfer* Free
Administration		Transfer out fee		£75*

* plus VAT at the prevailing rate

Drawing Pension Benefits

All charges are subject to VAT at the prevailing rate.

Benefit vesting		Set up unsecured pension (USP), and pay any lump sum benefit		£75*
		Additional fund designation to USP		£75*
		Set up alternatively secured pension (ASP) at age 75		£75*
		Annuity purchase		£75*
		Payment of death benefit		Time/Cost Basis*
Income Withdrawal (USP and ASP)		Annual administration charge (payable even if “nil” income is paid in year)		£100 per annum* (collected annually in advance
		USP or ASP reviews		£75 per annum*
Administration		Transfer out fee		£75*

* plus VAT at the prevailing rate

Dealing Commission Charges

Commission is charged per deal. Other charges and service restrictions may apply.

 

Online Commission - All investment types except non-IRS foreign securities, unit trusts and OEICs.

 

Deals per calendar month		Commission
1 – 5		£12
6 - 10		£7.50
11 and above		£6.95

 

Telephone Commission - All investment types except non-IRS foreign securities, unit trusts and OEICs.

 

Deal value		Commission
£0 - £1,000		£17.50
£1,001 - £2,000		£24
£2,001 - £4,000		£36
£4,001 - £20,000		£54
Over £20,000		£75

 

The initial commission rate you pay in each month is determined by the number of deals you place in previous calendar months. Each time you hit a new tier, you will be switched to the lower commission rates. In order to remain at the new tier you must maintain the required number of deals per month. The number of telephone and online deals you place are consolidated when calculating your deal count, but each method has its own commission rates.

Funds

The initial charge for buying funds through Funds Market is up to 1.5%. Other funds vary according to the fund manager.

There is no charge for selling Funds Market funds but there is a £15 charge per deal on the sale of non-Funds Market funds.

Additional Government dealing charges

Stamp duty or stamp duty reserve tax (SDRT) on UK equity purchases is payable at the prevailing rate at the time of dealing. The current rates are:
0.5% SDRT on all UK equity purchases settled through CREST, rounded up to the nearest 1p
0.5% stamp duty on all UK equity purchases not settled through CREST, rounded up to the nearest £5
Stamp duty on Irish registered stock is currently charged at 1%
The Panel of Takeovers and Mergers currently levy £1 on all UK equity transactions of £10,000 and over.

General Administration

Duplicate contract note		Free, if requested within 6 months since deal £10 + VAT, if requested more than 6 months since deal
Copy of tape recording/telephone conversation transcript in case of complaint (if Barclays Stockbrokers is not at fault)		Free, if requested within 6 months since deal £10 + VAT, if requested more than 6 months since deal

 

Interest Rates

Cash Balance		Interest Paid
£0 - £15,000		2.5% below Barclays base rate
£15,000 +		1% below Barclays base rate

 

You can find the Barclays Base Rate printed in the Daily Telegraph and Daily Mail or by calling Barclays Bank on 0845 603 0845, hold for an agent and ask for the current rate. (Lines are open 8.30am-5.30pm Monday to Friday and Saturday 9am-1pm, except Bank Holidays. To maintain a quality service, phone calls may be monitored or recorded.)

All charges are correct as at February 2008.