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 | £50 plus VAT at the prevailing rate | |||
| 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 review* | |||
| 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 – 14 | £12.95 | ||
| 15 - 24 | £9.95 | ||
| 25 and above | £6.95 | ||
Telephone Commission - All investment types except
non-IRS foreign securities, unit trusts and OEICs.
| Deal value | Commission | ||
| £0 - £500 | £17.50 | ||
| £501 - £1,500 | £35 | ||
| £1,501 - £2,500 | £50 | ||
| £2,501 - £20,000 | £65 | ||
| £20,000 and above | £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 |
|
| 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
Please note that our interest rates will move in line with changes in base rate. However, where the applicable margin would result in a negative figure, the rate will be zero.
| 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 28 January 2010.
