Barnett Waddingham Flexible SIPP

Last updated: 22nd June 2020

Charges Charges are subject to VAT although shown excluding VAT

Initial/Set up fee

£100, where an online application is made following advice from a financial adviser

£300, where a paper application is made following advice from a financial adviser

£400, where a paper application is made and no advice has been taken

Annual fee

£250

Transfer in fee

None

Transfer out fee

£200, for cash transfer out only

In-specie transfer in fee

Time costed for other transfers in or out

Taking Benefits

Flexi-Access Drawdown:

New or further flexi-access drawdown pension set up £200

Flexi-access drawdown pension payments (regular monthly or quarterly intervals) £156 per annum

Flexi-access drawdown pension payments (annual or ad hoc payments) £75 per annum

Capped Drawdown:

Further capped drawdown pension set up £200

Further capped drawdown pension review £160

Capped drawdown pension payments (regular monthly or quarterly intervals) £156 per annum

Capped drawdown pension payments (annual or ad hoc payments) £75
per annum

Conversion of capped drawdown to flexi-access drawdown pension £25

Uncrystallised funds pension lump sum:

Payment of benefits under UFPLS rules £200 per event

Annuity purchase fee

From £210

Payment of death benefits fee

Time costed

Other fees

Investment related fees:

Additional administration cost for investments other than one panel investment provider, £300 per annum

Additional valuation of non-panel assets during the year, time costed

Cash transfers to/from non-panel investment provider (fee not applicable to ongoing regular payments), £25

Unquoted share purchase, from £1,200

Unquoted share sale, from £800

Unquoted shares annual review, from £250

Purchase of an Unregulated Collective Investment Scheme (UCIS), from £600

Gold bullion portfolio set up, £200

Loan from SIPP to Ltd company, from £900

Loan to SIPP, from £375

Loan annual administration, from £220

Syndicated property purchase:

Purchase / sale of syndicated property share, £260

Annual administration, £90 per annum

Bank deposit accounts:

Deposit account set up, £260 (does not apply when accounts from the pre-approved banking arrangements are chosen)

Deposit account annual administration, £75

Cash transfers to/from deposit account (fee not applicable to ongoing regular payments), £25

Other:

Compulsory Lifetime Allowance test age 75 time costed

Lifetime Allowance charge payment, £77

Management

Access: Direct or via IFA

Both

Online capability

Details

SIPPs Online allows financial advisers to produce new business illustrations (accumulation and drawdown) and to complete applications.

Illustrations can be saved, retrieved and used to prepopulate applications.

Applications can be part-completed and resumed later. The progress of applications can be tracked and secure file exchange is enabled.

Clients do not need to be present when advisers complete the online application and all signing is delivered at once. An application summary is suitable for the client and/or compliance.

Permitted Investments Investments and the parties used for execution/custody of them have to pass the SIPP Provider's due diligence.

Commercial property

Overseas property

- on case by case basis

Unit trusts & OEICS

All platforms allowed

External deposit accounts

Overseas listed stock and shares

All stockbrokers allowed

UK listed stocks and shares

All stockbrokers allowed

AIM shares

All stockbrokers allowed

Gilts/corporate bonds

All stockbrokers allowed

ETFs

All stockbrokers allowed

Investment trusts

All stockbrokers allowed

Discretionary management

Unrestricted access

National Savings & Investments

Unlisted shares

Structured products

Trustee Investment Plans

Insurance company funds

Hedge funds

Traded endowment plans

Third party loans

Property purchase

Purchase fee

From £670

Sale fee

From £360

Annual property administration fee

£155

VAT registration fee

£305

VAT return fees

£295 per annum

Other fees

Mortgage set up or rearrangement, from £305

Annual mortgage fee, £140

Annual rental invoice fee per tenant, £105

Rent review, £100

Additional property related work (eg. leases, extra VAT work, appointment of professionals, mortgage redemptions, property development) time costed

SIPP Bank Account

SIPP bank account provider

Bank of Scotland

Current interest rate

0%

Structure

Scheme trustees

BW SIPP Trustees Limited

Scheme administrator

BW SIPP LLP

Minimum contributions Needs to be a minimum fund size of £50,000

Regular payments

No minimum

Transfers/Single Premiums

No minimum

Min additional

No minimum

Company Information

Ownership

The operator is BW SIPP LLP, which is a wholly owned subsidiary of Barnett Waddingham LLP.

Year established

Barnett Waddingham LLP, 1989

BW SIPP LLP, 2007

Funds under administration

£5bn +

Number of SIPPs administered

Over 20,000

Defaqto rating

Not available

Transfers

Accepts benefits from defined benefit / final salary schemes?

Yes, only if IFA advised

Misc

Flexi-Access Drawdown offered

Yes

Uncrystallised Funds Pension Lump Sum offered

Yes

Scheme Pension offered

No

Notes

Disclaimer

The information within this section is for your general information purposes only and does not constitute investment advice. It is not an offer to purchase or sell any particular asset and it does not contain all of the information which an investor may require in order to make an investment decision. Please obtain professional advice before entering into any new arrangement. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of the information of this site.