Options Simple SIPP
Last updated: 22nd June 2020
Charges Charges are subject to VAT although shown excluding VAT
Initial/Set up fee
£250
Annual fee
£300
Transfer in fee
Nil from a personal pension or defined contribution scheme
£250 from a defined benefits pension scheme
£350 from overseas/international scheme
Transfer out fee
£200 for full or partial cash transfers
£300 for full or partial cash transfers plus in-specie transfer of assets
£500 for transfer to overseas pension scheme
In-specie transfer in fee
£200 for the transfer of assets other than cash, excluding property and non-standard investments
Taking Benefits
Establishment of Flexi-Access Drawdown and payment of PCLS, £250
Monthly income £200 per year
Quarterly income £150 per year
Annual income £125 per year
Adhoc payment £100
Small pots payment, £125
Closure of scheme following Flexi-Access/UFPLS : one years annual administration fee
Annuity purchase fee
£300 partial or cash transfers
Payment of death benefits fee
Time costed, minimum £500
Other fees
CHAPs payment, £25
International payment, £30
Faster payment, £5
Divorce, time costed, £500 minimum
Additional valuations, £100
Client/trustee meetings, £200 plus travel
Management
Access: Direct or via IFA
Both
Online capability
Details
Scheme information, bank accounts, holdings with latest values
Access available to both member and IFA
Permitted Investments All types of investments are considered with no restrictions other than those not permitted by pension legislation
Commercial property
Overseas property
Unit trusts & OEICS
All platforms allowed
External deposit accounts
Must be realisable within 30 days
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
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
N/A
Sale fee
N/A
Annual property administration fee
N/A
VAT registration fee
N/A
VAT return fees
N/A
Other fees
N/A
SIPP Bank Account
SIPP bank account provider
Royal Bank of Scotland
Current interest rate
0%
Structure
Scheme trustees
Options UK Personal Pensions LLP
Scheme administrator
Options UK Personal Pensions LLP
Minimum contributions
Regular payments
No minimum
Transfers/Single Premiums
No minimum
Min additional
No minimum
Company Information
Ownership
STM Group
Year established
2009
Funds under management
Circa £1.7bn
Number of SIPPs administered
Circa 900
Defaqto Rating
Not available
Transfers
Accepts benefits from defined benefit / final salary schemes?
Yes, if IFA advised
Misc
Flexible Drawdown offered
Yes
Scheme Pension offered
Yes, but through a separate Trust
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.
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