Options Smart SIPP

Last updated: 22nd June 2020

Charges Charges are subject to VAT although shown excluding VAT

Initial/Set up fee

£350, Smart SIPP
£500, Smart Plus SIPP (investments made into unregulated investments that have been accepted by Options SIPP UK)

Annual fee

£500 Smart SIPP
£1,500 Smart Plus SIPP

Transfer in fee

Nil for transfer from a Personal Pension or Defined Contribution scheme.

£250 per transfer from a Defined Benefits Scheme

£350 per transfer from overseas/international scheme

time costed for transfers from overseas/international

Transfer out fee

£200 for full or partial cash transfers

£300 for full or partial cash transfer and in-specie transfer of assets

£500 for transfer to any overseas scheme

In-specie transfer in fee

£200 per transfer

Taking Benefits

Initial:

£250, establishment of Flexi-Access Drawdown and payment of PCLS

Ongoing:

Monthly income £200 per annum Quarterly income £150 per annum Annual income £125 per annum

Ad-hoc payment outside payroll payments on 28th of month, £100

Small Pots Payment £125 - for values under £10,000

Closure of scheme following Flexi-Access/UFPLS payment - one years annual administration fee

Capped Drawdown:

Review of Pension Income Limits, £150 per review

Annuity purchase fee

£300

Payment of death benefits fee

£500

Other fees

Investment related fees:

Transactions, nil

£500, per unregulated investment transaction

£500, per unquoted share transaction

£500, for the establishment of a third party loan

Banking:

CHAPS payments, £25

International payments, £30

Faster payments, £5

Other fees:

Divorce, £500

Additional valuations, £100

Client / trustee meetings, £200 + travel

Management

Access: Direct or via IFA

Both

Online capability

Details

Options can provide on line illustrations for advisers to use, plus online access to scheme information for advisers and underlying clients. There is also an online application form.

Permitted Investments

Commercial property

Overseas property

On a case by case basis

Unit trusts & OEICS

All platforms allowed

External deposit accounts

Unrestricted access to all 'sippable' 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

£1,000, per property

Same fee is charged if in-specie transfer of property,

Sale fee

£500 per property

Annual property administration fee

£400 assuming a single member

Costs rise where there are multiple owners

VAT registration fee

£150

VAT return fees

£75 per quarter

Other fees

Property development, 0.75% of final development costs (min £500)

Environmental search, £350

Insurance renewal, £100

Mortgage arrangement , £300

SIPP Bank Account

SIPP bank account provider

Royal Bank of Scotland

Current interest rate

0.00%

Structure

Scheme trustees

Options UK Personal Pension LLP

Scheme administrator

Options UK Personal Pension 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 £1.7 billion

Number of SIPPs administered

Circa 900

Defaqto Rating

TBC

Transfers

Accepts benefits from defined benefit / final salary schemes?

Yes, if IFA advised

Misc

Flexible Drawdown offered

Yes

Scheme Pension offered

Yes

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.