Embark Pensions – Full & Option SIPP
Last updated: 25th April 2024
Charges Charges are subject to VAT although shown excluding VAT
Initial/Set up fee
£0, online application
Annual fee
Options SIPP - £200, this includes one free standard investment
Full SIPP - £420, this includes one free standard investment
Transfer in fee
£50 per transfer
Transfer out fee
Cash transfer to a UK pension scheme, £50
In-specie transfer out, £50 per asset (in addition to cash transfer out fee)
Cash transfer to an overseas pension scheme £250
In-specie transfer in fee
£50 per transfer
Taking Benefits
Benefit Crystallisation Event:
Initial Fee, £105
Drawdown or beneficiaries drawdown, £105 per annum
Payment of regular pension £105 per annum
Uncrystallised funds pension lump sum: £105 per payment
Annuity purchase fee
£105
Payment of death benefits fee
Lump sum payment, £105
Dependents pension (i.e. Income Drawdown), £105 per annum
Other fees
Investments
Additional standard investment , £25 per annum
Fixed Term Bank account (non-standard), £100
Pension sharing order, £250
SIPP Closure Fee, £105
Contributions via Direct Debit, £10 per year
Full SIPP only:
Due diligence assessment, Initial: £550 Annual fee: £200
Buy, Sell or partial disposals (Non Standard investments), £850
Top ups to existing holdings, £250
Management
Access: Direct or via IFA
Both
Online capability
Details
Through the Embark Pensions Portal IFAs can apply fully online (no need for paper), perform illustrations online, track transfers and view valuations of clients assets. Direct clients can apply online, track their transfers and obtain valuations.
Permitted Investments
Commercial property
Unit trusts & OEICS
All platforms allowed
External deposit accounts
Limited to certain providers
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 (Full SIPP only)
Purchase fee
£700 per property using panel solicitor
Sale fee
£430
Annual property administration fee
£625 (£825 for complex property)
Additional member fee, £105
VAT registration fee
£200
VAT return fees
£100 per quarter
Other fees
Borrowing, £400 initial, £150 per annum per member
Lease set up/amends £300
Recovery of rent arrears, £75 per quarter
SIPP Bank Account
SIPP bank account provider
Metro Bank
Current interest rate
1.20%
Structure
Scheme trustees
Embark Pensions Trustees Ltd
Scheme administrator
Embark Pensions
Minimum contributions
Regular payments
No minimum
Transfers/Single Premiums
No minimum
Min additional
No minimum
Company Information
Ownership
Wholly owned by Embark Group
Year established
2007
Funds under administration
£36.2 billion
Number of SIPPs administered
430,000
Defaqto rating
Four Stars
Transfers
Accepts benefits from defined benefit / final salary schemes?
Yes, only if IFA advised
Misc
Flexible Drawdown offered
Yes
Uncrystallised Funds Pension Lump Sum
Yes
Scheme Pension offered
No
Notes
The Option SIPP has been created to provide a pension product that can be tailored to the individual need of each client.
We are all individuals, our pension should be too!
The Option SIPP is underpinned by 3 basic pillars:
Simplicity
Transparency
Flexibility
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.