Redswan Pensions – The Cygnet Plan

Last updated: 22nd June 2020

Charges Charges are subject to VAT although shown excluding VAT

Initial/Set up fee

Nil

Annual fee

£195 in advance for up to two Standard Investments (in addition to the SIPP bank account)

£50 per additional Standard Investment, capped at £200 pa

Transfer in fee

First two transfers at establishment or within three months of establishment, free

Subsequent transfers, £95 per transfer

Transfer out fee

In cash from the default SIPP bank account, £295

To an overseas pension scheme, time costed

In specie transfers out, £295

SIPP closure (not through annuity purchase or transfer) £295 in first year of opening, £145 in second year, nil thereafter

In-specie transfer in fee

In-specie from an investment manager or fund supermarket, where assets are held in a nominee account, £95

In-specie transfer in of Trustee Investment Plan (TIP), £295

Investments held direct with a fund provider / registrar, £95 plus £50 per asset held

Deeds of assignment (where needed), £295

Taking Benefits

To take a tax-free lump £150 per event

UFLPS, £150 per event

Establishment of PAYE, £95

annually billed fee for operation of PAYE;

monthly pension, £145
quarterly pension, £115
biannual pension, £85
annual pension, £55

Capped drawdown review, £125 per review

non-standard benefit calculations, time costed

Annuity purchase fee

£175

Payment of death benefits fee

Time costed

Other fees

Tax return (where required), £185

Client meetings, HMRC investigations, member disputes/pension sharing orders, time costed

non-standard benefits calculations, time costed

Management

Access: Direct or via IFA

Both

Online capability

Details

Account balances with the Bath Building Society can be seen online.

Permitted Investments

Commercial property

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

Discretionary management

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

Bath Building Society

Current interest rate

0.60%

Structure

Scheme trustees

Redswan Pensioneers Limited & Redswan Trustees Limited

Scheme administrator

Redswan Limited

Minimum contributions

Regular payments

No minimum

Transfers/Single Premiums

No minimum

Min additional

No minimum

Company Information

Ownership

Privately owned

Year established

2004

Funds under management

Not disclosed

Number of SIPPs administered

Not disclosed

Defaqto rating

Five Stars

Transfers

Accepts benefits from defined benefit / final salary schemes?

Yes

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.