Redswan Pensions – The Cygnet Plan

Initial/Set up fee

Nil

Annual fee

£265 in advance for up to two Standard Investments (in addition to the SIPP bank account)

£70 per additional Standard Investment, capped at £275 pa except for fixed term deposits, which are in addition

Transfer in fee

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

Subsequent transfers, £130 per transfer

Transfer out fee

In cash from the default SIPP bank account, £405

To an overseas pension scheme, time costed

In specie transfers out, £405

SIPP closure (not through annuity purchase or transfer) £405 in first year of opening, £200 in second year, nil thereafter

Upgrade to full RedSwan plan, Nil

In-specie transfer in fee

In-specie from an investment manager or fund supermarket, where assets are held in a nominee account, £130

In-specie transfer in of Trustee Investment Plan (TIP), £405

Deeds of assignment (where needed), £405

Taking Benefits

To take a tax-free lump £205 per event

UFLPS, £205 per event

Establishment of PAYE, £130

annually billed fee for operation of PAYE;
monthly pension, £200
quarterly pension, £160
biannual pension, £115
annual pension, £75

Capped drawdown review, £170 per review

non-standard benefit calculations, time costed

Annuity purchase fee

£240

Payment of death benefits fee

Time costed

Other fees

Fixed Term Deposits:
New, £150 per account
Rollover with same provider, £50 per account

Tax return (where required), £255

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

non-standard benefits calculations, time costed

Access: Direct or via IFA

Both

Details

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

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

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 provider

Bath Building Society / Metro Bank

Current interest rate

2.20% / TBC

Scheme trustees

Redswan Pensioneers Limited & Redswan Trustees Limited

Scheme administrator

Redswan Limited

Regular payments

No minimum

Transfers/Single Premiums

No minimum

Min additional

No minimum

Ownership

Privately owned

Year established

2004

Funds under management

Not disclosed

Number of SIPPs administered

Not disclosed

Defaqto rating

Five Stars

Accepts benefits from defined benefit / final salary schemes?

Yes

Flexible Drawdown offered

Yes

Scheme Pension offered

Yes

Notes

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.