The Talbot & Muir SIPP

Last updated: 22nd June 2020

Charges Charges are subject to VAT although shown excluding VAT

Initial/Set up fee

Completed online £nil

Paper application £150

Annual fee

Single asset SIPP, £210

Multi asset SIPP, £375

Multi asset SIPP including a single commercial property, £840

See notes section below

Transfer in fee

None, where an adviser completes the transfer requirements

Other transfers in cash £20 per transfer (max £200)

Transfer out fee

Cash transfer out, £150

In-specie transfer out, £50 per asset transferred, maximum in-specie transfer out fee, £500

In-specie transfer in fee

£50 per asset transferred, maximum in-specie transfer in fee, £500

Taking Benefits

Flexi Access Drawdown:

Establishing first tranche £150

Annual drawdown charge £150

Additional tranche of Flexi-Access Drawdown £150

Capped Drawdown:

Annual Drawdown Fee £150

Additional tranche £150

Uncrystallised Funds Pension Lump Sum

£150

Exhausting the Fund

Fee for exhausting the fund under Flexi-Access Drawdown or UFPLS, £150

Annuity purchase fee

£150

Payment of death benefits fee

£150

Other fees

Contributions:

Single contributions after establishment and variations to regular contributions, £20

Refund of contributions (where allowed), £20

In-specie contribution, £500

Investment related fees:

Investments with UK authorised Unit Trust / OEIC or insurance fund investments, £20 per investment, capped at £200 per annum

Establish an alternative deposit account, £20

Other fees:

Establishment of a Bypass Trust, £195

Ad hoc valuations, £100

Work required to ensure compliance with changes in pension legislation and regulation, time costed

Annual meetings (where required), £200 plus travel costs

Management

Access: Direct or via IFA

Advised only business. However, Talbot and Muir are happy to liaise with clients regarding ongoing administration.

Online capability

Details

The Talbot & Muir system enables an adviser and a client to log in and view price feed valuations of current holdings held within the pension scheme.

Due to dual trusteeship of the investments within the SIPP, clients cannot makes any investment changes online because Talbot & Muir would have to counter-sign any changes

Permitted Investments

Commercial property

Unit trusts & OEICS

All platforms allowed subject to due diligence

External deposit accounts

Unrestricted access to all 'sippable' deposit accounts, subject to due diligence

Overseas listed stock and shares

All stockbrokers and platforms allowed, subject to due diligence

UK listed stocks and shares

All stockbrokers and platforms allowed, subject to due diligence

AIM shares

All stockbrokers and platforms allowed, subject to due diligence

Gilts/corporate bonds

All stockbrokers and platforms allowed, subject to due diligence

ETFs

All stockbrokers and platforms allowed, subject to due diligence

Investment trusts

All stockbrokers and platforms allowed, subject to due diligence

Discretionary management

Unrestricted access, subject to due diligence

National Savings & Investments

Unlisted shares

Structured products

Trustee Investment Plans

Insurance company funds

Hedge funds

Hedge funds in standard investments are acceptable.

Traded endowment plans

Third party loans

Property purchase

Purchase fee

£800 per property

Sale fee

£350 per property

Annual property administration fee

Included in multi asset SIPP with one commercial property fee

VAT registration fee

£100

VAT return fees

£50 per quarter

Other fees

Pension fund borrowing fee £400 per property

Environmental screening report, £182.50

Co-Trustee on SIPP £250

SIPP Bank Account

SIPP bank account provider

Metro Bank

Current interest rate

0.1%

Structure

Scheme trustees

TM Trustees

Scheme administrator

Talbot & Muir SIPP LLP

Minimum contributions

Regular payments

No minimum

Transfers/Single Premiums

No minimum

Min additional

No minimum

Company Information

Ownership

Privately owned

Year established

2000

Funds under management

£2.65 billon

Number of SIPPs administered

over 4,971 as at June 2019

Defaqto rating

5 star rating

Transfers

Accepts benefits from defined benefit / final salary schemes?

Yes, if IFA advised

Misc Bypass Trust available via SIPP product £195 + VAT

Flexi-Access Drawdown/UFPLS offered?

Yes

Scheme Pension offered

No

Notes

In order to qualify as a Single-Asset SIPP (level 1 fees of £210 pa), in addition to the main SIPP bank account held with Metro Bank, the SIPP may only contain one other non direct property holding. For example, this may take the form of either a single Discretionary Fund Manager portfolio, a single Platform, a single stand alone Unit Trust/OEIC/Trustee Investment Plan, or a single direct equity holding. As soon as the SIPP owns more than one of these assets, it is then treated as a Multi-Asset SIPP (level 2 fees of £375 per annum.) For investments in Multi-Assets including a commercial property, this is deemed level 3 with fees of £800 per annum.
Please refer to schedule of fees for full details.

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.