Xafinity SimplySIPP

Last updated: 22nd June 2020

Charges Charges are subject to VAT although shown excluding VAT

Initial/Set up fee

£95 - online applications
£150 - paper applications

Annual fee

£190 for one investment account

£240 for two investment accounts

Changing from one to two investment accounts and vice/versa £59 per event

Transfer in fee

None

Transfer out fee

£148

In-specie transfer in fee

None

Taking Benefits

Flexi-Access Drawdown:

Set up £148 per event

Annual Drawdown fee £162

Ad hoc payments and changes £148 per payment/change plus £148 for SIPP closure

Capped Drawdown:

Ad hoc payments and changes £148 per payment/change plus £148 for SIPP closure

Uncrystallised funds pension lump sum:

£310 per lump sum plus £148 for SIPP closure

Annuity purchase fee

£148 per purchase plus £148 for SIPP closure

Payment of death benefits fee

£148 per event

Other fees

Sale or closure of a main investment (excludes the main scheme account), £127 per event

Management

Access: Direct or via IFA

Both

Online capability

Details

A secure online portal is provided for both Adviser and member. Principle Adviser can access all advised clients, or drill down to individuals. Provides online valuations including live scheme account. Online access to Fundsdirect trading accounts.

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

Unrestricted access

National Savings & Investments

Unlisted shares

Structured products

Subject to review

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

Metro Bank

Current interest rate

0%

Structure

Scheme trustees

Xafinity Pension Trustees Ltd

Scheme administrator

Xafinity SIPP Services Ltd

Minimum contributions

Regular payments

No minimum

Transfers/Single Premiums

No minimum

Min additional

No minimum

Company Information

Ownership

XPS Pension Group

Year established

2004

Funds under administration

£19bn

Number of SIPPs administered

1,300

Defaqto rating

Five Stars

Transfers

Accepts benefits from defined benefit / final salary schemes?

Yes, if IFA advised

Misc

Flexible Drawdown offered

Yes

Scheme Pension offered

No

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.