XPS SIPP (was Xafinity)
Last updated: 6th September 2023
Charges Charges are subject to VAT although shown excluding VAT
Initial/Set up fee
None
Annual fee
0.24% of the fund (£255 minimum & £795 maximum charge pa)
Transfer in fee
£86 per transfer
Transfer out fee
£635 for closure of the SIPP, plus £184 per transfer
Taking Benefits
Flexi-Access Drawdown:
Set up £184
Annual Drawdown Fee £205 pa
Ad hoc payments and changes £184 per payment/change plus £184 for SIPP closure
Capped Drawdown:
Ad hoc payments and changes £184 per payment/change plus £184 for SIPP closure
Uncrystallised funds pension lump sum:
£390 per lump sum plus £184 for SIPP closure
Annuity purchase fee
£184 per purchase plus £184 for SIPP closure
Payment of death benefits fee
£184 per event
Other fees
Standard Investments:
Purchase and sale of standard investments e.g. Unit Trusts, OEICs, Trustee Investments, and other Pension, 0.25% of the amount invested, charged for the purchase and for the sale, subject to a minimum of £46 and a maximum of £164
Annual administration for standard investments £98 for the first investment, £196 for two or more investments
Bank accounts:
Establishment of additional bank accounts, 0.25% of initial deposit subject to a minimum of £46 and a maximum of £164
Annual administration for bank accounts £98 for the first investment, £196 for two or more investments
Stockbroker & DFM Accounts:
Establishment of Stockbroker or Discretionary Fund Management, £177
Annual administration for Stockbroker or Discretionary Fund Management, £98
Unquoted Shares:
Purchase of unquoted shares, £2,340 (50% payable in advance)
Sale of unquoted shares, 0.25% of the amount sold, subject to a minimum of £46 and a maximum of £164
Annual administration of unquoted shares, £430
Complex investments:
Purchase of other investments e.g. Futures, Traded Endowment policies, Venture Capital Trusts, Hedge Funds, Options, Overseas Equities, Contracts for Difference, £985 (50% payable in advance)
Sale of other investments, 0.25% of the amount sold, subject to a minimum of £46 and a maximum of £164
Annual administration of other investments, £98 for the first investment, £196 for two or more investments
Lending to unconnected third parties:
Preparation of loan paperwork and arranging security, £215 per loan
Annual administration, £215 per loan
Holding non-standard investments, £290 pa
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
Trustee Investment Plans
Insurance company funds
Hedge funds
Traded endowment plans
Third party loans
Subject to a maximum of 70% of the value of the fund, on a secured basis only
Property purchase
Purchase fee
£995 (50% payable in advance)
Sale fee
£610
Annual property administration fee
£730 per property per lease
VAT registration fee
None
VAT return fees
None
Other fees
Mortgage, £380 per property
SIPP Bank Account
SIPP bank account provider
Metro bank
Current interest rate
2.30%
Structure
Scheme trustees
Xafinity Pension Trustees Ltd
Scheme administrator
XPS SIPP Services Ltd
Minimum contributions
Regular payments
No minimum
Transfers/Single Premiums
£25,000
Min additional
No minimum
Company Information
Ownership
XPS Pension Group
Year established
2004
Funds under administration
£2.2bn
Number of SIPPs administered
5,400
Defaqto rating
Five Stars
Transfers
Accepts benefits from defined benefit / final salary schemes?
Yes, if IFA advised
Misc
Flexi-Access Drawdown/UFPLS 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.