Xafinity SIPP

Last updated: 22nd June 2020

Charges Charges are subject to VAT although shown excluding VAT

Initial/Set up fee

None

Annual fee

0.24% of the fund (£199 minimum & £640 maximum charge pa)

Transfer in fee

£68 per transfer

Transfer out fee

£505 for closure of the SIPP, plus £148 per transfer

In-specie transfer in fee

£187 per transfer

Taking Benefits

Flexi-Access Drawdown:
Set up £148
Annual Drawdown Fee £162 pa
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

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 £36 and a maximum of £132

Annual administration for standard investments £75 for the first investment, £150 for two or more investments

Bank accounts:
Establishment of additional bank accounts, 0.25% of initial deposit subject to a minimum of £36 and a maximum of £132

Annual administration for bank accounts £78 for the first investment, £156 for two or more investments

Stockbroker & DFM Accounts:
Establishment of Stockbroker or Discretionary Fund Management, £143

Annual administration for Stockbroker or Discretionary Fund Management, £78

Unquoted Shares:
Purchase of unquoted shares, £1,890

Sale of unquoted shares, 0.25% of the amount sold, subject to a minimum of £36 and a maximum of £132

Annual administration of unquoted shares, £340

Complex investments:
Purchase of other investments e.g. Futures, Traded Endowment policies, Venture Capital Trusts, Hedge Funds, Options, Overseas Equities, Contracts for Difference, £790

Sale of other investments, 0.25% of the amount sold, subject to a minimum of £36 and a maximum of £132

Annual administration of other investments, £78 for the first investment, £156 for two or more investments

Lending to unconnected third parties:
Preparation of loan paperwork and arranging security, £169 per loan

Annual administration, £169 per loan

holding non-standard investments, £225 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

£915

Purchase fee

£490

Annual property administration fee

£585 per property per lease

VAT registration fee

None

VAT return fees

None

Other fees

Mortgage, £300 per property

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

£25,000

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

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.