The HD SIPP offers value for money, running on a very low fee basis. Fees do not vary with fund size or contribution level.
Fees will be charged annually in advance in accordance with the Schedule below.
The first fee will include the initial fee.
The fees per member are:-
Initial Fee: £300 Annual Fee: £300
Notes
- VAT is charged in addition to the above figures at the prevailing rate at the time
- Annual fees increase each year on the policy anniversary in line with the Index of National Average Earnings based on an average of the index for April to September of the previous year
These fees cover the following services:
- Preparation of Supplemental Deed and copies of Establishing Trust Deed and Rules
- Opening of Newcastle Building Society Pension Plus Account
- Appointment and provision of HD Trustees Limited as Trustee
- Dealing with regular correspondence with the HM Revenue and Customs
- Dealing with day to day correspondence
- Maintenance of records including correspondence.
- Provision of annual Statutory Money Purchase Illustrations
- Provision of Annual/Lifetime Allowance Statements
- Submission to HRMC of Event Reports, Accounting for Tax Returns and Registered Pension Scheme Returns
- Reclaim of income tax on contributions
Please Note: No interest is credited to the members SIPP whilst funds are passing through the clearing account and to and from the Newcastle Building Society Pension Plus Account.
Additional Fees
These will be chargeable for any of the services set out below, which are not covered by the fees indicated above. All fees are subject to VAT. Fees for some additional services depend on the level of involvement and time spent and as a consequence some can be a fixed fee while others can only be estimated. Examples of such additional services and fees are listed below:
Fixed Fees
- Payment of pension from the Scheme assets (i.e. Income withdrawal): £100 p.a.
- If coupled with Phased Retirement: £150 p.a.
- If coupled with alternative secured pension: £200 p.a.
- Calculation of retirement benefits (including income withdrawal reviews): £100
- Same day CHAPS payments : £30
Estimated Fees between £100 - £250
- Dealing with the transfer of funds from other pension schemes (per fund) — one initial transfer (excluding in-specie) is covered by the establishment fee outlined above but where transfers are complex, involve in-specie transfer of assets or there are a number of transfers being made, additional fees may apply.
- Dealing with the transfer of funds to other pension schemes.
- Dealing with Lifetime Allowance charges, refunds of tax on overpaid contributions, unauthorised payment charges, surcharges and scheme sanction charges.
- Purchase of unquoted shares and connected party transactions.
There may be time-cost charges for other items, please refer to the application form for a full breakdown.
N.B. Investors will be liable to pay external transaction costs such as stock exchange fees, custody fees, stockbroker’s commission, stamp duty, valuation and legal fees and advisor’s remuneration.
The fees payable for The HD SIPP are charged by the Administrator, HD Administrators LLP. They issue a VAT invoice for each fee due and will withdraw fees from the SIPP’s Newcastle Building Society Pension Plus Account within two weeks of issuing the invoice (in the case of a new SIPP, fees are withdrawn as soon as cleared funds are available). If there are insufficient funds available, HD Administrators LLP will ask you or your adviser to arrange settlement from other investments or funds held in respect of your SIPP in order to meet the fees as and when they fall due for payment. You will be asked in your SIPP application to agree that payment will not be unreasonably withheld.
HD Administrators LLP reserve the right to amend the fee structure at any time upon giving one month’s written notice to members.
