Services and Fees for an Aspire SIPP April 2017

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Tabitha Sanders
5 years ago
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It gives you an overview of what we do and how we charge but we are always happy to provide more detail if you want it.

1 Services and Fees In this document, you ll find information on our Self Invested Personal Pension (SIPP) services and the fees we charge for them. It gives you an overview of what we do and how we charge but we are always happy to provide more detail if you want it. If you would like to discuss anything, please feel free to call us on ; we re here to help. PSG SIPP Limited is registered in England and Wales no The Gardeners Store, Box House, Bath Road, Box, Corsham, Wiltshire, SN13 8AA and is authorised and

2 PSG SIPP Limited Ethical pricing policy PSG SIPP Limited is proud to operate an ethical pricing policy which ensures there are no hidden charges. The implementation of Capital Adequacy (Cap-Ad) requirements has forced us to change one aspect of our fees. Most things are still set fees listed on a menu, but we are now charging part of our set up and annual fees as a percentage of the SIPP fund at establishment and then from year two onwards the growth of the fund. This is the only viable, fair and appropriate way to charge and not sleepwalk into trouble created by Cap-Ad requirements. On occasion, we may refer to a fee as time cost. This is not a smoke screen to allow us to charge as we see fit, it is only ever used when dealing with a task that we know from extensive experience is hard to price. In those rare situations, not only will we discuss and advise the likely fee before starting the work, we will provide evidence of the time spent used to calculate the final fee. We believe this to be the fairest and most honest way of addressing such issues. Whilst we will almost always stick to the fees stated in this document, certain transactions such as Transfers can be complex, and so we believe it s fairer to notify you that all our fees are minimum fees. Any additional fee will be charged in line with our time cost policy. Where the fees are being paid in a currency outside our jurisdiction an additional bank charge may apply. This will be charged from the SIPP bank account. Please note that all fees outlined in this schedule, including Establishment, Annual and Transaction fees are payable in advance. PSG SIPP Limited is registered in England and Wales no The Gardeners Store, Box House, Bath Road, Box, Corsham, Wiltshire, SN13 8AA and is authorised and

3 SIPP establishment and first year s administration fees New SIPP The fees applicable to all tasks and the adoption of all responsibilities that go with making you a member of the Aspire SIPP. This includes, but is not limited to: appointment of PSG SIPP Limited (PSGS) as Scheme Administrator; appointment of PSGS Trustee Services Limited (PSGSTS) as Professional Asset Trustee; establishing SIPP records and associated administration; meeting Capital Adequacy requirements set by the Financial Conduct Authority (FCA); first year s administration % of establishing fund value Payable on completion of transfers in and/or contribution payment Pension transfers and contributions dealing with up to two UK cash transfers in (subsequent transfers will be charged per transfer see under additional SIPP services on page 4). We allow up to 6 weeks for dealing with each pension transfer after which time we reserve the right to charge on a time cost basis for the additional time we are incurring. This decision will be taken in strict consultation with you; dealing with cash pension contributions at set up. For the fees applicable to subsequent cash contributions, see page 4; dealing with overseas pension transfer in. NIL NIL 360 In specie pension transfers dealing with UK in specie pension transfer in, per Standard Asset*; dealing with UK in specie pension transfer in, per Non-Standard Asset**; dealing with overseas in specie pension transfer in, per Standard Asset*; dealing with overseas in specie pension transfer in, per Non-Standard Asset**. *Standard Assets are those which can be made liquid within thirty days. **Non-Standard Assets are those which cannot be made liquid in thirty days. All payable on completion of transfer Example fees in year one: SIPP with two UK pension transfers, cash contributions and a fund value of 200,000 at establishment. Year one = 1,842 1

4 Annual SIPP fees (from year two onwards) The fees applicable to the annual administration and responsibilities Administration responsibility as Scheme Administrator and Professional Asset Trustee; general administration of the SIPP and filing all returns to HMRC; completion of an Annual Valuation for the SIPP. Example estimated fees at first renewal (not including any fees relating to transaction monitoring see below) SIPP with two UK pension transfers, cash contributions and a fund value of 200,000 at establishment and growth of 5%* in the first year % of fund growth Payable annually on renewal Renewal = *growth rate is not guaranteed SIPP investment fees Standard Assets (can be made liquid within 30 days) For example, Stockbroker Account or Discretionary Fund Manager Account investment set up and transaction; overseas investment set up and transaction; annual administration of investment. time cost payable on commencement of the transaction 55 per investment Payable at renewal Non - Standard Assets (cannot be made liquid within 30 days) For example, Unquoted Shares investment set up and transaction; overseas investment set up and transaction (acquisition or disposal); annual administration of investment; per purchase 290 per sale time cost payable on commencement of the transaction 200 per investment Payable at renewal 2

5 Loans made to an unconnected third party preparing loan documentation including the loan agreement; agreeing and authorising the loan transaction; ensuring compliance with HMRC requirements; liaising with a Solicitor in order to deal with security for the loan. 585 per loan establishment Loan monitoring regular monitoring of loans to ensure capital and interest payments are made when due. 235 per loan per annum There are of course lots of other assets that a SIPP can invest in so please feel free to get in touch if there is something specific you wish to discuss. SIPP income and benefits fees The fees applicable to administration of the transaction Benefit Crystallisation Event (BCE), through Flexi-Access Drawdown; BCE through Uncrystallised Funds Pension Lump Sum (UFPLS); payment of pensions under Pay As You Earn (PAYE); capped drawdown review (every three years and every year after age 75). 232 per BCE 232 per BCE 116 All payable on setup 146 fees payable annually following set up of PAYE: for receipt of monthly pension payments; for receipt of quarterly pension payments; for receipt of annual or ad-hoc pension payments; receipt of pay slips by ; receipt of pay slips by post fees applicable to possible events following set up of PAYE: changes to income payments or ad hoc income payment; annuity purchase; beneficiary or successor beneficiary SIPP set up All payable on commencement of the transaction 3

6 Additional SIPP services Subsequent transfers in If you are transferring more than two other pension arrangements at the point we set your scheme up, or if you decide to transfer in further funds at a later date: dealing with cash transfer in, per transfer; dealing with UK in specie pension transfer in, per Standard Asset; dealing with UK in specie pension transfer in, per Non-Standard Asset; dealing with overseas in specie pension transfer in, per Standard Asset; dealing with overseas in specie pension transfer in, per Non-Standard Asset. We allow up to 6 weeks of our time for dealing with each pension transfer after which time we reserve the right to charge on a time cost basis for the additional time we are incurring. This decision will be taken in strict consultation with you. Subsequent cash contributions receipt of cash contribution % of the transfer received 0.75% of the contribution Lifetime Allowance (LTA) test at age 75 completion of LTA test at age per Member 4

7 Specialist services and reporting The following fees are all charged on a time cost basis. We will provide you with evidence of the time spent, and will keep this to a minimum. It may be necessary get third parties involved e.g. an Actuary, depending on the complexity of the work. In this event the fees payable to the relevant third party will be met separately from the SIPP fund. divorce calculations; pension sharing order; ad-hoc fund valuation; death benefit calculation and re-designation of funds to the beneficiary(s); drafting documentation to facilitate and maintain Registered Pension Scheme status with HMRC; attendance at client meeting and preparation of an agenda and meeting minutes; tax reclaim; dealing with loan arrears; provision of information requested by third parties; dealing with regulatory change; preparing and filing a Registered Pension Scheme Event Report if needed; dealing with and filing an Accounting For Tax form if needed. PSGS will provide a quote on request for the cost of additional services that PSGS may be able to provide whether on a fixed fee or a time cost basis, depending on the nature and complexity of the work and the seniority of the personnel required to undertake it. Time cost End of scheme services Closing the SIPP arranging for the SIPP to be closed in accordance with the SIPP Rules and for all legal requirements to be met; notification to HMRC and the Pensions Regulator. We must complete the following before we close the SIPP: closing self-assessment forms (SA970), as required; payment of benefits to you; transfer of assets to another provider; resolution of any issues generating a Registered Pension Scheme Event Report; any other reports required by HMRC. The published fees will be charged for these services. 5

8 Important notes -- please read We are not authorised to give investment advice. All investment proposals should be referred to your adviser. The due diligence we carry out on an investment before we permit it in the SIPP is not a replacement for your own due diligence. We cannot comment on investment suitability, only on compliance with SIPP Rules, the pension tax law and HMRC practice, but no such comment constitutes advice given by us to you. Fees charged by third parties such as, but not limited to, Investment Advisers and Stockbrokers are not our responsibility, must be met out of SIPP funds and are in addition to our fees. All fees listed are minimum fees and all fees are subject to Value Added Tax at the prevailing rate. We review all fees each year with effect from 1 April and unless there is a major change in governing regulations, our fees will normally only increase each year by the higher of 3% or in line with the annual movement in average weekly earnings or such other index as is issued by the Office for National Statistics from time to time and as published the month preceding the annual fee review date. All invoices raised are due for payment immediately. Invoices not settled within fourteen days of the invoice date, will attract a late payment surcharge of 5%. The charge will apply from the fifteenth day and the additional 5% per month will be added each month from that date. Should any fee remain unpaid for a period of fourteen days, we reserve the right to make arrangements to collect the outstanding amount from the SIPP bank account in settlement. We reserve the right to charge proportionate fees for work done on any aborted or pending transactions. No fees will be pro-rated in the event of SIPP closure part way through the year or where a transaction is aborted by you or your adviser. We make no additional charge for corresponding with you by post. All SIPP activities are subject to HMRC reporting requirements. We reserve the right to make amendments to our services and fees by giving at least 30 days notice in writing. Loan fees Loans requiring security or involving foreign borrowers and/or security are often complex and may involve time cost fees in addition to our minimum fee. We will charge our minimum fee for all aborted transactions. We do not offer a debt collection service and our loan monitoring fee does not include dealing with the management of any arrears. Time cost fees Work undertaken by our administrators is charged at 110 to 165 per hour. The charge rate depends on the nature and urgency of the work and degree of skill, experience and seniority of the personnel required to undertake it. Work undertaken by a Manager is charged at an increased rate of up to 240 per hour. The charge rate is dependent on the nature, complexity and urgency of the work. Work undertaken by a Director is charged at an increased rate of up to 300 per hour. The charge rate is dependent on the nature, complexity and urgency of the work. We will estimate our time cost fees and agree them in advance with the Client. We will keep time sheets and present them to the Client with the fee invoice once we have completed the work. We will contact the Client immediately if the original fee estimate is likely to be exceeded due to unforeseen complexity or delays beyond our control. We will then agree a revised fee estimate with the Client. As fees for all services are based on minimum fees, we will charge the minimum fee in advance and treat any time cost element in the same way as above. 6

Fee Schedule. as at 6 April

Fee Schedule. as at 6 April Fee Schedule as at 6 April 2018 www.rowanmoor.co.uk Detailed schedule of fees and services for the Rowanmoor SIPP as at 6 April 2018 This is part of a set of literature for the Rowanmoor SIPP, all of which