Self Invested Personal Pension (SIPP)
- Access to around 1500 funds and the expertise over 80 fund managers.
- Transparent charging structure - no product set up fee when a client takes out the SIPP and no additional charges for investing in external funds - clients just pay for the funds they are invested in.
- A smooth transition into retirement through income drawdown or phased retirement - with no additional charges for taking retirement benefits.
- Option to move into alternatively secured pension (ASP) for clients aged 75 and over.
- Our online SIPP platform is a great way for your clients to monitor their pension more easily. With just a few clicks, they can access detailed plan information.
- For further information please see the key features document.
Criteria | Detail |
| Notes |
|---|---|---|---|
Age limits | SIPP min age at entry | 18 |
|
SIPP max age at entry | 74 |
| |
Min age for ASP | 75 |
| |
Max age for ASP | None |
| |
Term | Min term | None |
|
Payment limits | Min initial transfer investment | £50,000 | Additional transfer payments must be at least £10,000 |
| Min initial single premium | £40,000 | Additional single payments must be at least £1,000 | |
| Min initial regular premiums | £300/month | If the existing plan is already worth £50,000 or more, the minimum is £100 a month or £1,200 a year (including tax relief). | |
Transfers | Protected rights | Yes | Accepted directly into the plan and can be invested in all assets |
| In-specie | Yes (call to clarify details) | No additional charges | |
In-specie commercial property | No |
| |
Investment options | OEICs | Yes |
|
Unit trusts | Yes |
| |
Investment trusts | Yes |
| |
Commercial property | UK Only | Via Suffolk Life | |
Shares listed on LSE | Yes | Via Charles Stanley | |
AVIVA internal funds | Yes | Around 1500 funds | |
External funds | Yes |
* You can take your pension benefits from age 55
Charges
| Type of charge | Detail | Notes | |
|---|---|---|---|
Yearly management charge | 0.55% | Charge is of the total fund value per annum, excluding direct property investments and equities. Charge is subject to discount as shown below. | |
Charge discount | Fund value | Discount |
|
£50,000 - £99,999.99 | 0.05 | ||
£100,000 - £249,999.99 | 0.10 | ||
£250,000 - £499,999.99 | 0.15 | ||
£500,000 and over | 0.20 | ||
Transfer in/out | No fee |
| |
Equity trading transaction fee | Between £25 & £50 per trade |
| |
Property transaction fee | £375 Approx £1,500 | Aviva initial admin charge. Suffolk Life time based purchase administration fee. | |
Annual property fee | 0.12% | Applied by Aviva on net value of property, taken monthly. | |
Approx £340 | Suffolk Life time based annual admin fee | ||
Commission
Type of commission | Detail | Notes | |
|---|---|---|---|
Fund based commission | Up to 1% in 0.01% steps | Excludes direct property investments and equities. | |
Payment linked commission | Up to 5.00% of each single or regular payment in 0.01% steps. | No uplift available. | |
Funded commission | Single payments | Up to 4.00% of the single payment, in 0.1% steps, depending on the client's age. | Funded commission is not available if client is aged 70 or over. No uplift available. |
Regular payments | A one off payment of up to 12.00% of the yearly payment, in 0.3% steps | Regular payments must be between £1000* and £2,000 a month (£6,000 and £24,000 a year) to qualify for Funded Commission. Funded Commission can only be taken when regular payments start. It is not available on increases. *Minimum is £500 into an existing plan worth £50,000 or more. | |
Charge for Funded Commission
| Yearly charge for Funded Commission | Single / Transfer payments % of payment | Regular payments % of yearly payment | |||
|---|---|---|---|---|---|
| as % of the fund | Under 45 | 45-69 | Under 45 | 45-69 | |
| 0.00% | Nil | Nil | Nil | Nil | |
| 0.25% | 1.00% | N/A | 3.00% | N/A | |
| 0.50% | 2.00% | 1.00% | 6.00% | 3.00% | |
| 0.75% | 3.00% | 2.00% | 9.00% | 6.00% | |
| 1.00% | 4.00% | 3.00% | 12.00% | 9.00% | |
| Designed for customers who | Not designed for customers who |
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| Key considerations | Possible alternatives |
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Extensive suite of support tools
Log on to our online SIPP platform to see fund performance data and fact sheets, get access to charting and illustration tools, and generate reports on client assets and commissions.
Need any more information?
Phone the Client Services team on 0845 0756655
or email sippclientservices@aviva.co.uk
