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Charges and Fees

Here are all the relevant Charges and Fees relating to our SIPP account.

Charges and Fees for the SIPP Account

Our Account charges cover the basic ongoing cost to us of managing an Account for you, for example, maintaining records, custody of your investments, preparing information we send to you and making reports to the relevant parties.

Please remember the value of your investments and any income from them can go down as well as up and you may get back less than the amount you originally invested.

Before you choose a SIPP, make sure you understand its aims and risks. If you are unsure as to the suitability of any particular investment or product, you should seek professional financial advice. Alliance Trust does not give advice.

A SIPP requires active management and investment expertise. You should make sure you review your investments regularly. You normally cannot take an income from your pension until age 55.

Charges may be subject to change in the future.

Account charges
While you are still saving £17.50 plus VAT a month
Once you start taking an income (that means once you move into Income Drawdown or if you ask us to pay you an Uncrystallised Funds Lump Sum Payment’ (UFPLS) on anything other than a one-off or very occasional basis) £23.75 plus VAT a month

Our Account charge now includes 4 online trades a year. You are not able to opt out of the inclusive trades. Dividend reinvestments and regular buys through our online monthly dealing service do not count towards your inclusive trades and will continue to be charged separately.

Supplementary Account charge
Supplementary Account charge £375 + VAT a year

There are some cases in which more work is involved than others for us to look after your account and we must take on more risk than usual in doing so. Three such cases are:

  1. Where you are a non-UK tax resident or your permanent address is not in the UK
  2. Where you hold non-standard Investments
  3. Where the Account is held by a Corporate entity or Trust

In addition to your Standard Account charge, the Supplementary Account charge detailed in the table above will be applied to your SIPP Account ‘Savings’ or SIPP Account ‘Income’.

The charges you pay to buy and sell investments depend on:

  • how you give us instructions (online, by phone or by post)
  • whether you are buying or selling on a one-off basis or have asked us to make regular investments on your behalf
  • for online and telephone deals, how long you have continuously held an Account with Alliance Trust Savings (loyalty discount).

We do not currently pay interest on cash deposits within our platform product range. Alliance Trust Savings may itself earn and retain interest on amounts which are placed on deposit. The amount of such interest may vary from time to time.

These charges apply to each individual transaction we arrange on your behalf. So if you want to ‘switch’ an investment – sell one type of investment and replace it with another – you pay one charge for the sell transaction and one charge for the buy transaction.

Dealing service charges
Buy or sell online (without any loyalty discount) £9.99 for each transaction
Buy or sell over the phone £50 for each transaction
Buy or sell by post £50 for each transaction
Regular dividend reinvestment £5 for each transaction
Regular buy (direct debit) instructed by post £5 for each transaction
Regular buy (direct debit) instructed by online monthly dealing service £1.50 for each transaction

Loyalty Discount
If you’ve continuously held an Account with us for 5 years or more, you qualify for a loyalty discount when it comes to buying or selling investments online or by telephone.
You’ve held your account for You can buy or sell online for You can buy or sell over the telephone for
5-10 years £8.99 £45
11-15 years £8.49 £42.50
16-20 years £7.99 £40
>20 years £7.49 £37.50

Other service charges
Your Account charge covers the cost of many other Services we provide. But where Services are more complicated and can take up a lot of our time without any realistic prospect of covering costs through your Account charge (transferring investments out is a good example of this) we do ask you to pay for those.

That goes back to our flat fees philosophy. You cover the costs of the Services you use. It’s only fair.
1. Transferring in and out of your SIPP account (including the purchase of an annuity)
Transfer in of any pension that contains “safeguarded benefits” in excess of £30,000. Safeguarded benefits include defined benefit pensions (sometimes refered to as final salary or career average schemes) and pensions with guaranteed annuity rates (GARS). Alliance Trust Savings only accepts these transfers where financial advice has been given by a Financial Adviser, with the required regulatory permissions and who has advised that the transfer is in your best interests. We do not accept transfers in respect of “insistent clients”. £150 plus VAT
Pension transfer in of cash and/or shares (excluding investments from maturing share schemes) Free
Any transfer out / annuity purchase to another provider £150 plus VAT capped at 1% of transfer value or annuity purchase price, if the plan was taken out before 01/02/2017, or if the client is aged under 55. If the client is aged over 55 and the plan was taken out on or after 1 February 2017, there is no charge.
Any transfer out to an overseas pension scheme £200 plus VAT
Sending any money to a receiving pension scheme after a SIPP Account has been closed
(For example, a late payment from your employer or any late income from your investments)
£50 plus VAT
2. Issuing paper documents
All paper documents including statements and valuations, contract notes and tax certificates (if appropriate)* £25 plus VAT
A one-off valuation £10 plus VAT
A paper duplicate of any document we have already issued to you, either online or in paper form £15 plus VAT

Our platform is designed to work as an online service, so we don’t charge for issuing any documents to you online.

* This charge will be taken from the fees Account by deducting £12.50 + VAT twice a year when your statement is produced, and will be taken in the following order – Investment Dealing Account, SIPP, Stocks and Shares ISA. If you hold multiple Accounts you will only be charged for one Account. We will not allocate this charge to a child Account (Junior ISA, First Steps or Child SIPP Accounts). You can choose to receive all your documents online free of charge.

3. Taking money out of your SIPP
Make a one-off ‘uncrystallised pension funds lump sum’ (UFPLS) £40 plus VAT
4. Other one off events
Valuing your Account and making future arrangements for it following your death £200 plus VAT
Implementing a ‘Sharing Order’ following a divorce £200 plus VAT
Writing to a third party (a mortgage provider for example) to confirm the value of your Account £30 plus VAT per letter
Making a one-off cash payment to you using CHAPS (we don’t charge for payments by cheque or BACS) £20 per payment

Investment charges

As well as our Charges and Fees, you will also pay a charge for your investments to the fund provider or investment trust.

For funds (OEICs, Unit Trusts, ETFs and Investment Trusts) the details are in the Key Investor Information Document (KIID)/Key Information Document (KID).

Look these up in our Investing Hub

Alliance Trust Savings Limited is a subsidiary of Alliance Trust PLC and is registered in Scotland No. SC 98767, registered office, PO Box 164, 8 West Marketgait, Dundee DD1 9YP; is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number 116115. Alliance Trust Savings gives no financial or investment advice.