Take control of your retirement with a Self Invested Pension Plan
SIPPs are a tax-efficient way to save for your retirement - transfer in existing pensions or start contributing today from as little as £100 per month or a £500 lump sum.
Open and/or transfer pensions into our low-cost SIPP account and benefit from tax relief on your contributions and tax free investing.
SIPPs - What you need to know:
- Any UK resident under the age of 75 may contribute and receive tax relief
- The Government will top up your contribution with 20% in basic rate tax relief
- Higher-rate and additional-rate tax payers may claim up to a further 20% and 25% respectively back through their tax return
- You cannot claim more tax relief than your earned income
- Annual contribution allowance of £40,000
- You may normally take retirement benefits from age 55
- You have control over your investments and contribution methods
- Flexibility to select the best ways to take your benefits at retirement
- If you need access to your cash sooner than 55, then consider a Stocks & Shares ISA
Open and/or transfer one or more pensions into our low-cost SIPP account as cash or stock.
Why open a SIPP?
A SIPP is a type of personal pension that offers the same tax benefits as other registered pension schemes. Although many other types of pensions limit your investment choice, the Charles Stanley Direct SIPP gives you control of where you invest offering access to over 3000 Funds, as well as UK and Overseas Shares, Gilts, Bonds, ETFs and Investment Trusts - you choose how, where and when to invest your money.
Benefits of Charles Stanley Direct
Award Winning UK Telephone Helpdesk
Supporting you on your journey to wealth.
Our low platform charge is 0.25% or less.
Consolidation of Existing Investments
You can transfer in and consolidate your existing investments and pensions, enabling you to have all accounts in one place.
Extensive Research and Analysis
Our dedicated analysts produce regular research notes and provide detailed advice on companies and sectors across the UK stock market.
Peace of Mind
Invest through an award winning FCA authorised and regulated company .
A quick and easy way for you to place more complex orders.
What do our clients think?
Thank you, I must say, I find your firm's service and that of the Helpdesk in particular FANTASTIC. I speak with some knowledge of service industries as I spent my life in a service company, Reuters Limited.
Oxfordshire, May 2016
Your colleague provided some outstanding service - prompt, helpful and comprehensive advice. My experience to date of Charles Stanley has really been first class, I am very impressed - please keep up the good work when shortly I submit my form to you to transfer my Stocks and Shares ISA from Hargreaves Lansdown!
Lancashire, August 2016
The service was exemplary when I transferred my SIPP. I was kept fully informed throughout the process. The CSD team was also extremely friendly and helpful with my complicated financial requirements.
Kent, June 2016
I find the CS Direct website very efficient, well designed and easy to use. On the rare occasions when I have had any difficulty or a query, the staff have responded promptly and resolved the matter competently.
Southampton, July 2016
I’m a software engineer so I understand how difficult it is to design a system for a complex industry aimed at non-expert users. Your team have achieved a brilliant balance between usability and functionality and the website is a joy to use. Well done!
Glasgow, August 2016
I was looking for somewhere where I could bring my pensions into one place and make an ISA investment. I wanted a simple and great website, where service was key and price was obviously important too. Charles Stanley Direct were able to offer all of this.
London, July 2016
of our clients would recommend us to a friend.
of our clients think our service is good to exceptional
Data from 674 users surveyed between 01/04/2016 and 01/10/2016.
|SIPP Account Charge||Annual Administration Charge £100 + VAT|
|Platform Charge||0.25%||Our platform charge for holding investments start at 0.25%. For fund holdings (OEICs and Unit Trusts) the charge can fall as low as 0.05% per annum. For share holdings the maximum charge is £150 per annum - but if you place 6 or more chargeable trades in each six-monthly charging period we don’t charge you anything to hold your shares.|
|Fund Dealing||Free||We don’t charge you anything for buying or selling funds.|
|Share Trade(Online)||£10||Each time you buy and sell a share we charge £10|
SIPP Account Charge
Annual Administration Charge £100 + VAT
Our platform charge for holding investments start at 0.25%. For fund holdings (OEICs and Unit Trusts) the charge can fall as low as 0.05% per annum. For share holdings the maximum charge is £150 per annum - but if you place 6 or more chargeable trades in each six-monthly charging period we don’t charge you anything to hold your shares.
We don’t charge you anything for buying or selling funds.
Each time you buy and sell a share we charge £10
Clean priced funds - all funds purchased through us are clean priced and typically have no initial charge See our charges in full
Am I eligible for a SIPP?
A SIPP can be established for anyone provided a contribution or a transfer from another registered pension scheme is paid in. A SIPP for a child under the age of 18 must be established by a parent or legal guardian.
Am I eligible to open a SIPP?
You will be eligible to open a SIPP account as long as you are a UK resident under the age of 75.
Am I entitled to a Lump Sum?
You can normally take a Pension Commencement Lump Sum at or after age 55 up to 25% of the amount of the SIPP fund you wish to crystallise, to provide your benefits, provided this does not exceed 25% of your unused Lifetime Allowance. Your Drawdown Pension is then based on the residual fund, after payment of the Pension Commencement Lump Sum.
For example, if the value of your SIPP fund was £400,000, and you crystallised £200,000 of it, you should be able to have a Pension Commencement Lump Sum of £50,000 and, from the balance of £150,000, a Drawdown Pension of between zero and the maximum amount permitted. Both the crystallised (£150,000) and the uncrystallised (£200,000) parts of your SIPP fund continue to be invested as you wish.
Each time you crystallise part of your SIPP fund to provide benefits you use up part of your Lifetime Allowance.
Can I contribute shares directly into my SIPP?
We are unable to accept what are termed “in specie” contributions. All contributions into the Charles Stanley Direct SIPP must be made in cash.
However, you might be able to carry out what is termed a “Bed & SIPP" under which we can sell shares from your Investment account and simultaneously repurchase them into your SIPP via the same market maker to protect you against any detrimental price movements and to control the amount charged by the market maker via the “spread” between the sale and repurchase price. Please note that you will need to have sufficient funds in your SIPP ahead of any such transaction to cover the full cost of the purchase.
The following charges would apply:
- £10 commission on both the sale and repurchase
- Stamp duty (if applicable) on the purchase
- The spread between the sale and repurchase price
Bed & SIPPs must be placed by telephone, by calling the Helpdesk on 0131 550 1234.
Can I pay contributions in the form of assets rather than cash (i.e. ‘in specie’ contributions)?
No, we do not accept in specie contributions.
Can I transfer a final salary/defined benefits scheme to my SIPP?
We can accept transfers from defined benefit schemes if we receive written confirmation from a Financial Advisor that the transfer is in your best interests. Should you require advice on your pensions please contact the Helpdesk who will be happy to put you in touch with a Financial Advisor.
Can I transfer my benefits from the SIPP to another pension scheme?
You can normally transfer part or all of your SIPP in the form of cash and/or assets, at any time, to another registered pension scheme or a Qualifying Recognised Overseas Pension Scheme (QROPS) of which you are a member, subject to the receiving scheme rules and HMRC requirements. Please ensure that you are aware of any costs that may apply in relation to a transfer.
Where you are drawing a Drawdown Pension from the SIPP, the whole of that part of your SIPP would have to be transferred.
Transfers must be made directly to the Trustees or Administrator of the receiving scheme.
You and, where applicable, your Financial Adviser will be responsible for arranging any such transfers.
Can I transfer my benefits in existing pension arrangements to the SIPP?
Yes, your SIPP can receive such benefits, provided the existing pension arrangement is a registered pension scheme and its rules allow the transfer.
You can also transfer where you are in receipt of a pension in the form of a Drawdown Pension under the existing pension arrangement as long as, on receipt of the transfer, your SIPP continues to pay the pension subject to the HMRC limits and review dates which applied under the transferring scheme. However, if the transfer includes funds underpinning a pension based on pre-6 April 2011 rules, then on receipt of the transfer that pension must be recalculated in accordance with post-5 April 2011 rules. (See section 'How Much Drawdown Pension can I take?' on page 7.)
You and, where applicable, your Financial Adviser will be responsible for arranging any such transfers.
Transfers can be in the form of cash and/or acceptable assets such as quoted stocks and shares, unit trusts, managed funds etc.
Can I use my Pension Commencement Lump Sum to pay a new contribution to my SIPP?
With effect from 6 April 2006 HMRC introduced new rules to discourage individuals from intentionally pre-planning and carrying out the following activities (known as 'recycling'):
- taking Pension Commencement Lump Sums from their pension schemes in order to pay significantly increased contributions back into their pension schemes and gain the tax relief associated with such contributions; or
- paying significantly increased personal contributions or having significantly increased contributions paid to their pension schemes by their employer or another person (gaining the tax relief associated with such contributions) in order to take Pension Commencement Lump Sums.
Where the 'recycling' rules apply, the lump sum will be treated as an 'unauthorised member payment' and give rise to tax charges on the individual of up to 55%. There may also be a further tax charge on the scheme of 15% or up to 40% if the individual does not pay his tax charge.
These tax charges will not apply to any part of the lump sum that is subject to tax charges because the Lifetime Allowance has been exceeded.
The individual must report any 'recycling' to the scheme administrator within 30 days of the 'unauthorised member payment' occurring, which is when all the conditions for the 'recycling' rules to apply are met.
Detailed guidance on 'recycling' is clearly something you should discuss with your Financial Adviser prior to taking benefits and further details are available on the HMRC website at the following link:http://www.hmrc.gov.uk/manuals/rpsmmanual/RPSM04104900.htm
Can my employer contribute to my SIPP?
Yes. To set up such payments please contact the Helpdesk to request a SIPP Employer Contribution Form.