Self-Invested Personal Pension (SIPP)

 

AJ Bell SIPP administered accounts

If you opened your SIPP before 25th October 2024, this page contains guidance and information to help manage your account.

Managing your SIPP

  • You can make single contributions to your SIPP by bank transfer or cheque. You'll find the details for this at the bottom of the form you'll need to complete. Download an additional contribution form (PDF, 131KB).

    If you want to start a regular monthly contribution, you'll need to complete the additional contribution form above and a Direct Debit Instruction (PDF, 80KB).

  • Our benefits process has been designed to give you the necessary information and time needed to make an informed choice when taking benefits from your SIPP. 

    Once you reach the age of 55 you can start taking an income from your SIPP, or you can choose to keep your money invested and continue to contribute to your pension pot. If you need to take an income or need access to the money in your pension, you can choose any, or a combination, of the below options.  

    Income drawdown (also known as flexi-access drawdown) 

    If you don’t need a secure, regular income then you can continue to manage your pension fund and draw a variable income (within certain limits) directly from the SIPP. You will continue to make all investment decisions and the value of your SIPP will rise and fall depending on the performance of your investments.

    If you wish to transfer a pension to your Bank of Scotland Share Dealing SIPP from which you have already started taking benefits, please complete the Transfer In Drawdown Benefit Form (PDF, 179KB). This form should be completed in addition to your SIPP application and the relevant transfer-in form(s). If you are transferring more than one pension in drawdown please complete one form for each transfer.

    Charges will apply to your SIPP where you designate some or all of your SIPP to drawdown.  

    Taking a taxable lump sum (also known as an uncrystallised pension lump sum).

    You can take a one-off payment from your pension or a series of lump sums, keeping the remainder of your pension invested. The first 25% is tax-free, with the remainder subject to tax at your usual rate of income tax.

    Purchase an annuity

    An annuity converts your pension fund into a regular, secure income payable for the rest of your life. Choosing an annuity is an important decision to get right as, once you’ve signed up, it can’t be stopped or changed.

    • For more information about your options, read our Benefits Guide (PDF, 213KB)  and Information on Taking Benefits Form (PDF, 100KB).


  • Download our transfer form (PDF, 223KB) and return the original form by post to: 

    Bank of Scotland SIPP Administration Team
    AJ Bell Management Limited
    4 Exchange Quay 
    Salford Quays 
    Manchester
    M5 3EE

    Our CREST number is: 33X24

    Transfers usually take around 8 - 10 weeks. We charge £60 per transferring pension up to a maximum of £300. Your existing provider may charge you transfer or closure fees, so please keep this in mind when you're transferring.

    Have you already started taking benefits from your SIPP? If so, you’ll need to complete our Transfer In Drawdown Benefit Form (PDF, 179KB) too.

    Are you transferring a final salary pension worth more than £30,000? You’ll need to get independent financial advice and ask your IFA to sign our Financial Advice Declaration form (PDF, 84KB).

    If you’d like to switch your pension to the Bank of Scotland, there are a number of things you’ll need to consider before starting the transfer.

    • Not all pensions are transferable - please contact your current provider first to find out if you’re able to transfer.

    • Exit and transfer fees may apply with your existing pension provider.

    • If you’re transferring funds to us from another broker, we might hold a different fund class than the one you hold now. This means we may need to convert your fund into a class that can be transferred, which may be more expensive or could be cheaper. We do this to make sure your fund does not have to be sold as part of the transfer. Once the transfer is complete, we’ll make sure that you hold the cheapest fund class we have available for investment.

    • If you have any doubts about transferring your pension to Bank of Scotland you must seek advice from a suitably qualified professional adviser. There will normally be a charge for that advice.

Further SIPP support

  • You can only close your SIPP account if it is empty, containing no stock or cash. To do this you should contact AJ Bell SIPP Administration team.

  • Send all completed forms to AJ Bell

    By post:
    Bank of Scotland SIPP Administration Team
    AJ Bell Management Limited
    4 Exchange Quay
    Salford Quays
    Manchester
    M5 3EE

    Alternatively, you can scan original signed forms and email them to the address below. Please sign the form by hand as we can’t accept electronic signatures.

    By email:
    bossipp@sippdeal.co.uk

     

    Additional Contribution Form

    You can make single contributions to your SIPP by bank transfer or cheque. You'll find the details for this at the bottom of the form you'll need to complete. Download an additional contribution form (PDF,131KB).
    We'll accept a photograph of an original, signed form.

    If you want to start a regular monthly contribution, see the 'Direct Debit Instruction' section below.

    Benefits forms and Benefits Guide
    Our benefits process has been designed to give you the necessary information and time needed to make an informed choice when taking benefits from your SIPP. We have created an information page and a guide to help you.

    •  Information on Taking Benefits Form (PDF, 100KB)

    • Benefits Guide (PDF, 213KB)

    • Transfer In Drawdown Benefit Form (PDF, 179KB)

    Carry Forward Guide

    Carry forward may allow you to contribute more than the annual allowance without incurring tax charges. Through carry forward, contributions that exceed the annual allowance in one tax year can use up any unused annual allowance from the previous three tax years, using the earliest tax year first.

    Download the carry forward guide (PDF, 83KB)

    Direct Debit Instruction

    If you want to start a regular monthly contribution, you’ll need to complete a Direct Debit Instruction form. You will also need to complete an Additional Contribution Form stating the amount you want us to take on a monthly basis.

    Download a Direct Debit instruction form (PDF, 80KB)

    Expression of Wishes form

    One of the benefits offered by your pension is the ability for the funds held in your SIPP to be passed on to others after your death. Registering your expression of wishes helps us to decide who you would like to pass those funds on to after your death.

    Download an Expression of Wishes form (PDF, 95KB)

    Key Features

    For more information about SIPPs, please read the Key Features Guide (PDF, 155KB).

  • SIPP administration enquiries

    By email: 
    bossipp@sippdeal.co.uk

    By post:
    Bank of Scotland SIPP Administration Team
    AJ Bell Management Limited
    4 Exchange Quay
    Salford Quays
    Manchester
    M5 3EE

    SIPP servicing general or enquiries:
    You can call us on 0345 124 1451 or chat to us when signed in to your account.

SIPP charges

  • SIPP Admin fee

    There is a fee of £22.50 per quarter if the SIPP value is £50,000 or less, or £45 if the value is above £50,000.
    We’ll take payment from cash within your account quarterly at the end of March, June, September and December. If we can’t take the fee then we may need to sell some of your investments to cover the cost. We’ll always try to contact you before we do this.

    We collect this fee and pay it to AJ Bell as the Pension Administrators for you.

    Additional SIPP charges table

    Additional SIPP Charges

    Additional SIPP Charges

    Annuity purchase

    £90

    Additional SIPP Charges

    Ad hoc statement or valuation (on request)

    £12.50

    Additional SIPP Charges

    Transfer in of another registered pension scheme

    £60 per transferring plan (maximum £300)

    Additional SIPP Charges

    Transfer out to another registered pension scheme or a qualifying recognised overseas pension scheme (QROPS)

    Free
    Income drawdown charges table

    Income drawdown charges

    Income drawdown charges

    Flexi-access drawdown1

    £180 per annum

    Income drawdown charges

    Capped drawdown1

    Before age 75 - £180 per annum
    Age 75 onwards - £300 per annum

    Income drawdown charges

    Designate additional funds to drawdown / review income levels2

    £90

    Income drawdown charges

    Convert from capped drawdown to flexi-access drawdown

    £90

    Income drawdown charges

    Take an uncrystallised funds pension lump sum (UFLPS) – a one-off payment

    £90

    Income drawdown charges

    CHAPS (same day payment)

    £30

    Income drawdown charges

    SIPP closure through drawdown or lump sums where the balance is reduced below £1,000

    Free

    Income drawdown charges

    Payments on death or if your pension is to be split/shared as part of a divorce

    Free

    1. This will become payable straightaway where funds are designated to provide drawdown even if you elect to take "nil" income. Payable annually in advance.

    2. Payable each time you designate additional funds to drawdown, once your SIPP is in drawdown stage.

    Transfer charges for our SIPP

    Transferring in another pension costs £60 per transferring plan (max £300). 

  • ​Online UK and fund trading: We charge £9.50 for online dealing per trade, this covers:​

    Funds, Exchange Traded Funds (ETFs), Investment Trusts, Bonds and Gilts​

    Online International trading: We don’t charge you any dealing commission for International trading online. An FX charge of 1.25% still applies.​

    Telephone trading: You can trade through our telephone service for £25 per trade.​

    Government taxes and levies​

    Stamp Duty: When you buy a UK stock, you’ll pay Stamp Duty to the Government. Stamp duty is 0.5% of the value of the investments you buy (1% on Irish stocks). You don’t pay any Stamp Duty on AIM stocks or Exchange Traded Funds.​

    PTM Levy:
    Any trade over £10,000 will also be liable for a levy of £1.50, which is paid to the Panel on Takeovers and Mergers (PTM).

    Spanish Transaction Tax: Spanish Transaction Tax (0.2%) is an additional tax payment when you buy some Spanish stocks. Examples of these are Banco Santander and International Consolidated Airlines Group.​

    Fund manager charges: Fund managers will charge you various fees such as an ongoing charge or transaction fees. They put the details of these in the Key Investor Information Document for each fund.​

    We apply the individual dealing charges as you place the deals. We break these down on the transaction screen.

  • Regular investments: You can trade regularly with our commission-free scheduled investment service.​

    Dividends: Dividend reinvestment purchases are charged at 2% of the dividend value and capped at a maximum of £9.50 per stock.​

    TradePlans: We offer a range of TradePlans (including limit orders and stop losses) to help you control the risk involved with stock market investing. TradePlans are available on any CREST eligible UK stock.​
    For SIPPs, there is no charge to set-up a TradePlan. This means our standard commission rate will apply to any trade carried out if a TradePlan triggers.​

    More about TradePlans

SIPP important information

  • The Self-Invested Personal Pension (SIPP) will pay interest on any cash balance of £1 or above held in the account. Interest is accrued daily and paid gross annually in March. The interest rate payable on our SIPP is variable at 3.55% (Gross/AER).

    The current rates that are applicable are shown below.

    Balance

    Interest Rate (Gross)/AER

    Date Effective

    Balance

    £1 and above

    Interest Rate (Gross)/AER

    3.55%

    Date Effective

    31/08/2023

    Balance

    £1 and above

    Interest Rate (Gross)/AER

    2.65%

    Date Effective

    23/03/2023

    Balance

    £1 and above

    Interest Rate (Gross)/AER

    2.45%

    Date Effective

    19/01/2023

    Balance

    £1 and above

    Interest Rate (Gross)/AER

    1.30%

    Date Effective

    07/10/2022

    Interest rates are subject to variation. The amount you receive may change depending on the interest rate we receive on the cash balances we hold across all accounts and market rates.

    The rates we receive can be above or below the prevailing base rate for cash held within your SIPP.

    We use any payments received to pay you interest at the rates shown.

    We currently expect to retain between 0.80% to 1.30% over the next 3 months.

    AER (Annual Equivalent Rate) - this illustrates what the interest rate would be if interest was paid and compounded once each year.

    Gross rate means we will not deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).

  • If funds are credited to your SIPP on or before the 5th of the month, we’ll reclaim the basic-rate tax relief from HMRC and pay it as cash into your SIPP account on the 25th of the following month (this date is subject to weekends/bank holidays).

    For example, if we receive your contribution on the 1st April, we’ll pay the tax reclaim into your account on the 25th May. However, if we receive your contribution on the 6th April, we’ll pay your tax reclaim on the 25th June.

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SIPP explained

AJ Bell Management Limited is the Scheme Administrator of the Bank of Scotland Share Dealing SIPP. AJ Bell Management Limited is registered in England No. 3948391. Registered Office: 4 Exchange Quay, Salford Quays, Manchester M5 3EE. Authorised and regulated by the Financial Conduct Authority and on the FCA register under FCA register number 211468. Sippdeal Trustees Limited is a wholly owned subsidiary of AJ Bell Management Limited, registered in England No. 4050222. Registered Office: 4 Exchange Quay, Salford Quays, Manchester M5 3EE. Sippdeal Trustees Limited does not conduct any regulated activities, and is, therefore, not regulated.

Dealing and stock broking administration services are provided by the Bank of Scotland Share Dealing Service which is operated by Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.