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Self-Invested Personal Pension (SIPP)
SIPP charges
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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 annumIncome 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).
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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
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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.
Interest rates table 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 held 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 on our website. We may retain the amount received above these rates to keep costs low.
There is currently no requirement for you to hold a minimum amount in cash, although you should ensure that there is sufficient cash held to cover charges when they are due for payment.
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).
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Halifax Share Dealing SIPP Scheme Terms & Conditions (PDF, 172KB)
Halifax Share Dealing SIPP Service Terms & Conditions (PDF, 386KB)
We’re making some changes to our SIPP Service Terms and Conditions. View the new terms (PDF, 316KB) effective from 20 January 2025.
Key Features Guide (PDF, 159KB)
Master Trust Deed and Rules (PDF, 2.5MB)
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AJ Bell Management Limited is the Scheme Administrator of the Halifax Share Dealing SIPP. AJ Bell Management Limited is registered in England No. 3948391. Registered Office: AJ Bell Management Limited, Building 4, Exchange Quay, Salford Quays, Manchester, M5 3EE. Authorised and regulated by the Financial Conduct Authority and on the FCA register under FCA registration number 211468.
Sippdeal Trustees Limited is a wholly owned subsidiary of AJ Bell Management Limited, registered in England No. 4050222. Registered Office: AJ Bell Management Limited, Building 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 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.
