When a client enters drawdown this generates additional, on-going administration. IPM therefore levies additional charges for this:
- A one off fee of £150+VAT is levied at each benefit crystallisation event i.e. electing to receive the pension commencement lump sum
- Once a client enters a drawdown, the annual fee will increase from £540+VAT to £690+VAT
- There are no additional fees for receive income from the drawdown element of the SIPP
- IPM does levy additional fees for amend the income levels of frequency
The IPM SIPP offers capped drawdown for those individuals who had taken benefits prior to 6 April 2015, flexi-access drawdown and uncrystallised funds pension lump sum (UFPLS) payments. Further details of IPM’s charges for drawdown can be found in our Terms of Business here.