Drawdown
When a client enters drawdown this generates additional, ongoing 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 receiving income from the drawdown element of the SIPP
- IPM does levy additional fees for amending 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.
Commercial property
IPM specialises in the purchase of commercial property within SIPPs and our fee structure for property purchase is one of the most competitive in the market:
- A one-off fee of £450+VAT to purchase a property
- An additional one-off fee of £450+VAT if borrowing is required
- An annual fee of £200+VAT if the property is VAT registered
- No annual property fee; this is covered by the annual administration fee
- No additional fees for group property purchase
- All property fees are levied per property, not per clien
Further details of our charges in relation to commercial property purchase can be found here.
Trustee bank account – interest rate
Each IPM SIPP has an individual trustee bank account provided by Metro Bank. Through this account all monies in and out of the SIPP must pass, however we do not have a minimum balance that must be held, unless there is a requirement for regular payments to be made from the SIPP such as income payments or repaying a mortgage.
The trustee bank account pays interest, the amount of which varies but is a flat rate across all balances. As at 1 November 2023, the amount of interest payable on the trustee bank account is 2.85%.
IPM receives from Metro Bank an interest turn based on the total value of all cash accounts held with them. As at 1 November 2023, this is 0.65%. This interest retained by IPM is used to ensure our charging structure remains competitive and helps cover some of our operational costs.