SIPP charges and interest rates
Annual account charges
It's free to set up an HL SIPP, and our yearly charge for holding investments is never more than 0.45%. There’s no charge for inactivity or for holding cash.
You can see the interest rates paid on any cash held in a SIPP here.
Funds
| Value of funds | Charge |
|---|---|
| Under £250k | 0.45% |
| £250k - £1m | 0.25% |
| £1m - £2m | 0.1% |
| over £2m | No charge |
Other investments
Including UK and overseas shares, investment trusts, exchange-traded funds, VCTs, gilts and bonds.
0.45% capped at £200 per year.
Example of account charges
Based on the 0.45% account charge, if you invest £40,000 in funds and £20,000 in shares, your account charge would be £22.50 per month*.
| Monthly charge | |
|---|---|
| £40,000 in funds | £15 |
| £20,000 in shares | £7.50 |
| £22.50 total (funds + shares) |
*Your monthly charge will depend on the exact value of your account and investments each month, which may vary due to market fluctuation and growth.
Important note about charges - The investments you choose may have their own charges, such as charges from a fund manager. These are in addition to our account charges. You can find these in each investment’s key investor information. A bid/offer spread may also apply - see our Guide to Fund Prices for details.
If you have more than one account, for example a SIPP account and a SIPP drawdown account, any charges on those accounts will be treated separately.
Dealing charges
Fund dealing
Includes unit trusts and open-ended investment companies (OEICs). There’s no dealing charge for buying or selling funds.
Share dealing – online and mobile app
Including UK and overseas shares*, investment trusts, exchange-traded funds, gilts and bonds.
| Number of deals in previous month | Charge per deal |
|---|---|
| 0-9 | £11.95 |
| 10-19 | £8.95 |
| 20+ | £5.95 |
*There’s an added foreign exchange charge for overseas share deals, depending on deal size. See our overseas share dealing page for details.
Automatic reinvestment
If you’d like any share income automatically reinvested, we’ll reinvest your income when it reaches £10 per holding or the amount you choose. There’s no charge for this.
Financial advice
The charges above don’t include the cost of any advice you might need. If you need financial advice, our adviser would agree this cost with you separately.
Other charges
Other charges may apply in specific circumstances - see the terms and conditions for details.
UK Stamp Duty Reserve Tax (SDRT)/Stamp Duty - 0.5% on purchases of UK shares. For shares that can't settle electronically, rounded up to the nearest £5 (for purchases worth more than £1,000)
PTM (Panel on Takeover and Mergers) - £1.50 on UK share deals over £10,000
Irish Stamp Duty - 1% on purchases of Irish shares
French Financial Transactions Tax - 0.3% on purchases of certain French shares
Spanish Financial Transactions Tax - 0.2% on purchases of certain Spanish shares
Italian Financial Transactions Tax - 0.1% on purchases of certain Italian shares
1% of the trade value, minimum charge £20, maximum £50.
You can set up a Direct Debit from £25 per month. There’s no charge for a Direct Debit into funds, shares and selected investment trusts and exchange-traded funds (ETFs).
Account closure fee - No charge
Early account closure fee (applies when your SIPP has been open for less than 12 months and you close it by taking all the money as income) - No charge
Automated sales to cover charges (selling fund units or shares to cover fees) - No charge
Quarterly statement and valuation (paperless) - No charge
Quarterly statement and valuation (paper) - No charge
Transfer out (as cash) - No charge
Transfer out (as stock) - No charge
How to pay charges
There’s no need to remember to make any payments – we’ll automatically take our charges each month. You’ll need to keep cash in your account to pay any charges – there is a suggested minimum cash balance based on the size of your SIPP, but you can hold as much cash as you like.
FAQs
If you don’t have enough cash in your account to cover charges, we’ll first try to collect charges using any loyalty bonuses you received on investments you bought before 1 April 2014.
After that, we’d take charges using any cash in your Fund and Share Account, if you have one. As a final resort, we’d sell holdings in your SIPP to cover any charges and restore the suggested minimum cash balance. We will normally sell units of your largest fund holding first. There is no additional charge for this.
See our drawdown charges for taking an income from your SIPP at retirement.
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Help and support
If you have any questions about the HL SIPP, you can speak to one of our UK-based client support experts.