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Simple personal pension

The Cofunds Pension Account is suitable for clients who may not need a full Self-Invested Personal Pension (SIPP), but want to hold a wide range of uninsured collective investments in a cost-efficient wrapper. Administered by Suffolk Life, an expert team is on hand to help your clients get the most out of their retirement.

Features and benefits at a glance

  • Online investment choice of around 5,000 funds
  • Online application, saving you time and money
  • Simple transfers using Origo Options
  • Flexi-access drawdown with no income limit taken from the pension
  • Straight forward set up of ongoing advice charges
Feature Availability

Pension credits

Tick

Flexi-access drawdown

Tick - no limit to income taken from pension

Drawdown transfer – capped and flexi-access

Tick

Uncrystallised Funds Pension Lump Sum (UFPLS)

Tick

Minimum transfer value

£5,000 initial, £1,000 subsequent

Minimum single contribution

£5,000 initial, £1,000 subsequent

Once you've invested £5,000 - minimum regular monthly contribution

£100

Pre-fund tax relief

× Cross

Charges

You can find the drawdown charges in the table below, and full details of the Cofunds Pension Account charges and rates can be found on our Charges sheet.

All charges are subject to VAT and we may vary these charges in future.

Charge type Charge amount Frequency

Drawdown Establishment Charge

£100 per sub plan

On designation or transfer of a scheme already crystallised.

Drawdown Annual Charge

£120 per sub plan

Annually in advance, if income is taken

Uncrystallised Funds Pension Lump Sum (UFPLS) charge

£220

For each UFPLS payment

Review of income limits for a capped drawdown pension

£100

At least every three years before client reaches 75 years old and then annually

Switching capped drawdown pensions to a flexi-access drawdown pension

£100

N/A

Payment of the total remaining fund through flexi-access drawdown or UFPLS

£300

N/A

The value of investments can go down as well as up, so the value of a client’s pension fund is not guaranteed. A client must keep any money invested until they take their benefits, which is usually at any time from age 55.

Figures correct as at December 2017.