The Suffolk Life MasterSIPP is a full, bespoke Self-Invested Personal Pension (SIPP) that allows investment in the collectives available through Aegon as well as property, stocks and shares, fixed term bank accounts and a range of other specialist investments arranged separately through Suffolk Life.

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Features and benefits at a glance

The Suffolk Life MasterSIPP allows clients to invest in a broad range of investments, without restricting choice to a particular panel or broker. With the Suffolk Life MasterSIPP clients can choose:

  • to transfer in funds, as well as make single and regular contributions;
  • to invest with a discretionary fund manager;
  • to access commercial property with pensions expertise;
  • to use flexi-access drawdown, with no limit on the amount of income that can be taken from the pension, and
  • to select collective investments through Aegon plus direct equity, commercial property and other self-investment options arranged separately through Suffolk Life.

The Suffolk Life MasterSIPP offers a range of platform-based functionality, including:

  • deals for collectives placed online directly through our secure website;
  • seamless click through from Suffolk Life to our website, and vice versa;
  • the ability to use your Aegon login to access your clients holdings through Suffolk Life;
  • online transfer of cash between Aegon and Suffolk Life available on request, and
  • an automated regular withdrawal facility that can support pension income payments.
Feature Availability

Pre-funded tax relief

No

Drawdown to drawdown transfers

Yes

Minimum transfer and single premium values

None

Minimum regular contribution

None

Flexi-access drawdown

Yes

Charges

All charges are subject to VAT and are correct as at June 2018. 

Charges*

Description

Rates

Establishment fee £300
Annual fee £560
Contributions Single and regular contributions (paid in Sterling) Nil
Transfer in – per transfer payment per plan In cash £75 (max £300)
In cash where your adviser fulfils our requirements or where Origo Options Service is used Nil
In specie (per pension entitlement transferred) £150
Drawdown Crystallisation event - establishment of each drawdown designation per sub-plan - the lifetime allowance test at age 75 - switching capped drawdown plans to a flexi-access drawdown £155 per event
Annual income facility fee - where income is taken £155 (per sub-plan or £310 maximum)
Income limit review for a capped drawdown plan (carried out at least every three years prior to age 75 & annually thereafter) £155 (per sub-plan)
Uncrystallised funds pension lump sum UFPLS payment £155 (per payment)
Additional valuation One valuation (annual statement) included in annual fee. To prepare additional reconciled valuation to the same standard - time cost Min £100
Preparation and sending ad hoc unreconciled statement of assets and liabilities Nil

   Full details of Suffolk Life MasterSIPP's charges and rates can be found on the Suffolk Life website.

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.