How much will it cost?
NEW lower charges
Low costs mean more of your money is working for you in retirement - and we've recently reduced our charges even further. The Vantage SIPP could help you make more of your drawdown pension, leaving you more money to draw as income.
View how little drawdown within the Vantage SIPP will cost you by clicking on the tabs below.
Save hundreds a year in administration charges
Fixed Rate Cash Offers
We regularly offer our clients fixed-rate deals. You can earn a competitive interest rate on the cash in your SIPP, provided you leave the money in cash for three or six months. To find out about future offers, please register your interest.
Standard variable interest
If you want to have some cash in your SIPP ready to invest, you can earn tax-free interest at our variable rate. The higher the cash balance, the higher the interest you earn.
Base rate since 05/03/2009: 0.5%. All rates are variable unless stated otherwise.
|Account Balance||Gross % for this tier only†||AER % for this tier only†|
|£25,000 - £99,999.99||0.10||0.10|
|£5,000 - £24,999.99||0.05||0.05|
|£0 - £4,999.99||0.05||0.05|
† Note: Interest is tiered within bands so you will currently receive 0.05% (gross) on the first £4,999.99, 0.05% on the amount above £5,000 and below £24,999.99 and 0.10% on the amount above £25,000 and below £99,999.99, and 0.20% on balances over £100,000. These tiered rates should not be directly compared to the AER, gross or net interest rates of accounts which are not tiered or have a different tier structure.
For full cost details see our Terms & Conditions.
The above fees exclude the cost of any advice you may require. If you require advice, you would agree this cost separately with an adviser. If comparing with another provider please make sure you compare on a like for like basis, do their charges include the cost of advice.
If you have more than one SIPP account (for example, an account from which you have not taken an income and an account in drawdown), any charges applied to those accounts will be treated separately.
- Discover how long your pension fund might last
- How withdrawals and charges will affect your income
- How investment performance can change your fund value
Drawdown is a more complex option than an annuity. What you do with your pension is an important decision: you could run out of money. Make sure you understand your options and check they are suitable for your circumstances: take appropriate advice or guidance if you're unsure. Our service is not personal advice but we can offer advice if you specifically request this. The Government's free Pension Wise service can also help - more on Pension Wise.
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Have a question about drawdown?
If you have a question or would like more information call one of our specialists on:
Client case study
Mr Rowlands explains why drawdown is his preferred choice and why he was attracted by the death benefits.
Client case study: Mr Rowlands, Manchester
I paid into my old work pension in order to receive my employer's contributions, but I made contributions into my SIPP rather than doing AVCs as the insurance company scheme had high charges. At age 60 some of my pensions matured and I transferred them to my SIPP.
I have stopped working full-time but still do some part-time consultancy. I feel we are moving to a more European lifestyle where retirement is a gradual process so drawdown is ideal for me. On the one hand I have taken some tax-free cash and have the option of taking an income but on the other hand I still make tax-relievable contributions to my SIPP.
I already have an annuity, some final salary pension provision and the state pension due in the future so I can afford to take a more ambitious approach with my drawdown investments.
I chose drawdown because the death benefits were more attractive than an annuity - my fund will provide my wife with a pension upon my death and will be passed as a lump sum, albeit less a tax charge, to our dependants after she dies.
I mostly manage my account through the website. When I log in everything is very clear and transparent. I contrast this with my old insurance company pension with their pages of complicated information and the two are night and day! I wouldn't hesitate to recommend the HL SIPP.