Drawdown is available within the HL Self-Invested Personal Pension (SIPP).
There’s no charge to set up drawdown with us. And you can start, stop or change your income withdrawals whenever you want, without charge.
Full details of our charges, including those to transfer away, are below.
SIPP Annual account charges
The HL SIPP is free to set up and low-cost to run. Our yearly charge for holding investments is never more than 0.45%. There’s no charge for inactivity or for holding cash.
|Value of funds||Charge|
|On the first £250,000||0.45%|
|On the value between £250,000 -£1m||0.25%|
|On the value between £1m - £2m||0.1%|
|On the value over £2m||No charge|
Including UK and overseas shares, investment trusts, exchange-traded funds, VCTs, gilts and bonds.
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.
Example of HL account charges
If you invest £15,000 in funds and £5,000 in shares, your account charge would be £7.50 per month*.
Annual charge (0.45%)
Annual charge (0.45%)
*The monthly charge will depend on the exact value of your account each month. To keep things simple here, we didn't include any investment growth.
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|
*There’s an added foreign exchange charge for overseas share deals, depending on deal size. See our overseas share dealing page for details.
If you’d like any share income automatically reinvested, we charge 1% of the trade value (minimum £1, maximum of £10). There is no charge to reinvest fund income. We’ll reinvest your income once it reaches £10 per holding, or the amount you choose.
Government tax and levies (per deal)
UK Stamp Duty 0.5% on purchases of UK shares (round up to the nearest £5 for residual shares) PTM (Panel on Takeover and Mergers) £1 on UK share deals over £10,000 Irish Stamp Duty 1% on purchases of Irish shares (where the total cost of the transactions is more than 1,000 euros) French Financial Transactions Tax 0.3% on purchases of certain French shares Italian Financial Transactions Tax 0.1% on purchases of certain Italian shares
Telephone and postal share dealing
1% of the trade value, minimum charge £20, maximum £50.
Direct Debit into investments
You can set up a Direct Debit from £25 per month. There's no charge for a Direct Debit into funds. For FTSE 350 shares and selected investment trusts and exchange-traded funds (ETFs) there's a charge of £1.50 per stock per month.
Made in addition to the charges above, where applicable.
£1.50 per deal for shares. No charge for funds.
Other charges may apply in specific circumstances - see the terms and conditions for details.
How are charges paid?
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.
What happens if there’s not enough cash to pay charges?
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 & 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. To sell shares, we'll charge £1.50 per deal. There is no charge to sell funds. We will normally sell units of your largest fund holding first.
How much interest does the cash in my SIPP earn?
It’s important to keep some cash available in your SIPP for paying charges and you can also hold cash while you decide where to invest. Currently, you will earn tax-free interest at our variable rate.
See our cash interest rates page for details.
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.
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.