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charges and interest rates

Drawdown is available through the HL Self-Invested Personal Pension (SIPP)

It's free to set up drawdown with us through the HL SIPP. And you can start, stop or change your drawdown income withdrawals whenever you want, without charge.

Please note that the charges below will apply to the HL SIPP and drawdown account separately if you hold both accounts.

You can see the interest rates paid on any cash held in an HL SIPP Drawdown account here.

Annual HL account charge

Our annual charge for holding investments in an HL SIPP and drawdown account 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 -£1mn 0.25%
On the value between £1mn - £2mn 0.1%
On the value over £2mn No charge


Including UK and overseas shares, investment trusts, exchange-traded funds, VCTs, gilts and bonds.

capped at £200 per year

Example of account charge

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)
*Our annual account charge is calculated and paid monthly. Your monthly charge will depend on the exact value of the investments in your account 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 to funds - see our Guide to Fund Prices for details.

These charges apply to the HL SIPP and drawdown separately if you hold both accounts.

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 personal advice you might need. If you need financial advice, our adviser would agree this cost with you separately.

Other charges

  • 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
    French Financial Transactions Tax 0.3% on purchases of certain French shares
    Italian Financial Transactions Tax 0.1% on purchases of certain Italian shares
    Spanish Financial Transactions Tax 0.2% on purchases of certain Spanish shares
  • Telephone and postal share dealing
    1% of the trade value, minimum charge £20, maximum £50.
  • Account administration

    Made in addition to the charges above, where applicable.

    Account closure fee

    No charge

    Early account closure fee
    (applies when your SIPP that 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

    No charge

  • Transfers

    Transfer out (as cash)

    No charge

    Transfer out (as stock)

    No charge

Other charges may apply in specific circumstances - see the terms and conditions for details.

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.