Frequently asked questions
More details about our fee-free pension
These questions and answers should tell you everything you need to know about investing in our fee-free pension. It is important that you read these details and make sure you understand the offer before taking advantage of it. If you still have any questions please call us on 020 7189 2400 and speak to one of our friendly experts.
How do I open a fee-free Best SIPP?
First you will need to open a Best SIPP by either applying online or sending us the paper application forms. Once your account is set up you can buy a Ready-made Portfoliowith a minimum investment of £500. You won’t pay a penny of service fees for your Best SIPP as long as your money stays invested in one of the Ready-made Portfolios.
What should I consider before opening a fee-free Best SIPP?
Before claiming this offer you should make sure that our Ready-made Portfolios meet your needs and objectives. You should also bear in mind that other investments may have lower fees, and that it may also be cheaper to choose your own investments – which the Best SIPP lets you do.
Are there any other fees?
We have removed our service fees for the Best SIPP (usually 0.3% or less a year), but there are still other fees to pay. Like all investment funds, our Ready-made Portfolios have ongoing charges for everyday costs such as researching and managing the investments. There could also be fees to pay if you close your Best SIPP or transfer to another provider.
How long will the fee-free pension offer last?
We expect this offer to continue indefinitely, although we reserve the right to withdraw it at any time. In the event of the offer being withdrawn, we will give you 60 days’ notice if you wish to close your account or transfer to another provider – after this you will begin paying regular Best SIPP fees (0.3% or less a year).
Can I open a fee-free Best SIPP by transferring my existing pensions?
Yes, you can transfer most other pensions into the Best SIPP*. We will also pay up to £500 towards any exit fees your current pension providers may charge and a pension transfer specialist will oversee the whole process**. Find out more about transferring into the Best SIPP.
What is the Best SIPP and where can I find more details?
The Best SIPP is our multi-award winning low-cost Self-invested Personal Pension. The Best SIPP gives you access to a wide range of high quality investments, which our experts can manage for you (although you are still able to pick and choose them for yourself if you would prefer). Find out more in our free Best SIPP guide.
What is a Ready-made Portfolio and where can I find more details?
Our Ready-made Portfolios are an easy way to have your investments managed by the experts. Each of the Portfolios is designed for a different investor aim and risk attitude, and they are all looked after by our experts. They constantly review and manage the investments in the Portfolios, making sure you are always invested in our best and latest ideas. You can find out more in our free guide to Ready-made Portfolios.
Am I eligible if I already have a Best SIPP?
You are eligible for the fee-free Best SIPP offer if you manage your SIPP as a self-directed investor (rather than through our investment advisory service). Your service fees will stop automatically if you move your money into a Ready-made Portfolio, but you will continue to pay the usual fees for the total value of all other investments in your account.
Does the fee-free pension offer apply to Multi-asset Portfolios?
Yes, the fee-free SIPP offer applies to both our Ready-made Portfolios and Multi-asset Portfolios. We use both names to refer to the range of IFSL Tilney Bestinvest Multi-asset Portfolio funds.
I have already invested my Best SIPP in a Ready-made Portfolio – will I carry on paying fees?
No. Your service fees have been removed automatically if you already have a Best SIPP invested in our Ready-made Portfolios or Multi-asset Portfolios.
Can I choose my own investments?
The Best SIPP lets you choose and manage your own investments, and this could be cheaper than investing in a Ready-made Portfolio. However, you will pay our usual service fees (0.3% a year or less) if you open a Best SIPP and do not invest in a Ready-made Portfolio.
Can I move my money out of the Ready-made Portfolio afterwards?
Yes. You can move your money out of the Ready-made Portfolios at any time, and unlike some providers we do not charge you for buying or selling funds. But you will pay our usual Best SIPP service fees for the total value of all other investments in your account.
Can I invest in a Ready-made Portfolio and other investments at the same time?
Yes. You have the freedom to choose all of your own investments, but you will pay our usual service fees for any money in your account that is not invested in a Ready-made Portfolio or Multi-asset Portfolio.
Can I invest in more than one Ready-made Portfolio?
Yes, you can invest in more than one Ready-made Portfolio. We have four Portfolios to choose from, and each one is designed for a different investor aim and attitude to risk.
Can I have a fee-free Best SIPP if I’ve already crystallised my pension?
Yes you can, but there are still charges for taking lump sums and income drawdown (although we have removed the initial fees for setting up income drawdown).
Can I open a fee-free SIPP on behalf of a child in my life?
Yes, you can open a fee-free Best SIPP for a child. Under current rules you can pay in £2,880 a year for a child (£3,600 after the Government adds 20% tax relief).
* Before transferring pensions, you should ask yourself: Will I be charged or penalised by my existing provider for transferring? Will I lose any valuable features or benefits if I transfer? Have I considered my current pension charges, and could consolidating be more expensive? Am I part of an occupational final salary pension scheme? (In which case I would most likely be better off not switching).
**Exit or transfer fees may apply if you choose to close your Best SIPP account.
SIPPs are not suitable for everyone. If you don’t want to invest across different asset classes or don’t think you will make use of the investment choices that SIPPs give you then a SIPP might not be right for you. Self-directed investors should regularly review their SIPP portfolio, or seek professional advice, to ensure that the underlying investments remain in line with their pension objectives.