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. There will be a small charge of £1.50 per deal and 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.

Where can I see your retirement charges?

See our list of charges for taking an income from your SIPP at retirement.

In this section

Pensions

SIPP
charges and interest rates

Annual account charges

It's free to set up an HL SIPP, and our yearly charge for holding investments is never more than 0.45%. There’s no charge for inactivity or for holding cash.

You can see the interest rates paid on any cash held in a SIPP here.

Funds

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.

0.45%

capped at £200 per year

Example of account charges

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)

*Your monthly charge will depend on the exact value of your account and investments 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 - see our Guide to Fund Prices for details.

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.

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 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)	£1.50 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 share dealing
1% of the trade value, minimum charge £20, maximum £50.
Direct Debit into investments

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 (paperless)	No charge
Quarterly statement and valuation (paper)	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.

Add money to your SIPP Transfer a pension

Open a SIPP Top up a SIPP

FAQs

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 and 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. We will normally sell units of your largest fund holding first. There is no additional charge for this.

Best UK Pension Provider
Investing in the Web's Global Broker Awards 2024

Best Buy Pension
Boring Money Awards 2024

Best Online Stockbroker 3 Years Running
The Personal Finance Awards 2023/24

Help and support

Take a look at our most frequently asked questions for quick answers.

If you need more assistance or have specific questions, please contact us.

Ready-Made Investments

Ready-Made Pension Plan

Lifetime ISA

Stocks and Shares ISA

Fund and Share Account

Cash ISA

Junior Stocks and Shares ISA

SIPP (Self-Invested Personal Pension)

Active Savings Account

Junior SIPP (Child's pension)

Bare Trust Account