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Self-Invested Personal Pension (SIPP)
Managing your SIPP
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You can make single contributions to your SIPP by bank transfer or cheque. You'll find the details for this at the bottom of the form you'll need to complete. Download an additional contribution form (PDF, 131KB).
If you want to start a regular monthly contribution, you'll need to complete the additional contribution form above and a Direct Debit Instruction (PDF, 80KB).
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The changes to your SIPP will complete on 22 September 2025. Right now, we're not accepting withdrawal requests. You can make a request after that date. If you have any questions, you can call us on 0345 606 11 88 or chat to us when logged in to your account, available Monday – Friday, 8am to 9pm.
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The changes to your SIPP will complete on 22 September 2025. Right now, we're not accepting transfer requests. You can make a request after that date. If you have any questions, you can call us on 0345 606 11 88 or chat to us when logged in to your account, available Monday – Friday, 8am to 9pm.
Further SIPP support
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You can only close your SIPP account if it is empty, containing no stock or cash. To do this you should contact AJ Bell SIPP Administration team.
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Send all completed forms to AJ Bell
By post:
Bank of Scotland SIPP Administration Team
AJ Bell Management Limited
4 Exchange Quay
Salford Quays
Manchester
M5 3EEAlternatively, you can scan original signed forms and email them to the address below. Please sign the form by hand as we can’t accept electronic signatures.
By email:
bossipp@sippdeal.co.ukAdditional Contribution Form
You can make single contributions to your SIPP by bank transfer or cheque. You'll find the details for this at the bottom of the form you'll need to complete. Download an additional contribution form (PDF,131KB).
We'll accept a photograph of an original, signed form.If you want to start a regular monthly contribution, see the 'Direct Debit Instruction' section below.
Benefits forms and Benefits Guide
Our benefits process has been designed to give you the necessary information and time needed to make an informed choice when taking benefits from your SIPP. We have created an information page and a guide to help you.• Information on Taking Benefits Form (PDF, 100KB)
• Transfer In Drawdown Benefit Form (PDF, 179KB)
Carry Forward Guide
Carry forward may allow you to contribute more than the annual allowance without incurring tax charges. Through carry forward, contributions that exceed the annual allowance in one tax year can use up any unused annual allowance from the previous three tax years, using the earliest tax year first.
Download the carry forward guide (PDF, 83KB)
Direct Debit Instruction
If you want to start a regular monthly contribution, you’ll need to complete a Direct Debit Instruction form. You will also need to complete an Additional Contribution Form stating the amount you want us to take on a monthly basis.
Download a Direct Debit instruction form (PDF, 80KB)
Expression of Wishes form
One of the benefits offered by your pension is the ability for the funds held in your SIPP to be passed on to others after your death. Registering your expression of wishes helps us to decide who you would like to pass those funds on to after your death.
Download an Expression of Wishes form (PDF, 95KB)
Key Features
For more information about SIPPs, please read the Key Features Guide (PDF, 155KB).
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SIPP administration enquiries
By email:
bossipp@sippdeal.co.ukBy post:
Bank of Scotland SIPP Administration Team
AJ Bell Management Limited
4 Exchange Quay
Salford Quays
Manchester
M5 3EESIPP servicing general or enquiries:
You can call us on 0345 124 1451 or chat to us when signed in to your account.
SIPP charges
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SIPP Admin fee
There is a fee of £22.50 per quarter if the SIPP value is £50,000 or less, or £45 if the value is above £50,000.
We’ll take payment from cash within your account quarterly at the end of March, June, September and December. If we can’t take the fee then we may need to sell some of your investments to cover the cost. We’ll always try to contact you before we do this.We collect this fee and pay it to AJ Bell as the Pension Administrators for you.
Additional SIPP charges table Additional SIPP Charges
Additional SIPP Charges
Annuity purchase
£90
Additional SIPP Charges
Ad hoc statement or valuation (on request)
£12.50
Additional SIPP Charges
Transfer in of another registered pension scheme
£60 per transferring plan (maximum £300)
Additional SIPP Charges
Transfer out to another registered pension scheme or a qualifying recognised overseas pension scheme (QROPS)
Free
Income drawdown charges table Income drawdown charges
Income drawdown charges
Flexi-access drawdown1
£180 per annum
Income drawdown charges
Capped drawdown1
Before age 75 - £180 per annum
Age 75 onwards - £300 per annumIncome drawdown charges
Designate additional funds to drawdown / review income levels2
£90
Income drawdown charges
Convert from capped drawdown to flexi-access drawdown
£90
Income drawdown charges
Take an uncrystallised funds pension lump sum (UFLPS) – a one-off payment
£90
Income drawdown charges
CHAPS (same day payment)
£30
Income drawdown charges
SIPP closure through drawdown or lump sums where the balance is reduced below £1,000
Free
Income drawdown charges
Payments on death or if your pension is to be split/shared as part of a divorce
Free
1. This will become payable straightaway where funds are designated to provide drawdown even if you elect to take "nil" income. Payable annually in advance.
2. Payable each time you designate additional funds to drawdown, once your SIPP is in drawdown stage.Transfer charges for our SIPP
Transferring in another pension costs £60 per transferring plan (max £300).
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Online UK and fund trading: We charge £9.50 for online dealing per trade, this covers:
Funds, Exchange Traded Funds (ETFs), Investment Trusts, Bonds and Gilts
Online International trading: We don’t charge you any dealing commission for International trading online. An FX charge of 1.25% still applies.
Telephone trading: You can trade through our telephone service for £25 per trade.
Government taxes and levies
Stamp Duty: When you buy a UK stock, you’ll pay Stamp Duty to the Government. Stamp duty is 0.5% of the value of the investments you buy (1% on Irish stocks). You don’t pay any Stamp Duty on AIM stocks or Exchange Traded Funds.
PTM Levy:
Any trade over £10,000 will also be liable for a levy of £1.50, which is paid to the Panel on Takeovers and Mergers (PTM).Spanish Transaction Tax: Spanish Transaction Tax (0.2%) is an additional tax payment when you buy some Spanish stocks. Examples of these are Banco Santander and International Consolidated Airlines Group.
Fund manager charges: Fund managers will charge you various fees such as an ongoing charge or transaction fees. They put the details of these in the Key Investor Information Document for each fund.
We apply the individual dealing charges as you place the deals. We break these down on the transaction screen.
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Regular investments: You can trade regularly with our commission-free scheduled investment service.
Dividends: Dividend reinvestment purchases are charged at 2% of the dividend value and capped at a maximum of £9.50 per stock.
TradePlans: We offer a range of TradePlans (including limit orders and stop losses) to help you control the risk involved with stock market investing. TradePlans are available on any CREST eligible UK stock.
For SIPPs, there is no charge to set-up a TradePlan. This means our standard commission rate will apply to any trade carried out if a TradePlan triggers.
SIPP important information
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The Self-Invested Personal Pension (SIPP) will pay interest on any cash balance of £1 or above held in the account. Interest is accrued daily and paid gross annually in March. The interest rate payable on our SIPP is variable at 3.00% (Gross/AER).
The current rates that are applicable are shown below.
Balance
Interest Rate (Gross)/AER
Date Effective
Balance
£1 and above
Interest Rate (Gross)/AER
3.00%
Date Effective
28/08/2025
Balance
£1 and above
Interest Rate (Gross)/AER
3.55%
Date Effective
31/08/2023
Balance
£1 and above
Interest Rate (Gross)/AER
2.65%
Date Effective
23/03/2023
Balance
£1 and above
Interest Rate (Gross)/AER
2.45%
Date Effective
19/01/2023
Balance
£1 and above
Interest Rate (Gross)/AER
1.30%
Date Effective
07/10/2022
Interest rates are subject to variation. The amount you receive may change depending on the interest rate we receive on the cash balances we hold across all accounts and market rates.
The rates we receive can be above or below the prevailing base rate for cash held within your SIPP.
We use any payments received to pay you interest at the rates shown.
We currently expect to retain between 0.80% to 1.30% over the next 3 months.
AER (Annual Equivalent Rate) - this illustrates what the interest rate would be if interest was paid and compounded once each year.
Gross rate means we will not deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).
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If funds are credited to your SIPP on or before the 5th of the month, we’ll reclaim the basic-rate tax relief from HMRC and pay it as cash into your SIPP account on the 25th of the following month (this date is subject to weekends/bank holidays).
For example, if we receive your contribution on the 1st April, we’ll pay the tax reclaim into your account on the 25th May. However, if we receive your contribution on the 6th April, we’ll pay your tax reclaim on the 25th June.
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AJ Bell Management Limited is the Scheme Administrator of the Bank of Scotland Share Dealing SIPP. AJ Bell Management Limited is registered in England No. 3948391. Registered Office: 4 Exchange Quay, Salford Quays, Manchester M5 3EE. Authorised and regulated by the Financial Conduct Authority and on the FCA register under FCA register number 211468. Sippdeal Trustees Limited is a wholly owned subsidiary of AJ Bell Management Limited, registered in England No. 4050222. Registered Office: 4 Exchange Quay, Salford Quays, Manchester M5 3EE. Sippdeal Trustees Limited does not conduct any regulated activities, and is, therefore, not regulated.
Dealing and stock broking administration services are provided by the Bank of Scotland Share Dealing Service which is operated by Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.