KEYFACTS – About our services and costs
1. The Financial Conduct Authority (FCA)
The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers considering buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it. Please also read our Terms of Business & Client Agreement document.
2. Which service will we provide you with?
√ - Independent advice - We will advise and make a recommendation for you after we have assessed your needs. Our recommendation will be based on a comprehensive and fair analysis of the market. Please refer to the 'Scope of Agreement / Service: Independence' on our Terms of Business & Client Agreement document.
X - Restricted advice - we will advise and make a recommendation for you after we have assessed your needs, but we only offer advice on limited types of products or products from one company or a limited number of companies.
X - No advice - you will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You would then need to make your own choice about how to proceed.
3. What will you have to pay us for our services?
Our fee structure reflects the high quality and specialist service we provide. We will help you decide if our service is right for you and will agree the fee before commencing any chargeable work on your behalf.
An initial assessment and / or face to face meeting to determine your objectives and to establish whether our services are appropriate for you.
Our Fee: Free – No cost to you
IPSL Retirement Clarity™ - Planning Fee: £1,797
This is a comprehensive service designed for those seeking clarity about the pension arrangements they have, what income these may generate in retirement, what their post retirement income needs are, as well as providing an action plan on how to make the most of their pension arrangements and how to make up for any shortfalls there may be.
The planning fee will cover items such as establishing your objectives, priorities and concerns, data gathering, technical analysis, research as well as preparation and presentation of your IPSL Retirement Clarity Report™ & associated Suitability Documents as required. The planning fee is payable in advance of any advice being provided.
Should the advice recommend additional work to be done, for example transferring a pension, this will be done only with your signed instruction and charged based on the Implementation Fee schedule below.
IPSL Planning & Implementation Fees - Pension Harvest™, Pension Checker™, Pension Freedoms™
Planning Fee: £497 for the first two plans, plus £97 per additional plan.
Our services listed above are appropriate if you are seeking advice on putting your pensions into payment or require a review of your existing pension plans, potentially with a view to transfer and/or consolidate.
Our Planning Fee will cover items such as establishing your objectives, priorities and concerns, data gathering, technical analysis, research as well as preparation and presentation of your IPSL Advice & Recommendation Report™. The Planning Fee is separate to, and independent of, the Implementation Fee below.
In some exceptional circumstances, it may be possible for the Planning Fee to be added to the Implementation Fee and for these to be deducted from any pension arrangement that may be put in place for you (please see “Your payment options” on page 3).
This is a % of the assets under advice “AuA” and is payable on implementation of the recommendations. The Implementation Fee is in addition to the Planning Fee and is set based on the sum invested as follows:
|Assets under Advice||Implementation Fee|
|Applied to the first £250,000||3% (maximum £7,500)|
|Applied to the next £250,000||2.00% (maximum + £5,000)|
|Applied to the next £500,000||1.50% (maximum + £7,500)|
|Applied to AuA over £1 million||0.75%|
The Minimum Implementation Fee for all activity £1,997, plus the minimum Planning Fee of £497.
For example, if we implement standard recommendations on £225,000, there will be an Implementation fee of £6,750, plus the minimum Planning Fee of £497.
We do not provide advice on Defined Benefit Pension Transfers. We do provide a review service as part of the Planning Fee above and may outsource the advice, if appropriate, to a Defined Benefit transfer specialist. Any costs associated with Defined Benefit Pension Transfers will be agreed with you before work commences.
Existing Clients New Advice Events
Often situations will arise where an existing Client will require advice on a new topic, on the investment of new monies, the transfer of funds from one provider/wrapper to another or the movement of monies from one type of pension to another. These will be classed as “New Advice Events” and as such, Planning and Implementation Fees will apply as detailed above.
IPSL Ongoing Alliance Program™ Service and Fees
IPSL Ongoing Alliance Program™
In summary, our Ongoing Service is to help ensure that your records are kept up to date and that your AuA continue to be invested in a way which is designed to help you meet with your objective. You can cancel this service and charge at any time by writing to us at the above address.
Our annual fee, payable monthly - 1%* of AuA.
Minimum fee - £83 per month.
So, for example, if you invest £200,000 with us, there will be an Ongoing Service annual fee of £2,000 (£166.67 per month) which will vary depending on the value of your investment. If the value increases so will your fee.
Please see “Your Payment Options” for details of how fee may be paid.
A reduction may apply for AUA greater than £1m, depending on the level and complexity of your affairs and the ongoing support to be provided.
Administration costs in relation to our Planning, Advice and Implementation and Ongoing services are included in the fees set out above. Other Administration charges are covered in our Administration Charges Schedule which is available on request.
On all our fees, we will tell you if you have to pay VAT.
Your payment options
You can pay our fee directly to us by credit or debit card, bank transfer, direct debit or cheque. Alternatively, you can ask the provider to deduct our fee from your investment and arrange for them to pay us directly, or a combination of both methods. Deducting our fee from your fund will reduce the amount of your investment by the amount of our fee. For example, if your investment is £70,000 and our fee is £2,100 only £67,900 would be invested. When using our planning or administration services, all or part of our fee is payable in advance for any work being carried out and this fee is non-refundable. The exact amount payable in advance will be agreed before we commence work.
Settling your adviser charge in a single payment.
You will be required to settle the payment of your adviser charge within 14 days of completion of our work.
In addition to our Planning, Implementation and Ongoing Services Fees, there will be product or service charges applied in respect of the trading platform, investments services, products and funds into which we may recommend that you invest your AuA. These charges will be applied and disclosed to you in accordance with the relevant terms that apply to that service, fund or product.
In some circumstances, fees may also be charged on a fixed-fee basis and will be agreed in advance of being provided.
For example, the charges for investing £250,000 of your monies with us invested in the Affinity Passive Model Portfolio 4, in a SIPP, held the on the Platform, the total annual cost for investing would be:
|Type of Charge||Annual Charge as a %||Annual Charge in £ and pence|
|IPSL Ongoing Alliance Program||1%||£2,500|
|SIPP Admin Fee||n/a||£114 (£95 + VAT)|
4. Who regulates us?
Independent Pension Specialists Ltd of Inspire House, 20 Tonbridge Road, Maidstone, Kent ME16 8RT is authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is 670043.
Our permitted business is advising on and arranging savings and investments, pensions, life assurance and other protection products and mortgages.
You can check this on the FCA’s Register by visiting the FCA’s website https://register.fca.org.uk/ or by contacting the FCA on 0800 111 6768.
5. What to do if you have a complaint
If you wish to register a complaint, please contact us
…in writing - Write to Matthew Hazledine at Independent Pension Specialists Limited, Inspire House, 20 Tonbridge Road, Maidstone, Kent ME16 8RT.
…by phone - Telephone 01622 238000
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
6. Are we covered by the Financial Services Compensation Scheme (FSCS)?
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.
Most types of investment business are up to a maximum limit of £85,000.
Further information about compensation scheme arrangements is available from the FSCS.
Log No. IPSL2020233C 29.1.2020