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Cofunds Pension Account

Overview

The Cofunds Pension Account is a personal pension provided and administered by Suffolk Life Pensions Limited. By taking out a Cofunds Pension Account your clients will become members of the Suffolk Life Appropriate SIPP, an HMRC registered scheme that may appear on some client documentation.

As many clients may not require a full SIPP and some may never need one, we now offer a simple, ‘collectives-only’ pension suitable for clients wanting to hold collectives in a cost-effective wrapper.

Cofunds now uses Origo Options for pension transfers. Transfers from pension providers also using Origo Options will not require a discharge form to be completed.

See which Pension Providers are also on Options

Benefits In Brief

The online application process means fewer errors and referrals, saving you time and money
Our dedicated technical support helps simplify the pension transfer process and enables you to give clear, high quality advice
The Annual Administration Charge is tiered based on a client’s assets held on the Cofunds platform and rewards client consolidation
Easy, online investment into the range of collectives available on the Cofunds platform.
- Initial advice charge
- ad hoc advice charge
- ongoing advice charge.
Easy, online investment into the range of collectives available on the Cofunds platform.

An ongoing advice charge can be taken monthly in arrears as either a percentage or a flat fee.

Advisers can also ask for the Cofunds Pension Account to be included in the platform fee (%) but this is mutually exclusive with the ongoing advice charge.

For more details please see the Cofunds Pension Account FAQs. Browse all literature on the Cofunds Pension Account Download a Client Declaration Form

Features

Cofunds Pension Account is a simple pension that focuses solely on investment into the wide range of uninsured collectives available on the Cofunds platform.

To enable an easy upgrade to a full pension, the Cofunds Pension Account is written under the same scheme as the Suffolk Life MasterSIPP.

Investment option available: Access to all collectives funds on the Cofunds platform
Online features: Valuations, transaction history, illustrations, trading and applications
Pre-fund tax relief: No
Protected rights: Yes
Pension credits: Yes
Drawdown: Yes
Drawdown to drawdown: No
Minimum transfer value: £5000 initial , £1000 subsequent
Minimum single contribution: £5000 initial , £1000 subsequent
Minimum regular contribution: £100
Flexible drawdown: Yes

Charges

All charges are subject to VAT.

Charge	Rates	Frequency
Establishment charge	£150	Single charge upon set up
Annual Administration Charge	Four tiers based on assets held on the Cofunds platform (not only pension assets): £0 to £100k - £150 £100k to £150k - £100 £150k to £200k - £50 Over £200k - £0 Special offer - fee waiver year one.	Quarterly in arrears from year two
Transfer in (cash and/or in specie)	£75 Special offer - all transfer in charges are waived until further notice.	Per transfer on receipt of funds and completion of transfer - n/a 6 months.
Transfer out N.B. Does not apply if transferring to another pension wrapper on the platform or if transferring out to an annuity.	£75	On transfer to new pension provider
Capped drawdown and Flexible drawdown	Vesting/review £120 Annual fee £150	N/A Annual in advance N.B. If no income is taken then this fee does not apply.
Payment of entire fund under flexible drawdown	£300	N/A
Switch fee	Free	N/A
Investment initial charge	Over 99% of fund trades at NAV net of initial commission.	N/A

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Cofunds Limited is authorised and regulated by the Financial Services Authority FSA Registration No 194734.

* Calls may be recorded for training and quality purposes.