Cofunds SIPP
Consolidate and save – your retirement fund and investments all in one place working harder for you.
Cofunds was established in 2001 and is the UK’s largest independent investment platform. Cofunds had over £31 billion of assets under administration as at 31/03/2011.
We do not charge fees or initial commission on any Cofunds accounts and there are no initial charges on any funds purchased in the Cofunds Pension Account.
We rebate 50% of all renewal commission generated by all investments held on the Cofunds platform, regardless of whether the commission arises from the pension, ISAs or collective investment account. These rebates are retained in the SIPP bank account or the Cofunds cash account for your benefit.
Cofunds levy a one-off establishment charge of £180 (including VAT) to set up a new Pension Account and an administration charge each year. The annual administration charge covers all assets held on the platform and is tiered according to the value of your assets. These are shown in the table below (all charges include VAT):
| Total Assets |
Fee |
| £0 - £100k |
£180 |
| £100k - £150k |
£120 |
| £150k - £200k |
£60 |
| £200k + |
£0 |
**Special offer**
At present the annual charge does not apply for the first year and there are no transfer in charges.
Renewal commission from most funds is 0.50% p.a. so you will generally benefit from a 0.25% p.a. discount; if you choose a fund which doesn’t generate any trail commission, you won’t receive anything (and neither will we); and likewise if you choose a fund that generates more than 0.50% renewal commission, our share and your discount will be more than 0.25% p.a.
The features of the Cofunds Pension Account are as follows:
| Pension Type |
SIPP |
| Fund companies |
90 |
| Funds |
1,500 |
| Establishment charge |
£180 |
| Annual administration charge |
Tiered depending on value of assets held on the Cofunds platform:
£0 - £100k - £180;
£100k - £150k - £120;
£150k - £200k - £60;
£200k - £0
Special offer: fee waived for year one |
| Minimum single contribution or transfer value |
£5,000 gross |
| Minimum regular contribution |
£100 gross p.m. |
| Employer contributions allowed? |
Yes |
When you reach retirement you can decide to take all of your benefits at the same time, or take only some of the benefits, allowing you greater flexibility. There are charges for taking benefits.
Download Cofunds Pension Account Application Forms and Key Features
You can invest by paper application – regular premiums from £100 gross p.m. and / or single gross payments / transfers of at least £5,000.
First, please make sure you read CommShare’s Key Facts document and Terms of Business.
Alternatively, request a Cofunds Pension Account application pack by post – click here
Please send your completed application forms to CommShare, using our FREEPOST address. If you send them directly to Cofunds they won't accept them.
Transfer existing pensions into your Cofunds Pension Account
You can transfer the following types of pensions into the Cofunds Pension Account via CommShare.
| Other Personal Pension Plans |
Free Standing Additional Voluntary Contribution Plans (FSAVCs) |
| Stakeholder Pensions |
Paid up Group Personal Pensions or Group Stakeholder Pensions |
| Self Invested Personal Pensions |
Retirement Annuity Contracts (RACs) |
You cannot transfer occupational pensions into the Cofunds Pension Account and will need to seek appropriate advice from a qualified financial adviser if you wish to consider transferring benefits accrued in occupational schemes. These include:
| Some Additional Voluntary Contribution Plans |
Occupational Money Purchase Pensions (CIMP / COMP) |
| Executive Pension Plans (EPPs) |
Defined Benefit Schemes (Final Salary Scheme) |
If you are unsure as to whether your existing plan is a personal or an occupational plan, please contact us and we will be happy to help you.
You will also need to find out whether there are any transfer penalties on your existing pension, as these can sometimes be prohibitively high. Second, make sure that you will not lose any valuable benefits, such as guaranteed annuity rates or guaranteed investment growth rates, by transferring away from your existing arrangement.
If you wish to transfer any pensions, we can arrange for all of the correct paperwork to be sent to you. All you will need to do is sign and return to us along with your application forms in a FREEPOST envelope.
A word of warning: Please note that once you have transferred your pension, especially if it is more than a few years old, you will probably not be able to transfer your fund back into the same pension with the same company.
How to switch between your Cofunds Pension Account funds
If you want to switch between Cofunds Pension Account funds online login or register here.
Remember: that you cannot withdraw funds from your pension until you retire, the earliest you can retire and take benefits from a pension plan is currently 55. A pension is a long term investment and the funds held in your pension may go down as well as up. Remember tax reliefs may change depending on legislation and/or your personal circumstances. We are unable to offer you advice and if you are at all unsure, you should seek personal advice from a suitably qualified financial adviser.