Fees and charges
The fees and charges for the 7IM Platform and 7IM SIPP are outlined below
Platform service fees
Fees will be charged monthly in arrears and are calculated on the daily closing mid-market value of the portfolio(s). Cash (other than when included in a 7IM or third party model portfolio) is exempt from the Platform Service Fee. 7IM do not apply any exit fees.
Investments in 7IM Funds are not included in the Platform Service Fee above but are subject to a Platform Fee of 0.25% per annum. These funds also have the benefit of being offered on the Platform as a 7IM Platform share class (S) with the Annual Management Charge (AMC) of these funds 0.25% lower than the standard share class (C). Please note the AMC of the Real Return Fund Platform share class (S) is 0.10% lower than the standard share class (C).
| Portfolio Value | Platform Service Fee (per annum) |
|---|---|
| On the first £500,000 | 0.30% |
| On the balance of £500,000 to £1,000,000 | 0.25% |
| On the balance of £1,000,000 to £2,000,000 | 0.15% |
| On the balance of £2,000,000 to £5,000,000 | 0.08% |
| On the balance over £5,000,000 | 0.05% |
7IM AAP Funds:
Adventurous, Moderately Adventurous, Balanced, Moderately Cautious, Cautious, Income Funds
7IM Multi Manager Funds:
Adventurous, Moderately Adventurous, Balanced, Moderately Cautious Funds
7IM Pathbuilder Funds:
Pathbuilder 1, Pathbuilder 2, Pathbuilder 3, Pathbuilder 4 Funds
7IM 7IM Personal Injury Fund
7IM Sustainable Balance Fund
7IM Real Return Fund
The minimum portfolio size is £1,000. Investments can be subject to the fund manager restrictions and lot sizes.
All AMCs are taken from the funds themselves and not subject to VAT.
| 7IM Model Portfolios | Annual Charge* |
Active / Blended Models: Adventurous Plus, Adventurous, Moderately Adventurous, Balanced, Moderately Cautious, Cautious, Income | 0.25% |
Passive Models: Adventurous Plus, Adventurous, Moderately Adventurous, Balanced, Moderately Cautious | 0.15% |
*In addition to the Platform Service Fee above.
Subject to a minimum initial investment of £25,000, with a minimum top up of £10,000
- Cash: Interest is payable on cash held on the 7IM Platform at a rate of Base Rate minus 0.75%. This will be calculated on a daily basis and paid to the portfolio six-monthly. If Base Rate is 0.75% or below, interest will not apply. If accrued interest is less than £10 over a six-month period, no interest will be credited for that period.
- Transferring cash and investments: There are no charges for cash transfers. 7IM makes no charge for transferring investments from or to another provider, but you should be aware that third party charges may apply.
- Financial Adviser charges: A Financial Adviser may charge you up to 3.00% of the value of your investments as an initial / establishment fee or a per trade basis. 7IM does not make any initial charge. Any ongoing payment to the Financial Adviser is in addition to the 7IM charges.
- SIPPs, Offshore Bonds and other Tax Wrappers: 7IM makes no additional charge for holding the wrapper on the 7IM Platform but there may be a charge levied by the wrapper provider. ISAs – 7IM provides this wrapper at no additional charge.
- Foreign listed securities and foreign exchange transactions: All foreign listed security trades are charged at £25 per trade. Foreign exchange conversions are carried out via the custodian (Pershing) at market rates. 7IM charges an additional 0.50% on each such transaction.
Offshore Platform service fees
Service fees will be charged monthly in arrears calculated on the daily closing mid-market value of the portfolio(s). Cash (other than when included in a 7IM or third party model portfolio) is exempt from the Platform Fee.
Investments in the following 7IM funds are not included in the fee calculated above but are subject to a Platform Fee of 0.25% per annum. These funds also have the benefit of being offered on the Platform as a 7IM Platform share class (S) with the Annual Management Charge (AMC) of these funds 0.25% lower than the standard share class (C). Please note the AMC of the Real Return Fund Platform share class (S) is 0.10% lower than the standard share class (C).
| Portfolio Value | Platform Service Fee (per annum) |
|---|---|
| On the first £500,000 / $750,000 / €600,000 | 0.30% |
| Up to £1,000,000 / $1,500,000 / €1,200,000 | 0.25% |
| Up to £2,000,000 / $3,000,000 / €2,400,000 | 0.15% |
| Up to £5,000,000 / $7,500,000 / €6,000,000 | 0.08% |
| On the balance over £5,000,000 / $7,500,000 / €6,000,000 | 0.05% |
| Dealing Charges (UK listed security trades only) | No charge |
| Custody Charges | No charge |
| Tax vouchers and CGT reports | No charge |
| Valuation reports | No charge |
| VAT on your portfolio | No charge |
| Exit fees | No charge |
7IM AAP Funds:
Adventurous, Moderately Adventurous, Balanced, Moderately Cautious, Cautious, Income Funds
7IM Multi Manager Funds:
Adventurous, Moderately Adventurous, Balanced, Moderately Cautious Funds
7IM Pathbuilder Funds:
Pathbuilder 1, Pathbuilder 2, Pathbuilder 3, Pathbuilder 4 Funds
7IM Personal Injury Fund
7IM Sustainable Balance Fund
7IM Real Return Fund
The minimum portfolio size is £1,000. Investments can be subject to the fund manager restrictions and lot sizes.
All AMCs are taken from the funds themselves and not subject to VAT.
| 7IM Model Portfolios | Annual Charge* |
Active / Blended Models: Adventurous Plus, Adventurous, Moderately Adventurous, Balanced, Moderately Cautious, Cautious, Income | 0.25% |
Passive Models: Adventurous Plus, Adventurous, Moderately Adventurous, Balanced, Moderately Cautious | 0.15% |
*In addition to the Platform Service Fee above.
Subject to a minimum initial investment of £25,000, with a minimum top up of £10,000
- Cash:
Interest is payable on cash held on the 7IM Platform at a rate of Base Rate minus 0.75%. This will be calculated on a daily basis and paid to the portfolio six-monthly. If Base Rate is 0.75% or below, interest will not apply.
If accrued interest is less than £10 over a six-month period, no interest will be credited for that period.Please note that 98.00% of the total portfolio may be invested at any point in time, with a minimum of 2.00% of the portfolio held in cleared cash (to cover fees or charges).
- Transferring cash and investments:
There are no charges for cash transfers.
7IM makes no charge for transferring investments from or to another provider, but you should be aware that third party charges may apply.
- SIPPs, Offshore Bonds and other Tax Wrappers:
7IM makes no additional charge for holding the wrapper on the 7IM Platform but there may be a charge levied by the wrapper provider.
ISAs – 7IM provides this wrapper at no additional charge.
- Financial Adviser charges:
A Financial Adviser may charge you up to 3.00% of the value of your investments as an initial / establishment fee or a per trade basis. 7IM does not make any initial charge.
Any ongoing payment to the Financial Adviser is in addition to the 7IM charges.
- Foreign listed securities and foreign exchange transactions:
All foreign listed security trades are charged at £25 per trade. Foreign exchange conversions are carried out via the custodian (Pershing) at market rates. 7IM charges an additional 0.50% on each such transaction.
7IM SIPP service fees
The following schedule of fees applies to the set up and ongoing administration of the 7IM SIPP wrapper.
*A fee of £100 (+VAT) will be applied for SIPP accounts below £75,000
**A fee of £50 (+VAT) will be applied for SIPP accounts below £75,000.
† Please refer to the document ‘A guide to your retirement options’ for details of when these charges apply.
| Fees | Charge (+VAT) |
|---|---|
| Establishment of SIPP | £0 |
| Annual Administration Fee | £0* |
Additional fees
| Transfers In (from Defined Contribution schemes only) | Charge (+VAT) |
|---|---|
| Uncrystallised funds (per transfer) | £0** |
| Drawdown funds (per transfer) | £50 |
| Benefit Payments† | Charge (+VAT) |
|---|---|
| Purchase of an Annuity | £100 |
| New Benefit Crystallisation Instruction (new or amend) | £75 |
| Payment of Income | £135 p.a. |
| Switch from Capped to Flexi-Access Drawdown | £75 |
| Review of Capped Drawdown limits | £75 |
| Closure of SIPP | £75 |
| Transfers Out | Charge (+VAT) |
|---|---|
| Cash Transfer Out – per transfer (full or partial) | £75 |
| In Specie Transfer Out – per transfer (full or partial) | £200 |
| Other | Charge (+VAT) |
|---|---|
| Splitting / sharing of assets on divorce | £300 |
| Distribution of Death Benefits | £300 |
- Annual fees, where payable, are charged annually in advance. All other fees are charged at the time of the relevant transaction. We may amend or increase our fees from time to time. Where this is the case, we will inform you in advance.
- The fees and charges applicable to the 7IM investment service provided for your SIPP are in addition to the fees listed above.
- We will not refund (in part or in full) any fees that have already been charged:
- on closure of the SIPP following payment of the total remaining fund through Flexi-access drawdown or UFPLS; or
- when a transfer-out is initiated.
- There is no charge for payments to UK bank accounts. International payments are charged at £25 per transaction.
Discover more
Want to arrange a demo or know more about the 7IM Platform or SIPP? Get in touch with our team today.
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