XPS SIPP Services Ltd runs the XPS SIPP and SimplySIPP; from 1 September 2026 the full SIPP's annual fee is 0.24% of funds, £300 to £925 plus VAT.
Everything below comes from XPS's own customer documents: two fee schedules, the key features, a factsheet and its websites, all read on 27 October 2026. XPS can change them, so check the terms sent with any application. The value of investments can fall as well as rise, and you may get back less than you put in. Choosing an administrator like XPS starts with your pot, so ask an FCA-authorised adviser, and let this page's short form request the free phone call.
Who provides the XPS SIPP
XPS SIPP Services Ltd is the scheme administrator, and its documents say it is authorised and regulated by the Financial Conduct Authority; you can check its permissions on the FCA register. The key features add that Xafinity Pension Trustees Ltd is the bare trustee, "which means it does nothing more than own the investments held in the SIPP". Its documents carry the name XPS Self Invested Pensions, which XPS's website describes as part of the XPS Group.
Members can manage their SIPP online through the XPS SIPP Centre, and the XPS SIPP factsheet says online valuations are available to members and their financial advisers. XPS's key features state: "Whilst we can explain your SIPP to you we'll never give you advice", and that it only allows certain transfers in if you have taken advice.
For the general idea of a SIPP before looking at one administrator, see what a SIPP is and how it works.
XPS SIPP or SimplySIPP: the two products
XPS offers two versions. The full XPS SIPP can hold an unlimited number of investment types, including commercial property and land, and unlisted shares. SimplySIPP, in XPS's words, offers "up to two investment accounts" from a shorter list that covers bank accounts, stockbroker, discretionary fund manager and platform accounts, and standard funds.
XPS says a SIPP is "unlikely to be suitable" for someone planning to invest a small amount, for example under £25,000, though SimplySIPP "may be appropriate" for smaller sums and limited investment flexibility. Moving from SimplySIPP to the full SIPP has no charge; moving the other way is subject to the normal closure charges.
What the XPS SIPP costs: the fee schedule
XPS prints its fees without VAT, which is payable in addition. For the full SIPP, its schedule dated from 1 September 2026 lists these core charges:
| Charge | XPS SIPP |
|---|---|
| Opening the SIPP, paying contributions, main bank account | Free |
| Annual administration | 0.24% a year of funds, minimum £300, maximum £925 |
| Each transfer in | £101 |
| Each transfer out | £215, plus £710 if the whole SIPP closes |
| Tax-free lump sum or death lump sum (includes drawdown set-up) | £215 per event |
| Annual drawdown fee | £235 |
| Uncrystallised funds pension lump sum | £460 per lump sum, plus £215 if it closes the SIPP |
A partial transfer out that leaves at least £5,000 in the SIPP is charged at £215; XPS says transfers leaving less than £5,000 "will not be permitted". Extra non-standard work is charged at £193 an hour for a consultant and £305 for senior technician or management time, with advance notice.
SimplySIPP fees compared with the full SIPP
SimplySIPP uses a fixed fee instead of a percentage. XPS lists £126 to open online or £220 on paper, then £290 a year with one investment account or £360 with two, plus VAT. Transfers in and closing the SIPP are free; a transfer out is £215. Selling or closing an investment account costs £184, and switching between one and two accounts £88. Benefit charges match the full SIPP: £215 for the lump sum and drawdown set-up and £235 for the annual drawdown fee.
Investment charges on top of the annual fee
The full SIPP adds charges for what you hold. XPS lists, among others:
- UK bank or building society accounts and standard investments such as unit trusts and OEICs: 0.25% of the initial amount (minimum £55, maximum £191) to set up, then £115 a year for the first and £230 for two or more; standard investments also cost 0.25% (minimum £55, maximum £191) to sell.
- Property including land: £1,100 to set up, £800 a year per property per lease and £710 to sell.
- Unquoted shares: £2,710 to set up and £505 a year.
- Any non-standard investment: an extra £345 a year per SIPP, in both XPS products.
XPS gives its own example of one existing pension of £200,000 moved in to buy property with no mortgage: £101 to transfer in, £1,100 for the purchase, £480 annual administration (0.24% of £200,000) and £800 a year for the property. Legal and other specialists' fees are payable in addition. For how SIPP charges generally build up, see pension charges and fees. Your own total depends on what is held; an FCA-authorised adviser can estimate it during the no-cost call-back that this page's short form arranges.
Interest on the cash in an XPS SIPP
Each XPS SIPP has a dedicated bank account, with the trustee as the only signatory. The key features describe it as a current account for money moving into and out of the SIPP and state: "It is not intended as an investment." XPS may receive interest on balances held in these accounts and keeps some of it; the key features say the retained interest helps meet its administration costs, and that no extra fees are charged for holding the accounts. The fee schedules point to XPS's website for the current terms of interest, including the part XPS retains, so look there before comparing. Other providers' cash terms are in SIPP interest on cash.
What XPS will hold, and what protects the cash
XPS reviews each investment and says it might refuse one that could breach SIPP rules. It says it will not allow residential property (except in very limited cases), property that can be moved such as art, antiques, wine or classic cars, or any investment that gives you a personal benefit. You can cancel within 30 days, but the key features warn that you might lose money on investments already made.
The key features say the XPS SIPP is covered by the Financial Services Compensation Scheme, and that while money sits in the SIPP bank account the maximum FSCS claim is £120,000. Investments with regulated providers are covered separately. Complaints can go to XPS first and then to The Pensions Ombudsman free of charge. Taking money out is covered in pension drawdown, which applies to any SIPP.
Does XPS also run SSAS schemes?
Yes. XPS Group's page on self-invested pensions describes a SSAS (Small Self Administered Scheme) as an employer pension scheme, often set up for directors and key employees, under its own trust. The SIPP fee schedules above do not apply to it; for how SSAS administrators compare, see SSAS administrators.
Smaller XPS details worth knowing
Where is the XPS SIPP fee schedule?
XPS publishes a separate fee schedule for each product as a PDF on its website, both showing fees from 1 September 2026 and before VAT. Each refers you to the SIPP Terms and Conditions for more detail on its services.
Who can pay into an XPS SIPP?
The key features say you normally have to be resident in the UK to pay in, but need not be if you only want to transfer existing pensions. For moving abroad, see SIPPs for non-UK residents.
Taking the XPS figures to a conversation
These charges only mean something against a particular pot and set of investments. Pension Wise offers free guidance. This page's short form also leads to an FCA-authorised adviser's call back at no charge, where the XPS costs can be weighed against moving an old pension.