Reply to: SIPP Pension Initial Costs - IFA

[Freewill]

£0 for interactive investor as well but they need some validated documents so it’s a pain. Thumbs up for HL.

Just take their buylist recommendations with a pinch of salt.
Third law firm to pursue Hargreaves over Woodford - FTAdviser.com

[foxes1884]

The monevator site has a broker comparison table, which is useful. They have a lot of stuff on index funds and costs which helped me with my SIPP. I went with ATS and recently got dragged over to II when they bought them out.

Compare the UK’s cheapest online brokers

[WordIsBond]

Sorry, you're right. I don't know what I was thinking of

I don't think it warrants a pistol to the head. We already knew you were capable of getting it drastically wrong, so no harm done.

[Spoiler]

Since giving up on II, I've had a rethink on where next.

Am thinking of opening the Vanguard SIPP when it's available (hopefully early 2020) and transfer existing pot to them. This will give me access to the Vanguard funds that would have been part of my portfolio.

Based on that fee, I still have some headroom compared to the annual fee II would have cost.

Then, open up a second SIPP elsewhere that's also a % based fee and invest new cash in non-VG funds/ETFs.

Youinvest, Close Brothers look good for this. May even hang on and see what the Freertrade SIPP looks like (not available yet, but they are recruiting for it so may not be far off).

[Cirrus]

Really?

0.45% for the first £250K, 0.25% for the next £750K, 0.1% for the next £1M..

Sorry, you're right. I don't know what I was thinking of

[SimonMac]

I pay a max of £200 a year with HL as I use mainly shares rather than funds

[WordIsBond]

I think HL have a maximum platform charge of about £450. Fund charges look quite low to me. You can get a Legal & General US tracker for 0.06%

Really?

0.45% for the first £250K, 0.25% for the next £750K, 0.1% for the next £1M. I think it's £4K max but can't be bothered to make sure.

Yes, fund charges are low with HL.

[Cirrus]

I wouldn't think someone was daft for sticking with HL despite higher charges.

I think HL have a maximum platform charge of about £450. Fund charges look quite low to me. You can get a Legal & General US tracker for 0.06%

[adubya]

....if you choose to buy funds

Yup, all of my SIPP is in funds.

[sludgesurfer]

I Email iWeb a filled in version of their additional contributions PDF form for my ad-hoc contributions. For the signature page they do want a "real" sig though so print that one page off, sign, scan and attach to the EMail. I can live with that, the HL 0.45% platform fee would make a real dent into the SIPP compared with iWeb.

....if you choose to buy funds

[adubya]

I have a SIPP with Iweb also. All in all, pretty pleased. The only complaint I have is that to make any changes to employer contributions (including a one-off payment) requires sending in a form (e-mail may also be acceptable) whereas HL allows changes to be made online.

I Email iWeb a filled in version of their additional contributions PDF form for my ad-hoc contributions. For the signature page they do want a "real" sig though so print that one page off, sign, scan and attach to the EMail. I can live with that, the HL 0.45% platform fee would make a real dent into the SIPP compared with iWeb.

[Maslins]

I have a SIPP with Iweb also. All in all, pretty pleased. The only complaint I have is that to make any changes to employer contributions (including a one-off payment) requires sending in a form (e-mail may also be acceptable) whereas HL allows changes to be made online.

Yeah I recently had this with interactive investor. Wanted to change the amount of a monthly direct debit from employer into the SIPP (from/to same account, just amount changing). Only way they could do it was for me to cancel the existing direct debit, and hand complete a new mandate with revised amount to post to them. Did seem a bit rubbish given I thought a key benefit of direct debit was the recipient can easily amend the amount!

[Spoiler]

I have a SIPP with Iweb also. All in all, pretty pleased. The only complaint I have is that to make any changes to employer contributions (including a one-off payment) requires sending in a form (e-mail may also be acceptable) whereas HL allows changes to be made online.

Thanks for that, my LTD typically pays in a regular monthly amount so hopefully, it'll be just 1 form to send back.

And, noticed that iWeb, Halifax sharedealing are part of the same group.

[sludgesurfer]

I have a SIPP with Iweb also. All in all, pretty pleased. The only complaint I have is that to make any changes to employer contributions (including a one-off payment) requires sending in a form (e-mail may also be acceptable) whereas HL allows changes to be made online.

[Spoiler]

So ... II. The transfer process was getting painful so I've cancelled it and am ditching them

Back to looking at other providers now.
The new Vanguard SIPP looks a good choice, but I may want to buy non-VF funds/ETFs

Would prefer a flat-fee over %, so looking at iWeb & Halifax I think.