Cheapest Sipp: build yourself a low cost DIY pension article
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You as well! I've been tearing my hair out for the past few weeks also. The problems started when I realised nothing was happening, nearly two weeks after requesting an UFPLS. They wrote back saying nothing was happening because I'd not completed a form, you know the 23pg thing treating you like an imbecile. They claimed they had notified me of this requirement a week earlier, but there was nothing in my inbox to that effect. That was over a week ago and still no sign of the tax-free portion and they've stopped replying to queries regarding progress. I thought Hartley SAS were the problem before, but it seems the change in trustees hasn't brought any improvements.I've just about had enough of Interactive Investor (III) after numerous problems with an Uncrystallised Funds Pension Lump Sum (UFPLS) withdrawal and numerous messages that have gone unreplied. Today was the final straw.
Does anyone know why they insist on us completing this questionnaire for a trivial withdrawal (3%) from the SIPP? This is the third year I've done it. Previously the form was entitled Pension Commencement something or other, although they have now dropped 'Commencement' from the title at least, but it still seems utterly pointless.
UPDATE: I have just heard from FCA that there is no need to provide an illustration and all the rigmarole that goes with it:
Requirement to complete the form and provide an illustration
Whilst the FCA has rules which may require these to be provided on the first withdrawal, the decision to continue to request and provide these is a commercial decision which the firm have opted take.If your outgoings exceed your income, your upkeep will be your downfall.
-- Moe Howard of The Three Stooges explaining economics to brother Curley0 -
You as well! I've been tearing my hair out for the past few weeks also. The problems started when I realised nothing was happening, nearly two weeks after requesting an UFPLS. They wrote back saying nothing was happening because I'd not completed a form, you know the 23pg thing treating you like an imbecile. They claimed they had notified me of this requirement a week earlier, but there was nothing in my inbox to that effect. That was over a week ago and still no sign of the tax-free portion and they've stopped replying to queries regarding progress. I thought Hartley SAS were the problem before, but it seems the change in trustees hasn't brought any improvements.
Does anyone know why they insist on us completing this questionnaire for a trivial withdrawal (3%) from the SIPP? This is the third year I've done it. Previously the form was entitled Pension Commencement something or other, although they have now dropped 'Commencement' from the title at least, but it still seems utterly pointless.
UPDATE: I have just heard from FCA that there is no need to provide an illustration and all the rigmarole that goes with it:
That's very interesting and useful. I'm going over the whole procedure again to receive a shortfall in the amount received, although they have allowed me to Email one of the forms to speed things up (as a special exception).
Last Financial year I missed the deadline for payment due to not ticking those boxes. I knew something was wrong weeks before the deadline, and called numerous times, to find out, but they refused to investigate and tell me until it was far too late. They must have just put it to one side. To now learn that form wasn't even necessary is even more infuriating.
A problem with the company is that they send out so many useless forms it's easy to make a mistake, and if you do then it's a good excuse to do nothing or default to the most inconvenient option.0 -
Yes, and they won't tell you they're waiting for information from you until you get in touch to find out what's happening! Even then you have to wait several days to get a response.
I'm seriously looking at moving to iWeb, which has similar expenses for my portfolio according to https://www.comparefundplatforms.com. In fact their ISA is cheaper than II for me too!If your outgoings exceed your income, your upkeep will be your downfall.
-- Moe Howard of The Three Stooges explaining economics to brother Curley0 -
Yes, and they won't tell you they're waiting for information from you until you get in touch to find out what's happening! Even then you have to wait several days to get a response.
I'm seriously looking at moving to iWeb, which has similar expenses for my portfolio according to https://www.comparefundplatforms.com. In fact their ISA is cheaper than II for me too!
What are the costs of transferring?0 -
About 0.1% of the pot, so not too bad. Trying to work out whether it's better to do cash+trading+stamp duty or in specie.If your outgoings exceed your income, your upkeep will be your downfall.
-- Moe Howard of The Three Stooges explaining economics to brother Curley0 -
Can anyone tell me if there is a regulatory requirement to be resident in the UK to open a new account? I'm currently resident in the US and am looking at transferring an old group pension account of approx. 750k into a SIPP to give me more control over it, perhaps to Fidelity after looking at some different options. However I have seen that a few providers have the UK resident requirement.0
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Can anyone tell me if there is a regulatory requirement to be resident in the UK to open a new account?
Depends. If you are in the EU, then the firm will require passporting authorisations to offer services to you. Many do not. Outside of the EU, the restrictions are less onerous and tend to only restrict high risk countries and the USA. However, firms are allowed to make their own restrictions as they decide to go beyond that.
And by new account, I am assuming you mean for transfers in and not new money.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks dunstonh, yes it would be a transfer in from an Aviva group plan. I'll check around to see who will accept a US resident and take it from there.0
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Any recommendations generally for platforms with good customer service and systems which are more reasonably priced for pots of £200k and up.
Looking at moving some of my workplace pensions into my SIPP, which would see it increase significantly in size to around £200k, and (hopefully!) would increase further in future.
Currently on HL and I do value their efficiency and service, have had no issues with them generally, but as my investments are pretty much all OEICS, I would be looking at £900 and rising per year, which is a lot to be handing over.
Not looking for absolute cheapest on the market by any means, but just wondering if I can get HL (or close to HL) levels of service elsewhere for lower fees than I would end up paying HL at that level of funds.0 -
Have you run your requirements through http://www.comparefundplatforms.com/ ?If your outgoings exceed your income, your upkeep will be your downfall.
-- Moe Howard of The Three Stooges explaining economics to brother Curley0
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