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  • FIRST POST
    • planteria
    • By planteria 23rd Feb 14, 9:17 AM
    • 4,865Posts
    • 1,065Thanks
    planteria
    Iii
    • #1
    • 23rd Feb 14, 9:17 AM
    Iii 23rd Feb 14 at 9:17 AM
    i am looking at moving from HL to III with my ISA, and potentially SIPP.

    any thoughts re. the following?:

    1. Financial Safety: is money safe with them?
    2. Customer Service Levels: do they sort problems efficiently?
    3. Website functionality?
    4. Paper copies of trades and holdings?
    5. Whether you can invest in US shares?

    They certainly look competitive, for larger portfolios, as here:

    http://langcatfinancial.co.uk/2014/02/strawberry/

    are there any real downsides to III?

    http://www.iii.co.uk/help
Page 98
    • lejog2003
    • By lejog2003 26th Nov 17, 2:48 PM
    • 200 Posts
    • 125 Thanks
    lejog2003
    https://www.investcentre.co.uk/sites/default/files/AJBIC_Taxation_of_flexible_pension_payments_QAs_0. pdf

    The provider will operate PAYE.

    Even if the provider has a tax code, the one off payment will be taxed PAYE - it would always be possible for another payment to be taken.

    As far as I can see, unless the income is taken regularly over the tax year, it will always be necessary to use the in year reclaim.
    Originally posted by xylophone
    I'm not arguing about that (well I could because it should be possible to tax ANNUAL payments on a month 12 basis, HMRC have certainly allowed that in the past). However in your link, the last condition applies.

    Can overpaid tax be reclaimed?

    If a one-off payment has been made in the tax year, it is likely that tax will have been overpaid. When this is the case the additional tax paid can be reclaimed ......

    An in-year claim can be made as follows ....., if the pension has not been emptied and no further withdrawals are to be made within the tax year, by completing form P55.
    I've completed my P55 three months ago, but not received my refund yet.

    Its worrying since I plan to buy a house next spring and will want to take a further £45k payment in the new tax year in April. It appears that I'll be taxed as if I have any income of £540,000 a year (more than the balance of my SIPP), and have £19,000 tax deducted rather than £6,600. And I could end up twiddling my thumbs waiting for a £12.5k tax refund. This is what appears to have happened to goRt with his single flexi-drawdown payment (and in his case iii of course).
    Last edited by lejog2003; 26-11-2017 at 2:52 PM.
    • goRt
    • By goRt 27th Nov 17, 8:16 AM
    • 233 Posts
    • 134 Thanks
    goRt
    I'm not arguing about that (well I could because it should be possible to tax ANNUAL payments on a month 12 basis, HMRC have certainly allowed that in the past). However in your link, the last condition applies.

    I've completed my P55 three months ago, but not received my refund yet.

    Its worrying since I plan to buy a house next spring and will want to take a further £45k payment in the new tax year in April. It appears that I'll be taxed as if I have any income of £540,000 a year (more than the balance of my SIPP), and have £19,000 tax deducted rather than £6,600. And I could end up twiddling my thumbs waiting for a £12.5k tax refund. This is what appears to have happened to goRt with his single flexi-drawdown payment (and in his case iii of course).
    Originally posted by lejog2003
    Everything you say is correct.
    If you follow iii's logic (that I may take another payment within the tax year) then there is never a usecase where p55 applies!
    iii's payment request paperwork links to HMRC website you quoted.

    Even if iii is correct and I subsequently decided to take another payment then the tax should be withheld from that!

    iii continues (after Saturday's post) to insist it is correct without actually producing evidence to support its position (it also asked for a copy of HMRC's letter which it's had since August when stating it would sort out HMRC's error - it has done nothing on that!).
    • planteria
    • By planteria 27th Nov 17, 12:14 PM
    • 4,865 Posts
    • 1,065 Thanks
    planteria
    i haven't been interacting with iii much lately, but the impression from friends seems to be that things are no better nowadays: with taking on more customers they are just as stretched as they were before
    • Freecall
    • By Freecall 28th Nov 17, 4:41 PM
    • 1,054 Posts
    • 952 Thanks
    Freecall
    Jumping ship
    After many years of a not always smooth relationship, I am now thinking of moving from II.

    Looking around, I am not so sure that (for me) they are as cheap as they used to be.

    I am currently in UFPLS drawdawn and am charged the following :

    SIPP Fee £96
    ISA Fee Nil
    One annual SIPP withdrawal £48
    4 quarterly fees £80

    Total £224 (NB Includes 8 trades which is about right for my re-balancing)

    The new pricing is

    SIPP Fee £120
    ISA Fee Nil
    One annual SIPP withdrawal £60
    4 quarterly fees £90

    Total £270 (NB Includes 9 trades)

    HL Fees seem to be as follows :

    SIPP Fee £200 (being well over the cap this is effectively a fixed fee)
    ISA Fee £45 (again, over the cap so effectively fixed fee)
    One annual SIPP withdrawal Nil
    Dealing fees £96 (say 8 for comparison)

    Total £341 (NB Includes 9 trades)



    If I have that correct then only a small amount more and hopefully a decent service.

    Given that II now say that no further UFPLS drawdawn requests can be started until after the 11th December but that a transfer to an alternative scheme will not incur any transfer-out charge, I may take the opportunity and jump ship.

    Is anybody else like minded?

    Of course the actual charging will depend on individual circumstances but as I only hold IT's it looks quite attractive to me at present.

    I think that we have until 30th November to make our minds up.
    • JohnRo
    • By JohnRo 28th Nov 17, 5:39 PM
    • 2,481 Posts
    • 2,230 Thanks
    JohnRo
    I only had a quick glance through so apologies if there's a mistake.

    AJB YouInvest

    SIPP Fee £100 capped
    ISA Fee £30 capped
    One annual SIPP withdrawal £25
    Dealing fees £79.60 (say 8 for comparison) 8@£9.95

    Total £234.60
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • LHW99
    • By LHW99 28th Nov 17, 8:10 PM
    • 992 Posts
    • 850 Thanks
    LHW99
    I think AJB ISA fees depend on whether you hold funds or not, and they put charges on the first £2m
    https://www.youinvest.co.uk/isa/charges-and-rates
    • Alexland
    • By Alexland 28th Nov 17, 8:45 PM
    • 737 Posts
    • 464 Thanks
    Alexland
    Freecall only holds ITs so AJ Bell would be capped and fairly attractive. I had a SIPP with them and they were OK but I held funds so moved to a fixed price platform.

    AJ Bell will also contribute towards transfer costs if their are any (not sure the extent to which II are offering to waive fees):

    https://www.youinvest.co.uk/our-services/special-offers/transferinoffer
    Last edited by Alexland; 28-11-2017 at 8:47 PM.
    • Freecall
    • By Freecall 29th Nov 17, 10:57 AM
    • 1,054 Posts
    • 952 Thanks
    Freecall
    All of the providers I have considered work out in about the £200 - £350 range and to be honest I can live with anything in this sort of area.

    I have been with II for many years and although they are by no means the most efficient organisation I have always accepted that their offering is cheap and therefore acceptable.

    Using them simply as a platform to hold my SIPP and ISA investments has been ok.

    Three years ago I started to draw a pension and since that time their shortcommings (or at least the shortcommings of their partner Hartley SAS or 'Lifetime SIPP' as they brand it) have really shown.

    Lost paperwork, late payments, constant blaming between II and Hartley have made life very difficult. I am not sure whether the move that they are making from Hartley to Barnett Waddingham will sort this but in the meantime all UFPLS payments have been suspended pending the transfer.

    This really should have been handled more professionally and smoothly. There must be others with pensions in payment who are thinking the same thing.
    • planteria
    • By planteria 6th Dec 17, 4:22 PM
    • 4,865 Posts
    • 1,065 Thanks
    planteria
    i've pondered the new iii pricing structure, and their service levels do seem to continue to struggle, but on the basis of 'the devil you know' and that they are still a 'value' provider, i have registered for the new platform and plan at this stage to continue with them.

    other than the fact that they don't seem to accept that customers don't always have a landline number, which i'd have thought is fairly common nowadays, the re-registration and setting up a new DD went smoothly.
    • TBC15
    • By TBC15 7th Dec 17, 4:13 PM
    • 263 Posts
    • 87 Thanks
    TBC15
    Problems with no land line, tell me more.
    • planteria
    • By planteria 10th Dec 17, 8:44 PM
    • 4,865 Posts
    • 1,065 Thanks
    planteria
    .... just that in updating customer information, i removed the landline number, as it no longer exists. that apparently prevented the details being accepted, as the form was incomplete. so i left the old number in, alongside the correct mobile, and it was accepted.
    • Matt002
    • By Matt002 10th Dec 17, 10:23 PM
    • 63 Posts
    • 10 Thanks
    Matt002
    Just put the same mobile number in the mobile and landline boxes?
    • planteria
    • By planteria 11th Dec 17, 9:42 AM
    • 4,865 Posts
    • 1,065 Thanks
    planteria
    i'm not sure whether it would have accepted a mobile as a landline, or not. but regardless, in this day & age lots of people do not have a landline. i've asked customers for a landline number who have not even known what it means

    anyway, the new iii.co.uk is up and running. it seems quite good.

    my holdings look a bit different in that US companies are showing purchase pricing in dollars now, when it was converting into sterling before. it all seems correct
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