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  • FIRST POST
    • sonicman
    • By sonicman 17th May 17, 9:52 PM
    • 1Posts
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    sonicman
    sipp question
    • #1
    • 17th May 17, 9:52 PM
    sipp question 17th May 17 at 9:52 PM
    hi newbie so sorry if this goes over old ground,
    have a stakeholder pension with aviva, not my main one as I have an occupational pension and am still working
    Stakeholder was set up thru financial advisor who still services it but I have come to time where I think I should cut costs and maximise growth.So am thinking in terms of a sipp.
    However changing to drawdown from stakeholder product will entail no costs when I drawingdown at retirement age.
    my question is do all sipp providers charge for regular/ lump sum payments at drawdown?
    (something to take into consideration for transfering to a sipp)
    seem to me you cannot win as there are charges to consider whichever way you go.
    ta in advance.
Page 1
    • xylophone
    • By xylophone 17th May 17, 11:35 PM
    • 22,881 Posts
    • 13,241 Thanks
    xylophone
    • #2
    • 17th May 17, 11:35 PM
    • #2
    • 17th May 17, 11:35 PM
    my question is do all sipp providers charge for regular/ lump sum payments at drawdown?
    No.................
    • dunstonh
    • By dunstonh 18th May 17, 1:35 AM
    • 89,502 Posts
    • 54,962 Thanks
    dunstonh
    • #3
    • 18th May 17, 1:35 AM
    • #3
    • 18th May 17, 1:35 AM
    Stakeholder was set up thru financial advisor who still services it but I have come to time where I think I should cut costs and maximise growth.So am thinking in terms of a sipp.
    And the SIPP is cheaper?

    Stakeholders have become niche but charges are around 0.45% p.a. at the moment (fund and product). How does that compare with your potential SIPP and investment choice? (and remember not to compare pension fund AMCs with UT/OEIC AMCs. You have to compare pension AMCs with UT/OEIC OCFs).

    my question is do all sipp providers charge for regular/ lump sum payments at drawdown?
    No. Some do. Some don't. It really depends on their charging models. Some providers target different types of customer and price accordingly.

    seem to me you cannot win as there are charges to consider whichever way you go.
    You surely were not expecting it for free?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • zagfles
    • By zagfles 18th May 17, 6:39 PM
    • 12,253 Posts
    • 10,182 Thanks
    zagfles
    • #4
    • 18th May 17, 6:39 PM
    • #4
    • 18th May 17, 6:39 PM
    hi newbie so sorry if this goes over old ground,
    have a stakeholder pension with aviva, not my main one as I have an occupational pension and am still working
    Stakeholder was set up thru financial advisor who still services it but I have come to time where I think I should cut costs and maximise growth.So am thinking in terms of a sipp.
    However changing to drawdown from stakeholder product will entail no costs when I drawingdown at retirement age.
    my question is do all sipp providers charge for regular/ lump sum payments at drawdown?
    (something to take into consideration for transfering to a sipp)
    seem to me you cannot win as there are charges to consider whichever way you go.
    ta in advance.
    Originally posted by sonicman
    Some do, some don't. HL for instance don't.

    Download Snowman's spreadsheet to compare platforms, he's got a section for drawdown charges:

    http://forums.moneysavingexpert.com/showthread.php?t=5583030
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