are pensions complicated or what

margaretclare

EdInvestor wrote:

I think the regular savings ISA bit is here. Must say it's not the must user friendly website I've ever seen, indeed the discounts part is downright confusing.

Anyway probably best to get the Sipp sorted out first. Hope that all goes well

Thanks for this. H-L have closed regular savings for the current tax year, so I'm applying for regular savings stocks & shares mini-ISA for 2006/7.

I now find that the H-L SIPP is cheaper and seems easier to read and to understand - just when I sent the application off to SIPPdeal yesterday. I suppose it's not irrevocable (SIPPdeal I mean?)

Best wishes

Margaret Clare

EdInvestor

margaretclare wrote:

I now find that the H-L SIPP is cheaper and seems easier to read and to understand - just when I sent the application off to SIPPdeal yesterday.

Not sure if HL is cheaper for drawdown - I don't think they make their charges public on the site, do they? Also not sure if they will accept small funds.

Perhaps you could report back if you find out any info on that? :)We could do with some feedback on H-L drawdown.

cheerfulcat

Ed, there is a list of charges here, not sure if that's what you were after? Agree with you about HL's lack of user-friendliness, this was not as easy to find as it should have been.

FWIW I moved a fund of around £9000 to HL, so they will accept smallish funds.

EdInvestor

Thanks CC

Actually there seems to be very little in it as far as the charges are concerned - HL may be slightly cheaper overall if you are investing in funds but not much.Sippdeal would be cheaper for shares and investment trusts, but again not by much.

How have you found Sippdeal as far as service goes since you switched over from HL? A comparison between the two would be useful.

margaretclare

Hi again

Here's the H-L page about SIPPs: http://www.hargreaveslansdown.co.uk/SIPP/

As you can see, they say: 'no set-up or transfer in fee etc....'

Margaret Clare

cheerfulcat

Ed, I'm ashamed to say I haven't moved yet; I don't want to be in the position I was in when I moved my other account from them, where I was left for three weeks ( for the shares; nearly five for a fund ) without the ability to trade, so I have procrastinated. I'm tempted just to open the SIPPdealxtra account and use that from now on, though that does involve two sets of charges.

dunstonh

I'm still not on a SIPP yet so you arent alone. Although unlike you I am looking at the hybrid SIPP option as I will only use funds.

EdInvestor

margaretclare wrote:

Hi again

Here's the H-L page about SIPPs: http://www.hargreaveslansdown.co.uk/SIPP/

As you can see, they say: 'no set-up or transfer in fee etc....'

Margaret Clare

There are extra fees for drawdown, scroll down:

http://www.hargreaveslansdown.co.uk/SIPP/sipp_fees.asp

I don't want to be in the position I was in when I moved my other account from them, where I was left for three weeks (for the shares; nearly five for a fund ) without the ability to trade

That's useful info: knowing what it's like getting out may tell you a lot about what it's like being in, from what I can see

margaretclare

Hi EdInvestor

Am trying to compare the costs of Sippdeal and H-L - have looked at the link above (for drawdown):

http://www.sippdeal.co.uk/charges.aspx

Sippdeal charge £50 for a transfer in from another approved pension scheme (i.e. my FP stakeholder), £75 for paying tax-free cash and £10 for a regular income payment.

Must look at H-L again and compare.

Best wishes

Margaret Clare

PS: I've now received a large packet from Squaregain - a lot of DYOR to do!!

EdInvestor

As far as I can see they line up like this:

Establishment

SD: Free at present
HL: Free

Annual fee:

SD: Free for everything
HL: free for funds and cash

Dealing costs

SD: 20 pounds max for fund purchase
HL: Free for funds
[Up to 200 pounds AMC p.a for shares]

Set up drawdown benefits

SD 75
HL 75

Pay tax free cash

SD 75 ( you can get Friends Prov to do it for free)
HL not mentioned

Income payment

SD 10 ( ie 10 a year if income paid once annually)
HL not mentioned

Income alteration

SD Free
HL 10

One off payment (what is this I wonder?)

SD Not mentioned
HL 25

Triennial Review

SD 75
HL 75

In additon on cash interest rates, SD pays a lower maximum rate but pays it on the whole fund, while HL has a higher max rate, put only pays it on the top band, with successively lower rates on bands below. Probably works out about the same.

So HL will come in a bit cheaper for someone who will invest in funds only, while Sippdeal will come in a bit cheaper for someone who has shares.This gap is pretty small, and would certainly be overcome by service issues for me if there was a difference there, so suggest you try and suss that a bit, Margaret. Worth asking also on the SIPP board on the Fool.

Try the "dealing demos" on both sites to see which you prefer.