Investec SIPP - no fees / 2.57% interest

Gatser

Cautious_Investor wrote: »

Having checked their website it seems they charge £120 pa + VAT for up to 5 off panel investments, not each off panel investment, from their website:

If you carry out an Off Panel transaction (3)£30 + VATAdditional quarterly administration (4)£30 + VAT (up to 5 assets)
£140 pa for each would be very expensive!

Thanks again... you are spot on!
I had emailed SIPPCENTRE and I misunderstood their reply... Doh!!

What about the IFA cost though?
You can only access SIPPCENTRE via an IFA and I cannot see that being "cheap"? Any views on most cost effective route to achieve this? (or do IFA's get a commission rebate from SIPPCENTRE?)

Cautious_Investor_3

Gatser wrote: »

What about the IFA cost though?
You can only access SIPPCENTRE via an IFA and I cannot see that being "cheap"? Any views on most cost effective route to achieve this? (or do IFA's get a commission rebate from SIPPCENTRE?)

Hi

Yes, I believe you can only access the SIPP Centre via an IFA.

SIPP Centre do not pay commission in the traditional way.

I would suggest that as you know what you want and IFA would be paid a fee to cover their time, plus a margin for profit, to move your pensions to the SIPP Centre. Assuming it was a simple PP to PP switch and there were no occupational transfers involved I would suggest something around the £500 mark would be appropriate.

You would then clearly need to compare the larger upfront cost (larger because there is an IFA fee) with the potentially smaller ongoing cost.

I hope this helps.

The Cautious Investor