Sippdeal shocker (& link to template complaint letter)

plunt

word of advice for anyone moving out is to move it to bestinvest as they will cover up to £500 of transfer out fess, then continue your Ombudsman complaint.

ey143

Plunt,
On what basis are you making that comment? They're charging 0.4% annual charge upto £250k + £25 quarterly admin fee.

You're switching to get free transfer in and cost covering only to pay some £500 pa in charges v £100 with Sippdeal.

plunt

ah , i have mentioned my previous tiny pension pot in sipp deal.... but it is a left over pension i had from a short term job. (under 2k)

Bestinvest fees for my SIPP, will be

Investment Value Tiered Fee (per account)
From £0-£250,000 0.30% pa
The next £250,000-£1,000,000 0.20% pa
Over £1m No charge

*No set up fees for opening a SIPP
*No fixed minimum annual account charges

Therefore with SIPPs there is no fixed servicing fee that you mentioned....

Also my entire SIPP is solely in one fund. Furthermore the state the following (whcih personally i really like , and hate others havent chosen to do the same):

If there is not enough cash on the account to cover the fee, the necessary number of units will be sold from your largest fund holding to cover the fee. There is no fee charged for this process and you will not need to worry about having enough cash available to cover fees.
*No fund dealing charges meaning even better value for investors

Source: http://www.bestinvest.co.uk/competitive-pricing/faqs


So with all the above info and the fact they can refund my costs from moving out of SIPP deal, I think i shall be happy! Let me know if i have missed some fees though!

ey143

When I spoke to then on the phone they said they also have a quarterly admin fee.

plunt

would be great if anyone else can verify that. but thanks for the heads up and i will double check as well.

ey143

Just call them.

2poor4this

I've been looking at a SIPP with Bestinvest and have seen no mention of a Quarterly charge of £25 and the annual service fee on a SIPP up to £250,000 is only 0.3% not 0.4% which appears to be for the ISA.

ey143

I suggest you both call them and verify for yourselves. It's possible I spoke to a dud who doesn't know his a** from his elbow but he did say there was a quarterly charge through I agree it doesn't mention it on the web site. Then again I couldn't find the fee schedule of SIPP costs easily.....so perhaps I'm the dud. Call them, end the anxiety but the 0.3/0.4% is enough to make me say no v Sippdeal.

2poor4this

Could They have been talking about?

Custody charge for shares £25 + VAT per quarter flat rate


Not a problem if you just have funds?

ey143

Sounds about right.