Leaving HL without transfer charges

fozzeh

bossymoo wrote: »

Is it worth chasing HL to get onto the fund managers?

Most FM's are a lot more efficient than HL. If HL have submitted the forms, the FM will get it turned around in 3 weeks tops (barring any delays with restrictions/account set up (for newly registered stocks)).

stphnstevey

Yay, had my letter from H&L - 0.25% management charge or waive fees for transfer

The letter says they can alter this at any point, so if I stay, what stops them putting the fees back up and locking me in with the new transfer charges?

Could I also maybe keep my SIPP with them at 0.25% and transfer out ISA with no transfer charges?

I'm finding it hard to compare other providers as there are still setup fees for S&S ISA and SIPPs with other providers, so although the annual charge is lower, there is an initial outlay (particularly with SIPPs). Should I look to see if that initial outlay is clawed back over say a few years?

Also, when I transfer in, would each stock be considered a trade and incur dealing charges?

grey_gym_sock

stphnstevey wrote: »

Yay, had my letter from H&L - 0.25% management charge or waive fees for transfer

The letter says they can alter this at any point, so if I stay, what stops them putting the fees back up and locking me in with the new transfer charges?

nothing, i suppose ... i wouldn't be too worried about that, though. HL presumably think your accounts are profitable enough to them at 0.25%, and want to keep them for as long as possible.

however, it may be that prices have fallen further after 5 or 10 years, and then 0.25% doesn't look so good.

Could I also maybe keep my SIPP with them at 0.25% and transfer out ISA with no transfer charges?

depends what their offer says. you'd have to ask, if it isn't clear.

offers are probably only being made for larger accounts, so is your SIPP big enough to get an offer on its own? most ppl with offers have mentioned account sizes of c. £100k and above.

I'm finding it hard to compare other providers as there are still setup fees for S&S ISA and SIPPs with other providers, so although the annual charge is lower, there is an initial outlay (particularly with SIPPs). Should I look to see if that initial outlay is clawed back over say a few years?

yes, i'd look at what will work out cheapest over the next 2 years, or 5 years, or something.

you can also look at exit charges with new providers.

Also, when I transfer in, would each stock be considered a trade and incur dealing charges?

no, it's not a trade. it's only explicit "transfer in" charges that apply. (some SIPPs have them; not many ISAs do.)

Doctor_Who

grey_gym_sock wrote: »

most ppl with offers have mentioned account sizes of c. £100k and above.

I never got the 0.25% offer from HL and my SIPP and ISA combined are well in excess of £100K.....maybe they just don't like me , or more probably it just depends on who reads the letter/secure message asking to waive fees!

[Deleted User]

Hi,

I got the offer, though decided to switch to II anyway.

All my funds have gone from HL, after about 2 months, but not showing on II yet, couple of shares still with HL so hope they move soon.

stphnstevey

SIPP wise it seems for me the annual charge is the same or better with H&L's 0.25% charge. Also, iweb and II seem to have £50 transfer in fees (per line of stock or per cash transfer - iweb capped at £300), making a substantial setup charge or forcing me to transfer as cash. So think I will stay with H&L for SIPP

ISA wise iweb would save me about £85/year. Not huge but I am going to call H&L and see if they will give me both the no exit charge on the ISA and 0.25% on the SIPP with them


Did you guys just call to implement the no fees or 0.25%?

Doctor_Who

stphnstevey wrote: »

Also, iweb and II seem to have £50 transfer in fees (per line of stock or per cash transfer - iweb capped at £300), making a substantial setup charge or forcing me to transfer as cash.

I was assured by II that the £50+VAT transfer-in fee was per pension provider NOT per line of stock.....hence my HL SIPP counts as one transfer-in despite having 8 lines of stock. This also qualifies for their transfer offer of £10 per line of stock, hence I make a few quid!

darren72

Doctor_Who wrote: »

I was assured by II that the £50+VAT transfer-in fee was per pension provider NOT per line of stock.....hence my HL SIPP counts as one transfer-in despite having 8 lines of stock. This also qualifies for their transfer offer of £10 per line of stock, hence I make a few quid!

Yes, it is £50+VAT transfer-in fee per transfer form not per line.

stphnstevey

Sorry, clarified with iweb and they said £50 per line of stock and as II was also £50, assumed it was the same but didn't check

Doctor_Who

stphnstevey wrote: »

Sorry, clarified with iweb and they said £50 per line of stock

That's extortionate!! It's a wonder anyone transfers their SIPP to iWeb, and if you haven't had your HL exit fees waived that's £75 per line of stock to transfer! iWeb might have a cap of £300, but their fee is considerably more than any other provider I have seen.......and there was me thinking the II charge of £50+VAT was somewhat unreasonable!