Leaving HL without transfer charges

hyposmurf

Originally Posted by £Nash£
Hmm, I was within an hour of starting a SIPP with HL but decided to look at this forum for information on Best SIPPs. I am having doubts about HL now. Does anyone have any advice for me?

Have a look at Bestinvest, they offer 0.3% rather than H&L's 0.45% for smaller pots. I'm just in the transfer process going from H&L to Bestinvest.

C_Mababejive

Just a little aside but can someone explain fund charges? For example Charles stanley says it charges 0.25% pa (on value of fund) on commission free funds.

So if i have one fund i will only pay 0.25% or will i pay other charges as listed in the particular fund KID ?

le_loup

You pay a platform charge of 0.25% and then the fund annual charge on top but that is taken monthly directly from the fund, so you don't see a transaction.

paddytt

£Nash£ wrote: »

Hmm, I was within an hour of starting a SIPP with HL but decided to look at this forum for information on Best SIPPs. I am having doubts about HL now. Does anyone have any advice for me?

HL's charges for SIPP's remain fairly competitive. Their service is usually excellent as is their website. We have moved our ISA's but remain with HL for other services such as SIPP's.


regards


TT

ztkr

Received a very quick response (3 days) to my formal complaint with HL. They have offered to waive exit fees, or reduce my fund charge to .25% (from .45%; just funds tho - it doesn't look like it applies to shares/ITs/ETFs). Good service from HL to deal with it so quickly; I can't understand how they've managed to make such a mess of the whole pricing structure, when normally they are so good...

Now I have a dilemma: do I switch or not? As I've already opened a YouInvest ISA in preparation...

C_Mababejive

philc27 wrote: »

Received a very quick response (3 days) to my formal complaint with HL. They have offered to waive exit fees, or reduce my fund charge to .25% (from .45%; just funds tho - it doesn't look like it applies to shares/ITs/ETFs). Good service from HL to deal with it so quickly; I can't understand how they've managed to make such a mess of the whole pricing structure, when normally they are so good...

Now I have a dilemma: do I switch or not? As I've already opened a YouInvest ISA in preparation...

So now HL are offering to reduce platform fees on funds to 0.25% for those who ask...?

I have funds both in vantage and within an ISA wrapper
Have HL lost the plot? I shall ask too..! what do i need to do?

badger09

C_Mababejive wrote: »

So now HL are offering to reduce platform fees on funds to 0.25% for those who ask...?

I have funds both in vantage and within an ISA wrapper
Have HL lost the plot? I shall ask too..! what do i need to do?

HL not reducing 0.45% for everyone who asks. Presumably, only for those they want to retain.

No harm asking though.

bossymoo

Hmm. What sort of size investment will they be looking to retain?

I've finally managed to get to snowman's spreadsheet and it seems my cheaper options are ii and iWeb.

So. I guess I will consolidate some of my funds - I have a couple I want to drop anyway - then I will apply for a transfer in specie - then I will look to bed some of the rest into the new ISA, however long that takes

What a mess. I have sent a secure message "formally complaining" about exit fees. Looking after money is a big responsibility...

lejog2003

masonic wrote: »

So far I think sorcerer's progress has been the best with at least some funds transferred over to III.

I'm 8 weeks in and haven't seen any progress, although HL reassure me my transfer will complete shortly. :undecided

My SIPP transfer to ATS hits the 10 week mark on Monday - the current status is one Vanguard fund transferred this week, one Vanguard fund gone from HL but somewhere in limbo and the SWIP tracker (which I' m transferring in cash since ATS don't offer the same class) still sitting at HL.

So despite initiating a transfer 3 days after receiving details of the new charges from HL, it has been impossible to transfer out before the new charges are first levied on Monday 31st March.

Oh well if they make a mistake and do charge me platform fees on Monday, it will at least be only on 20% of my pension pot.

masonic

lejog2003 wrote: »

Oh well if they make a mistake and do charge me platform fees on Monday, it will at least be only on 20% of my pension pot.

From their recent secure message to me, it looks like they won't be deducting the fees until 3rd April, although presumably it will be based on holdings as at 31st March.

I've now had 3 of my funds transferred (my 3 largest ~70% of my portfolio) with 3 remaining.