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X-O Sipp new charges... WOW!
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Actually, there is.
A small pot withdrawal will not trigger the reduced Money Purchase Annual Allowance of £10k per year. This means you'd still be able to fund a pension up to the normal Annual Allowance of £40k per year. (note - the entire pension must be withdrawn to make use of the small pots provision, so this is only really relevant to pensions worth £10k or less).
Alternatively, withdrawing money from a pension under one of the new options from 6th April 2015 (i.e. either as a UFPLS or through flexi-access drawdown) would trigger the £10k Money Purchase Annual Allowance.
I guess this is only relevant to people who intend to contribute more than £10k in the future, but interesting nonetheless...0 -
I guess if you can afford to put more than £10K in a pension AFTER taking/starting a pension then small pots are largely irrelevant anyway but thanks for the information. I can't see my wife or I needing to worry about paying more into a pension lol.0
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To clarify the situation regarding the new transfer charges, X-O Liberty have now stated that the £ 50.00 "In Species" stock transfer charge covers ALL the lines of stock, NOT per line of stock. So regardless of whether it's one line or twenty lines, the charge is still £ 50.00. This covers both Liberty & Jarvis charges.
On this basis, under the new charges schedule, a transfer out to a new U.K. provider will cost £100 + VAT for the "In Cash" portion, plus £50 + VAT for any "In Species" portion. Total £150 + VAT.
Nailing this clarification down has taken quite a number of emails & 'phone calls to Liberty & Jarvis, so I hope that it's of some use to clivep, kidmugsy et al.0 -
The headline advert from the current X-O webpage is:-
The X-O SIPP - Fixed annual administration fee of £120 +VAT
Two years ago it was £75, then £95 last year and now £120. An interesting use of the word "fixed" - not like a fixed interest rate on an savings account for instance.
Originally, there were a few small extra charges for events that in my view were very unlikely. Now X-O double (nearly) the charge if you do such an unlikely thing as put the SIPP into drawdown.
What is paying drawdown other than an adminstrative activity?
I think the whole price increase is rather disreputable and bring X-O and Liberty no kudos at all. I moved one pension pot a month or two ago and planned to move others. The second part of that plan is now in doubt.0 -
To clarify the situation regarding the new transfer charges, X-O Liberty have now stated that the £ 50.00 "In Species" stock transfer charge covers ALL the lines of stock, NOT per line of stock. So regardless of whether it's one line or twenty lines, the charge is still £ 50.00. This covers both Liberty & Jarvis charges.
On this basis, under the new charges schedule, a transfer out to a new U.K. provider will cost £100 + VAT for the "In Cash" portion, plus £50 + VAT for any "In Species" portion. Total £150 + VAT.
Nailing this clarification down has taken quite a number of emails & 'phone calls to Liberty & Jarvis, so I hope that it's of some use to clivep, kidmugsy et al.
Thanks for that. I can see that they have changed the fee schedule document for transferring out.
In early March it stated "Transfer out in-specie (each asset)* £50"
whereas it now says "Transfer in-specie fee (non-cash)* £50".0
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