XO Sipp

pjread

I was going to open an XO SIPP a year or two ago, but I think they bumped the fees up so they didn't look great and I dumped cash into my company pension instead.

I'm just about to drop another lump in in time for end of tax year, but notice looking at XO the fees seem now to be;
£99 annual fee (not charged or refunded though)
£50 transfer in fee (also not charged)
£100 or £150 for lump withdrawals/drawdowns at the end...
Nothing else except dealing commission @£5.95/trade

What am I missing? And if I'm missing nothing, am I likely to get one sorted this tax year, or should I carry on as I planned but maybe open one anyway for ongoing investment?

Thrugelmir

Which fees did they bump up?

I hold an X-O Sipp and last year transferred the management from Liberty to Gaudi. There are no longer any annual fees, as Jarvis refund them .

I'd be surprised if you find a fee free draw down facility with any provider.

What appealed to me was

Gaudi share the same values as Jarvis and their approach to the SIPP marketplace is to provide an easy to understand and cost effective product - they believe that managing a SIPP should be a straightforward task without encountering the frustration of small print, hidden charges, impersonal service and literature written in confusing 'pension speak'.

So far I've found them very helpful during my dealings. Jarvis likewise.

pjread

Awesome cheers - so really no costs beyond dealing and drawdown!? If I don't hear anything concerning today I'll pull the trigger on it

olbas_oil

Thrugelmir wrote: »

I hold an X-O Sipp and last year transferred the management from Liberty to Gaudi. There are no longer any annual fees, as Jarvis refund them ..

Did you have to pay anything for the transfer from Liberty to Gaudi? Are the Gaudi fees better than the Liberty fees?

Thrugelmir

olbas_oil wrote: »

Did you have to pay anything for the transfer from Liberty to Gaudi? Are the Gaudi fees better than the Liberty fees?

There was an exit fee from Liberty. The new SIPP fee along with the Annual fee charged by Gaudi were refunded directly by Jarvis to my trading account.

I found Liberty's service variable. Too often a question of who you dealt with. Then they wouldn't be there any longer. A hassle when conversing by email.

At least with Gaudi there's a proper web portal. That logs all communication. Shows the bank balance in real time. Shows what tax relief is yet to come through. Value of the SIPP (and when required the crystallised element etc). Also found that received an answer within 24 hours.

The transfer was painfully slow. I should add. Took 4 months in the end. Which was a clear illustration to me as to how bad Liberty are administratively. Some 4 months on from that hassle. Been plan sailing.

Shedman

"I'd be surprised if you find a fee free draw down facility with any provider."
HL for one don't charge for drawdowns...but they more than cover that from the platform fees :-)

Shedman

I was thinking of switching my X-O SIPP from Liberty to Gaudi but your 4 month switchover time is somewhat putting me off... I am all in cash in the Liberty SIPP at the moment so maybe that would be quicker and easier to transfer?

olbas_oil

Thrugelmir wrote: »

There was an exit fee from Liberty. The new SIPP fee along with the Annual fee charged by Gaudi were refunded directly by Jarvis to my trading account.

I found Liberty's service variable. Too often a question of who you dealt with. Then they wouldn't be there any longer. A hassle when conversing by email.

At least with Gaudi there's a proper web portal. That logs all communication. Shows the bank balance in real time. Shows what tax relief is yet to come through. Value of the SIPP (and when required the crystallised element etc). Also found that received an answer within 24 hours.

The transfer was painfully slow. I should add. Took 4 months in the end. Which was a clear illustration to me as to how bad Liberty are administratively. Some 4 months on from that hassle. Been plan sailing.

So Gaudi annual admin would be £0, whilst Liberty is £120
£100 exit fee from Liberty + £50 per asset (Would they really charge this when the assets stay within X-O?)
I think the drawdown charges are similar.
I agree that Liberty's lack of online service is a major annoyance, but I may be better sticking with them.