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Finally moving the SIPP

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  • StellaNStellaN Forumite
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    cloud_dog wrote: »
    Hi

    (here we go again)

    I need some feedback on Fidelity charging structure, for those of you who invest using ITs/ETFs/stocks in a Fidelity SIPP (not GIA or ISA).

    After my recent (October) experience when purchasing ITs and the subsequent service / management charge applied, I logged my 'frustration' of the situation. Fidelity have now come back to me with some answers to my queries, and I really need some feedback on their responses.

    I believed that if you invested in ITs/ETFs/stocks in a Fidelity SIPP then the management/service charge would be £45pa. I also understand that they charge the standard 0.35% on cash held in the account (as well as OIECs), plus they paid a small amount of interest on the cash which basically negated the charges (give or take a few pennies). I am also aware that they are changing their charging structure in the near future (mentioned previously).

    But, as of today I am informed that in the Fidelity SIPP all investments are charged at the 0.35% rate. And, I need some confirmation. StellaN, are you there... as I believe you are invested similarly.

    They have again confirmed that when the SIPP account is upgraded then live pricing will apply....when...Obviously I have asked that question.

    Sorry for my late reply, I was Xmas shopping all day! As per ArchBair's 2 posts that has been exactly my experience. I have not purchased any IT's since I switched to Fidelity because my transfers were all in specie so I will wait for the new platform and live pricing before I place another buy/sell order. Let's hope the changeover to the new platform/live pricing happens quite soon because then we should all be alright.
  • cloud_dogcloud_dog Forumite
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    Hi

    Just to be clear regarding the platform charges, are you paying £45pa / £3.75pm?
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • StellaNStellaN Forumite
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    cloud_dog wrote: »
    Hi

    Just to be clear regarding the platform charges, are you paying £45pa / £3.75pm?

    So for the last two months I have paid the following service fees:-

    1 November 2018 - £3.91

    1 December 2018 - £3.77

    I presume that is the £3.75 plus a bit extra for the small amount of cash in the account.

    Hope that helps.
  • cloud_dogcloud_dog Forumite
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    StellaN wrote: »
    So for the last two months I have paid the following service fees:-

    1 November 2018 - £3.91

    1 December 2018 - £3.77

    I presume that is the £3.75 plus a bit extra for the small amount of cash in the account.

    Hope that helps.
    Thanks.

    Unless your SIPP value happens to be £13105, in which case they are charging you 0.35% :)
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • StellaNStellaN Forumite
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    cloud_dog wrote: »
    Thanks.

    Unless your SIPP value happens to be £13105, in which case they are charging you 0.35% :)

    Indeed, but seriously my SIPP value is extremely volatile at the moment so has varied considerably in value over the past couple of months but on average is around £145K.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • cloud_dogcloud_dog Forumite
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    In which case I think I can safely assume you are, really, really being charged the pro rata rate of £45pa. :D
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • cloud_dogcloud_dog Forumite
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    ArchBair wrote: »
    I hope this is of interest to you. I also received a letter/mailshot from Fidelity informing me that they would be moving my SIPP over to their new platform in a month or so. When this happens they will not charge anything for holding cash in a SIPP, however they also will not be paying any interest. The new platform will also offer live pricing so let's hope its not too long!
    Hi AchBair (OR anyone else who has gone through the process)... The OH account has also received (20 Dec) a document advising of the switch over 'soon'. Are you able to confirm if your switch has occurred and roughly how long between notification and implementation?
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • LomcevakLomcevak Forumite
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    I can't answer the question, but have been reading this thread with interest as i'm looking at moving my Fidelity SIPP from funds to ETFs and banging my head on the desk in the process, so also interested in the answer

    It appears the current platform doesn't offer many ETFs within the monthly savings plan (it seems to have around 90, but none of the ones on my shortlist), so hoping this will improve with the new one. Haven't received anything about a switch though.
    MFiT-T5#6, £50k to zero: £49,907/£49,907 (100.00%), 2020 MFW#8 £4,763/£4,763 (100.00%)
    £50k-in-’20#27 £39,676.24/50,000 (79.35%)
  • dunstonhdunstonh Forumite
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    It appears the current platform doesn't offer many ETFs within the monthly savings plan (it seems to have around 90, but none of the ones on my shortlist), so hoping this will improve with the new one. Haven't received anything about a switch though.

    Fidelity is not a full wrap platform. Its heading that way but its not there yet. It still has its roots as a fund supermarket platform.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • cloud_dogcloud_dog Forumite
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    dunstonh wrote: »
    Fidelity is not a full wrap platform. Its heading that way but its not there yet. It still has its roots as a fund supermarket platform.
    Yes. I love the way when I buy ITs they manage to buy a fraction of a share :T

    Love to see what some of the companies share registers look like.

    That was a new experience for me. Also, they will need to sell those fractions of a share when they move to their online dealing platform.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
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