X-O Liberty SIPP new charges

olbas_oil

I have just spoken to LIBERTY.
Although the words '(each asset)' have appeared in the new fee schedule an asset in Liberty's terms is not a single shareholding but an entire account. Thus all holdings within an X-O account would be transferred to a new SIPP provider within a single fee of £50 (plus £100 for the actual SIPP).

I'm still very tempted to move to the new X-O Sipp run by Gaudi, because it promises no annual fee, but no longer have to worry about beating the deadline of April 6th, because that part remains the same.

clivep

trevman wrote: »

Fees for following years;
As at April 2015 = x-o.co.uk/wp-content/XOSIPP%20FEE%20Schedule.pdf
As at April 2016 = x-o.co.uk/wp-content/uploads/JARV3168%20X-O%20SIPP%20Fee%20Schedule%20AW.pdf
As at April 2017 = x-o.co.uk/wp-content/uploads/JARV3192%20X-O%20SIPP%20Fee%20Schedule%20AW.pdf

Thanks, but the 2016 & 2017 ones you've given are for their newer Jarvis SIPP rather than for the 2015 X-O SIPP administered by Liberty.

clivep

olbas_oil wrote: »

I have just spoken to LIBERTY.
Although the words '(each asset)' have appeared in the new fee schedule an asset in Liberty's terms is not a single shareholding but an entire account. Thus all holdings within an X-O account would be transferred to a new SIPP provider within a single fee of £50 (plus £100 for the actual SIPP).

I'm still very tempted to move to the new X-O Sipp run by Gaudi, because it promises no annual fee, but no longer have to worry about beating the deadline of April 6th, because that part remains the same.

I thought that was probably the case and makes the in-specie transfer fee of £50 much cheaper for me than the newer Jarvis SIPP at £15/line. I think I'll bite the bullet and transfer for £150 as the annual fee saving will soon pay for that (whilst they still refund it!!!).

Interestingly, the Jarvis in-specie charge is shown under share dealing fees rather than SIPP administration fees. This implies it may be an X-O charge rather than a Gaudi one. I wonder if this applies to the X-O Liberty in-specie fee.

I've not had a reply to my email to Liberty.

X-O replied to say "Jarvis will rebate the fees applied via Gaudi, we will not rebate the fees for your current provider" and "In regards to Liberty SIPP fees we will be unable to comment on these other than that we will not rebate their exit fees".

Gaudi have replied "Jarvis Investment Management confirm that they will refund the SIPP Annual Administration Charge and SIPP Transfer In Charge as long as the www.x-o.co.uk SIPP Investment Account is kept open" and "Jarvis Investment Management and Gaudi will not cover transfer out or exit fees from another pension provider. We would direct you to confirm with Liberty SIPP the exit fees or transfer out fees that they will be charging you before you proceed forward with a pension transfer to any new pension provider".

stphnstevey

Not followed this completely, but if Jarvis changed their SIPP provider, then I think you have a case with them for them to pay the transfer fees to their new provider, surely?

olbas_oil

stphnstevey wrote: »

Not followed this completely, but if Jarvis changed their SIPP provider, then I think you have a case with them for them to pay the transfer fees to their new provider, surely?

I think the Jarvis position was 'you don't need to do anything, because the Liberty Sipp will still run as the wrapper to your existing X-O account'. It is no longer possible to open new Liberty Sipps using Jarvis as the broker, but existing ones continue.
I agree it would have been better if they had closed down the product and facilitated a new wrapper at no cost to the consumer. It is irksome that the branding is identical (even to the confusion regarding seemingly identical orange printed fee schedules) and just a matter of bad timing that I joined a few months too early and had a costly LIBERTY-XO SIPP rather than the cheaper GAUDI XO SIPP. I would be cross about the £150 exit fee, but am actually quite relieved that I don't have to pay multiple £50 fees, to simply keep my shares exactly where they are but with a change of wrapper.

stphnstevey

Appears to be changing again

https://forums.moneysavingexpert.com/discussion/comment/74571484#Comment_74571484

Shedman

stphnstevey wrote: »

Appears to be changing again

https://forums.moneysavingexpert.com/discussion/comment/74571484#Comment_74571484

At a quick glance it looks like the big change is that they are only now going to refund only the 1st years SIPP fee whereas I believe that currently their terms were refund of fee for as long as an X-O trading account was open.

clivep

Shedman wrote: »

At a quick glance it looks like the big change is that they are only now going to refund only the 1st years SIPP fee whereas I believe that currently their terms were refund of fee for as long as an X-O trading account was open.

Quite correct, the wording was "£99 plus vat – Jarvis will refund these fees until such time as the X-O share dealing account linked to your SIPP is closed".


I wonder if this only applies to new a/cs or existing ones aswell? I only transferred my SIPP from the Liberty X-O one earlier this year and transferred the wife's from Fidelity. They certainly haven't notified either of us about the changed t's & c's which would be to our material disadvantage.


When I transferred from my Liberty X-O SIPP the charge should have been more than that quoted on here as the £50 in-specie fee from Liberty excludes £15 per line charge from X-O which was not shown anywhere in the t's & c's. For my 20 lines of stock the total transfer out fees should have been £150 Liberty + £300 X-O = £450. When I started the Liberty X-O SIPP in early 2015 it was advertised as NO transfer out fees. I argued with both X-O and Liberty that subsequent changes in their t's & c's were to my material disadvantage and that I rejected them. Both X-O and Liberty waived their charges so my transfer ended up being free.


Not much point in having done this though if we now get stuffed with the annual management fee!!!

stphnstevey

Queried and confirmation from X-O:

The change of SIPP fees applies to new accounts opened on and after 1st August 2018 and will not affect clients who opened a SIPP account before this date. You will not have received any communication regarding the fee changes as they will not apply to your accounts.
We will always contact existing clients if changes are to be made to their accounts.

clivep

That's OK then.


Thanks for letting us know.