BestInvest New SIPP Fees

jimmeee

thigger wrote: »

I'm transferring out due to this - I only have a small SIPP so it effectively doubles the fees. Just going through their T&Cs at the moment - presumably they can't charge exit fees when they're the ones changing the prices?

I've emailed them asking them about this. More specifically, asking if transfer out fees will be zero and account closure fee will be zero. Not heard back yet.

Spreadsheetman

It seems usual that choosing the lowest cost platform provider will mean having to move everything when the costs inevitably increase after a couple of years. That's pretty inconvenient and it does make you wonder whether going for one of the middling cost options would be less hassle.

thigger

Looking at their terms and conditions, it's all a bit vague. It appears we have the right to exit the contract as a result, but there's no mention of waived fees.

However, I think there might be a case in terms of a complaint about unfair contract terms ( https://europa.eu/youreurope/citizens/consumers/unfair-treatment/unfair-contract-terms/index_en.htm ) if they refuse.

superlative

thigger wrote: »

Looking at their terms and conditions, it's all a bit vague. It appears we have the right to exit the contract as a result, but there's no mention of waived fees.

However, I think there might be a case in terms of a complaint about unfair contract terms ( https://europa.eu/youreurope/citizens/consumers/unfair-treatment/unfair-contract-terms/index_en.htm ) if they refuse.

Good call. It would come under 'one-sided changes to the contract', I think.

EdSwippet

thigger wrote: »

Looking at their terms and conditions, it's all a bit vague. It appears we have the right to exit the contract as a result, but there's no mention of waived fees.

So far, only Youinvest have successfully refused point-blank to waive exit charges for people moving away as a result of a large increase in annual fees. And they did this not just once, but twice:

https://forums.moneysavingexpert.com/discussion/4833396/sippdeal-shocker-link-to-template-complaint-letter
https://forums.moneysavingexpert.com/discussion/5507672/new-aj-bell-youinvest-charges

If you read through these two threads you can also see that in every case, the FOS ruled in favour of Youinvest and against the consumer. In other words, although it seems likely that you can engineer a free transfer out, you probably cannot guarantee it.

Worth taking this past action by Youinvest into account when selecting your refuge from Bestinvest, too.

thigger

There is an interesting bit in the terms and conditions (29.2):

In accordance with clause 23.6 we may vary our
fees and costs of our services from time to time
or introduce alternative charging structures. Any
changes introduced will be comparable to the
charges you are already paying and in line with
market rates

I think those of us with the smaller pots can make an argument that this is neither comparable to what we're already paying (mine's more than doubled) nor in line with market rates (eg the various places offering 0.25%, or even the fixed fee people).

thigger

Good news everybody!

Just received this from the client relations people:

I can confirm any clients wishing to transfer their SIPP’s away from Bestinvest due to the new SIPP fees will have transfer charges waived.

Good guys BestInvest I guess - might dodge Youinvest as a replacement after reading the above-linked threads.

Edit: Anyone have much to say regarding Close Brothers vs Cavendish Online?

jimmeee

thigger wrote: »

Good news everybody!

Just received this from the client relations people:

I can confirm any clients wishing to transfer their SIPP’s away from Bestinvest due to the new SIPP fees will have transfer charges waived.

Good guys BestInvest I guess - might dodge Youinvest as a replacement after reading the above-linked threads.

Edit: Anyone have much to say regarding Close Brothers vs Cavendish Online?

:beer:

Still waiting for a reply here

Beardyone_2

Hi there I’m in the same position with regards to my wife’s SIPP which will see an increase of 200%!! With regard to exit fees I see in the small print that they will charge for account closure.
£75 plus VAT if you have been with them more than 2 years.
I am looking at Cavendish to switch too - .25% fees only funds though and No draw down facility at this time.

gaz77

thigger wrote: »

Good news everybody!

Just received this from the client relations people:

I can confirm any clients wishing to transfer their SIPP’s away from Bestinvest due to the new SIPP fees will have transfer charges waived.

Good guys BestInvest I guess - might dodge Youinvest as a replacement after reading the above-linked threads.

Edit: Anyone have much to say regarding Close Brothers vs Cavendish Online?

I haven't had a response to my email yet, but at least that sounds promising.

I had a look at Close Brothers: https://www.closebrothersam.com/individual/what-we-do/self-directed#self-invested-personal-pension

I've not looked at it in detail, but it seems to suggest 0 fees - surely that can't be right? Am I missing something?