Close Bothers Asset Management

fudgecat

Looking at starting a SIPP and I have been attempting to compare platform costs, drawdown, etc. Close Brother Asset Management seem fairly priced at 0.25% platform charge plus £50 for drawdown set up and £75.00 every three years for review. Do any forumites have experience of dealing with this company?
I am very much a new investor, but have done quite a bit of research so far hence the decision on a SIPP.
Many thanks for reading this, and thank you in anticipation of any replies.

badger09

fudgecat wrote: »

Looking at starting a SIPP and I have been attempting to compare platform costs, drawdown, etc. Close Brother Asset Management seem fairly priced at 0.25% platform charge plus £50 for drawdown set up and £75.00 every three years for review. Do any forumites have experience of dealing with this company?
I am very much a new investor, but have done quite a bit of research so far hence the decision on a SIPP.
Many thanks for reading this, and thank you in anticipation of any replies.

I can't comment on Close Brother's SIPP but have held fixed term deposit accounts with them in the past and they were fine to deal with. My small SIPP is held with Hargreaves Lansdown - not the cheapest platform but reasonable value for a small one.

Have a look at the link in the 1st post here - comparison done by a well respected poster. You can play around with various scenarios

https://forums.moneysavingexpert.com/discussion/5583030/coolly-comparing-investment-platform-charges-snowmans-spreadsheet

EDIT not sure how often this is updated as 0.25% charge you quote is less than on spreadsheet

dunstonh

Looking at starting a SIPP and I have been attempting to compare platform costs, drawdown, etc. Close Brother Asset Management seem fairly priced at 0.25% platform charge plus £50 for drawdown set up and £75.00 every three years for review.

The 3 year review is not required for flexi-access drawdown. Only required on capped drawdown.

What assets are you planning to use in the SIPP? That can make a big difference to which SIPP may be right for you.

fudgecat

Thank you dunstonh for your reply. We will be using existing funds for the SIPP and my modest plan is to use the smallest contribution of 2880 (which is made up to 3600 with tax relief), 1 for my husband and 1 myself on the lowest cost platform and invested in a passive fund. The plan is to do this annually up to the age of 75. I know that any fund can go down as well as up, but I figured that the 20% tax relief contribution would act as a buffer. Both of us are currently below the tax threshold (I get a modest teachers pension of 9K and a civil service pension of about 2K). My husband does not work currently due to ill health, though he will get the state pension in two years, so has no income. I will get the state pension in 5 years. He may have modest pensions to come from employment, but it will be very little. We own our own home and have no dependents. At the moment all of our money (about 200K) is in cash across various banks, regular savers, ISA`s etc, in some 40 odd accounts. Although I have maximised our interest, I don`t feel we are making the most of our cash for the long term.
I wish I knew what I am beginning to learn now when I was younger! If you think I am going in the wrong direction, I am not offended if you tell me so. We live frugally, modestly and as greenly as possible.

fudgecat

Thank you badger09. The spreadsheet link is very useful. My husband has just groaned "NOT another spreadsheet!".

xylophone

Have both you and your husband obtained new state pension statements?

https://www.gov.uk/check-state-pension

drphila

fudgecat wrote: »

Do any forumites have experience of dealing with this company?

I have had a SIPP with them for about 5 years. Generally good customer service. Fund range is maybe a bit less than competitors. Also not as IT advanced as some competitors ( eg can't open general investment account on line)

fudgecat

Many thanks for the reply xylophone. Yes, we have obtained up to date statements. My husband qualifies for the full state pension from 66. I have two more years of contributions to make, which should come through care of my grandson and an application for NI credits.

fudgecat

Thank you for your reply drphila.