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Fidelity SIPP
Comments
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I use Fidelity SIPP via Cavendish.
The only thing good about Fidelity via Cavendish is the cost. It only costs 0.25% annually and don't charge for exit fees.
The low cost of course comes with costs.
The Cavendish SIPP contribution form is such a disaster design. I could not face it without a form filling tool. Every time you want to make a SIPP contribution, they will to ask you to fill in at least 50 blanks from scratch, ranging from your full name, SIPP account number, NI number and date of birth to your fund allocation, beneficiaries, etc., and if that's not bad enough, their poor system often fails at the last step when you are trying to submit the form, and then you will need to do all of that again another day.
In the past 5 months, I've used it three times to make one off contributions, and their system has failed me twice - two out of three times. Each time after I filled in all the blanks and was finally able to submit the forms, the website just shows an error message and tells me to retry latter. Of course retry won't help, it shows the same error message no matter how many times I retry. I had to contact the customer support each time it fails, and it takes days for them to fix it, and at the end they will ask me to retry again - fill in all those forms from scratch again. Thankfully I have browser plugins to do that.
You could argue that the IT system for the SIPP contribution forms belongs to Cavendish, and it's not Fidelity's fault. However, the features on the Fidelity side is also as bad as it can get. The only information they can show about your investments is the fund name and current value (in terms of number of units and in pounds), absolutely nothing more than this. They can't even tell you how much did you pay for the funds, let alone the investment performance. You will need to do your own book keeping and calculation to figure that out.
But I'm staying with them. I get what I've paid for. I use form filling tool to deal with the SIPP contribution forms, and accounting software to keep track of my investments (in the Fidelity SIPP and all my other investments).
If you can't do your own book keeping and/or don't want to use that stupid SIPP contribution form, you'd better use a full featured SIPP platform instead - and pay for what you get.0 -
Currently I use x-o. Flat annual fee of £99 plus VAT. (1st years fee is refunded to new customers).
x-o does not offer funds. Otherwise access to any listed investment. i.e. stocks, shares, bonds and gilts.0 -
HardCoreProgrammer wrote: »I have (most of) my pension with Fidelity.
With >£250k combined (pension + investments inside/outside ISA), the platform charge drops from 0.35% to 0.20%, one of the cheapest in the market.
That's still a £500+ pa platform fee. Interactive Investor would do the same for £90+120 pa including £90 of trade credits which should be enough for most people's needs given their low £1 regular investment rate.
The best thing about the Fidelity SIPP seems to be the £45 cap if holding an exchange traded asset.
Alex0 -
The best thing about the Fidelity SIPP seems to be the £45 cap if holding an exchange traded asset.
Alex
Yes, I only hold IT's in my SIPP so the £45 cap is excellent. Another positive is I'm about to go into drawdown and there are no charges for this and also no exit fees if at a later date I decide to transfer to another platform.
The only negative for me is that we are still waiting for the new software/website changes for SIPPS so they can offer 'live' trading and access to all IT's, ETF's and shares. However, at the moment its not too much of a problem for me because I am currently fully invested so no trades really apart from dividend re-investment which I am currently holding in cash.0 -
Yes, I only hold IT's in my SIPP so the £45 cap is excellent. Another positive is I'm about to go into drawdown and there are no charges for this and also no exit fees if at a later date I decide to transfer to another platform.
The only negative for me is that we are still waiting for the new software/website changes for SIPPS so they can offer 'live' trading and access to all IT's, ETF's and shares. However, at the moment its not too much of a problem for me because I am currently fully invested so no trades really apart from dividend re-investment which I am currently holding in cash.
Yep, I also have a Fidelity SIPP investing solely in IT's and the advantages you mentioned are great, however, it is now getting a bit frustrating waiting for the new SIPP software because live buying and selling is essential. If this comes along soon then all well and good, I've had a letter to say it will be soon but who knows....0 -
Hi Alex, mainly because people who invest in IT's or shares like to know the definite rate they are buying/ selling at that time. Unlike next day prices for OEICS.
Yes I think that's more about the people than the investment!
Unless you are speculating the exact price you pay within a day will make very little difference to your long term return. It's barely relevant let alone an 'essential' feature.
Alex0 -
With IT's or shares (rather than OEICS) the price can fluctuate more dramatically on a daily basis so generally you want to know the definite price you are buying/selling at which is reasonable in my opinion. I don't however feel it will make a big difference over long term returns.0
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Unless you are speculating the exact price you pay within a day will make very little difference to your long term return. It's barely relevant let alone an 'essential' feature.
Alex
Well, although it may make little difference to the overall long term return, I still like to know what price I'm buying or selling at. I can't understand why you would think there is anything wrong with that?0
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