Prudential SIPP charge comparison

fjh

Hi
Been trying to locate site / table of costs so I can compare my SIPP charges to the ‘ market’
Welcome guidance please

AnotherJoe

https://moneyweek.com/personal-finance/isas/stocks-shares-isa-providers-cost-comparison-table/


Also google "snowmans spreadsheet"

MK62

Be aware though that cost comparisons can sometimes vary quite a bit between uncrystallised SIPPs and those in drawdown (ie crystallized or part crystallised).

AnotherJoe

First I've heard of that. Can you give some examples? Is this older type pensions?

dunstonh

I don't believe Prudential have a SIPP.

Prudential retail via the own salesforce and via IFAs. The charges will vary with the distribution channel. This is actually quite common. Providers will often lower charges over their published terms with intermediaries. So, you need to be wary of comparisons that use the default charge. it may not be what you have.

Also, you need to decide if you are going to DIY or continue using an intermediary. The distribution channels are different for both markets. i.e. the DIY providers tend to only offer services to DIY clients and intermediary providers only offer services to intermediary clients. Those that do straddle both markets tend to offer different product versions to each side at different prices.

MK62

AnotherJoe wrote: »

First I've heard of that. Can you give some examples? Is this older type pensions?

If this was in response to my post, to clarify what I meant, some SIPP platforms charge extra for SIPPs in drawdown, whereas others do not, and those that do charge for drawdown, don't all charge the same.
So the costs for a SIPP could vary depending on whether it's in drawdown or not.

As an example, the cost for a HL or Fidelity SIPP, is the same whether it's in drawdown or not, but an II or IWEB SIPP will cost more once it's moved into drawdown....the OP may need to consider that when doing a cost comparison (but probably only if in or nearing drawdown).
There is of course the other option of transferring again just before going into drawdown though.......

fjh

dunstonh wrote: »

I don't believe Prudential have a SIPP.

Prudential retail via the own salesforce and via IFAs. The charges will vary with the distribution channel. This is actually quite common. Providers will often lower charges over their published terms with intermediaries. So, you need to be wary of comparisons that use the default charge. it may not be what you have.

Also, you need to decide if you are going to DIY or continue using an intermediary. The distribution channels are different for both markets. i.e. the DIY providers tend to only offer services to DIY clients and intermediary providers only offer services to intermediary clients. Those that do straddle both markets tend to offer different product versions to each side at different prices.

As always thank you
Does that mean that the IFA get's 'paid' via Prudential and me?

Albermarle

Does that mean that the IFA get's 'paid' via Prudential and me?

The exact arrangements can vary but basically the answer to your question is yes.

As an example, the cost for a HL or Fidelity SIPP, is the same whether it's in drawdown or not,

Also even before drawdown, some platforms charge more for a SIPP than an ISA but the above two do not .

dunstonh

Pru have a limited in-house salesforce. If you buy direct from Pru, you pay their fees in addition to the product fees. If you buy via an IFA, then you pay the IFA fee in addition to the product fee.

The product fee you pay if you buy direct or via an IFA may be different. It varies across providers. The IFA fee is always paid by you. Even when facilitated via the product. The product provider is not allowed ot remunerate the IFA in any way.

eranou

Prudential do have a SIPP - the Prudential Retirement Account

Product/platform fee
Fund value
£0 - £100,000 0.45%
£100k - £250k 0.40%
£250k - £500k 0.35%
£500k - £750k 0.30%
£750k - £1m 0.275%
£1m + 0.25%

You will then have the ongoing charges for whatever fund(s) held

dunstonh

eranou wrote: »

Prudential do have a SIPP - the Prudential Retirement Account

Product/platform fee
Fund value
£0 - £100,000 0.45%
£100k - £250k 0.40%
£250k - £500k 0.35%
£500k - £750k 0.30%
£750k - £1m 0.275%
£1m + 0.25%

You will then have the ongoing charges for whatever fund(s) held

I thought that was a personal pension rather than a SIPP. A vehicle mainly to utilise their in-house funds. However, with those high costs and its limited fund selection, it's no surprise it gets filtered out during research and isn't really on my radar.