This'll make you wince!

[Deleted User]

Malthusian wrote: »

The OP could do better but it will make little difference in the grand scheme. Most DIY investors pay more. A few DIY investors pay substantially less as loss-leader fees are more prevalent in the DIY sector.

You cannot be serious. 30 year investment, remove 1% in fees and you would end up with an extra 25% in your portfolio. Is that what you call “little difference”? That’s a LOT of Mercedeses.

As a DIY investor, I pay 0.1% rather than 1.3% like this poor sod.

IvanOpinion

fronty wrote: »

II SIPP all set up, just need to do the transfer now.

Were you able to withdraw the £500 as cash or would they only let you use it for re-investment?

TBH I'll probably just re-invest it anyway.

I moved to II at the start of this year and have been very pleased (so far).
The £500 was added into my trading account and I promptly moved it to my SIPP several weeks later the £125 tax allowance came through (plus £125 through my tax code).

Malthusian

Deleted_User wrote: »

You cannot be serious.

Not if you cut off parts of what I said in order to change the meaning, no.

The beginning of that paragraph which you removed made it clear I was talking about the platform fee only at that point.

[Deleted User]

Malthusian wrote: »

Not if you cut off parts of what I said in order to change the meaning, no.

The beginning of that paragraph which you removed made it clear I was talking about the platform fee only at that point.

Sorry, I misunderstood that at that point you were talking about one small element of the overall cost.

To me, anything over 0.5% in total annual costs is a rip-off (including advice, platform and fund charges). 0.1% is achievable and worth having.

blisteringblue

fronty wrote: »

Found a button in my SL Wrap SIPP labelled "Charges"... I've been pontificating too long, it's time to ditch the IFA...

:eek: :eek: :eek:

I'm on the same platform and just had a look at mine after just accepting them too, but I do remember discussing when I did my transfer

0.8% overall, platform 0.3% and IFA 0.5% so I don't really think mine are that bad.

I'm not an investor and my SIPP here is just under 500k. OK they are not doing a lot for this 0.8% but I got a good fixed price deal on the transfer that I'm happy they are not fleecing me although I'm sure others will differ.

Andyed201

Well if it makes you feel any better I found my old IFA had set me up on a platform with a 0.28% charge, in funds that charged 1.19% and 1.08% and was taking 0.5% himself. Nearly the same on the ISA but the fund was only taking 0.7% and platform 0.25%. No wonder he drives a very large Mercedes........

Malthusian

Deleted_User wrote: »

To me, anything over 0.5% in total annual costs is a rip-off (including advice, platform and fund charges). 0.1% is achievable and worth having.

To me anything over 1p in total costs for a packet of nuts is a rip-off, because I hate nuts, but not everyone agrees.

green_man

For those in II are you in drawdown?

What are the charges? It looks like the drawdown minimum charge would be £30/month. Are there any additional charges I’ve overlooked?

Do they pay any interest on cash balances?

£360 is still double what I’d pay in Halifax doing one UFPLS per year, but II would do monthly drawdown payments for that and cover some trading costs so probably not much in it.

[Deleted User]

Malthusian wrote: »

To me anything over 1p in total costs for a packet of nuts is a rip-off, because I hate nuts, but not everyone agrees.

Good point. Large charges are a-ok for people who hate money.

elantan

how would u go about transferring your pension from your IFA?