Cheapest SIPP platform?

Pmarmalade

My employer has agreed to me taking 30% salary sacrifice and they will pay it monthly directly into my SIPP.

I'll be investing in a handful of passive index funds. Vanguard would likely otherwise be my choice (I already use them for my S&S ISA), but I need to set it up now and can't wait for their SIPP.

I expect to transfer in a few other pots worth £25k and continue to build it at £1k per month, so free transfers in would be nice to have.

I might transfer to Vanguard eventually if the lowers fees are worth it, or to a fixed monthly payment later down the line, so free transfers out are also a bonus.

Small/no fees for rebalancing once per year if necessary would also be nice.

Cavendish seems to be the cheapest, with AJ Bell equivalent (0.25% + £1.50 regular investment charge) but with a transfer our fee. Does this sound right?

Do Close Brothers only allow you to select from their own funds? I've heard conflicting advice on this so I'll drop them a message.

Ellie78

I've just opened my SIPP via Cavendish because it was the cheapest option. Low annual fees, no trading charges for funds and no exit fees.

This thread has a great comparison tool for platforms. Enter the numbers that are correct for you to see what the costs are on different platforms.

https://forums.moneysavingexpert.com/discussion/5583030/coolly-comparing-investment-platform-charges-snowmans-spreadsheet&highlight=platform+comparison+snowman

[Deleted User]

Depends on the value of your assets and the investment vehicles you use. For me it was AJ Bell. http://www.comparefundplatforms.com/

Transfer out charges are often reimbursed

Sea_Shell

Do Cavendish offer drawdown products? I didn't think they did yet.

Will you have to move again?

Pmarmalade

Sea_Shell wrote: »

Do Cavendish offer drawdown products? I didn't think they did yet.

Will you have to move again?

When you accumulate a large enough portfolio I belive switching to a competitive fixed-fee structure makes sense anyway, so that will likely be inevitable.

Plus, if Cavendish doesn't charge exit fees that should be pretty painless (on the wallet)?

Pmarmalade

So I've only just read Cavendish won't allow transfers in of less than £10,00, while I have 4 old workplace pension pots where only two of which are worth over £10k. Consolidating all the old pots was really appealing, too...

Does any SIPP platform allow less than this £10k in?

My other option is to contact my existing providers and ask if of them allow transfers of smaller pensions in, then after that transfer the combined amount(s) into Cavendish...

ffacoffipawb

Pmarmalade wrote: »

So I've only just read Cavendish won't allow transfers in of less than £10,00, while I have 4 old workplace pension pots where only two of which are worth over £10k. Consolidating all the old pots was really appealing, too...

Does any SIPP platform allow less than this £10k in?

My other option is to contact my existing providers and ask if of them allow transfers of smaller pensions in, then after that transfer the combined amount(s) into Cavendish...

Hargreaves Lansdown has no lower limit.

Combine them all there and transfer them elsewhere afterwards if you want.

Hargreaves Lansdown no longer charge any fees to transfer away from them.

Albermarle

Minimum for Fidelity is £1,000 and they will pay any exit fees charged by current providers . No fee if you want to exit Fidelity later.