transfer fees

ffacoffipawb

debtfree1day said:

anyone know of any bonus's for transferring pension etc? i seem to remember hargreaves l.  always emailing me saying transfer pension above x and get £50, pension above y and get £100 etc etc?

Hargreaves have, or had, one recently.

2unlimited91

The cheapest platforms (e.g. IWeb) often don't offer any bonuses for transferring to them. After all, they will be aiming to recover the cost of these bonuses from customer charges, so a platform that pays big bonuses may need to have higher charges.

I'd concentrate more on a platform's standard level of charges. Though a bonus could tip the balance, if it's close between 2 possible platforms to transfer to.

debtfree1day

ffacoffipawb said:

debtfree1day said:

anyone know of any bonus's for transferring pension etc? i seem to remember hargreaves l.  always emailing me saying transfer pension above x and get £50, pension above y and get £100 etc etc?

Hargreaves have, or had, one recently.

yeah but its hargreaves i am looking to leave from as their platform charges are becoming prohibitive at over 300£ a year

debtfree1day

II have this -   sop £120 a yr platform charge from april 21, looks alot better to me.....i know hl has nice app, and lots of fund options, but i am ok with fairly standard shareholdings in blue chips, and some trackers / etfs i hold------------------------------

ii website.......- Our SIPP administration fee is just £10 a month (special offer: pay no SIPP fee until April 2021),

bowlhead99

debtfree1day said:

II have this -   sop £120 a yr platform charge from april 21, looks alot better to me.....i know hl has nice app, and lots of fund options, but i am ok with fairly standard shareholdings in blue chips, and some trackers / etfs i hold------------------------------

ii website.......- Our SIPP administration fee is just £10 a month (special offer: pay no SIPP fee until April 2021),

Well, the 'no Sipp fee' only lasts until next April and after that you'll be paying the £10pm or whatever they put it up to in future years. That £10pm fee to administer the SIPP (a regulated pension product) is in addition to the standard service fee for maintaining an account with them (the £9.99 mentioned on the same link).

So on an ongoing basis you'd be paying about £20pm (£240 per year) for the II account services including SIPP administration. That only includes a certain amount of transaction fee credits, and if they aren't enough to cover all the transactions you want to carry out (ongoing purchases, sales and portfolio rebalances every so often), the all-in cost is going to be more than the £240 per year.

If you're currently paying about £300pm all in with HL (who don't charge anything on top to administer a SIPP, and give you unlimited fund trades), then the level of saving isn't as much as you might be expecting; once the offer ends, it isn't just a case of paying £120pa vs the £300pa you're currently paying.

Of course, we all hope our balances will grow over time and it can make plenty of sense to move away from a platform that charges a percentage of your account balance, as the amount balance gets a lot bigger.

I wouldn't worry too much about losing the HL 'app', because the large rival providers such as II, AJ Bell etc have an app too, and even if they didn't have a dedicated app, all devices that can run apps generally have internet access to use the services via web browser anyway. 

But you're right to look at non-fee differences between providers. For example, on another thread this week, aroominyork was bemoaning the fact that if he wants to move his money from one open ended fund to another with II, he has to spend a day out of the market waiting for his sell order to be priced before the cash is available to place a buy order, which could cost a few percent if the market moved the wrong way in the meantime. With HL and various other traditional fund platforms, you can simply 'switch' your holdings so that the redemption proceeds of one sale will pay for the subscription purchase cost of the same value into another fund. (https://forums.moneysavingexpert.com/discussion/6155663/the-market-times-you-even-when-you-don-t-try-to-time-it).

debtfree1day

Hi. im not - HL are charging £300 for doing nothing....i.e if i never buy or sell. i am not day trader but looked over last few years and made total of 7 per year (buy plus sell) - most shraes some funds (which are free) so thats another 60£ a year on the sipp....then there is the isa another 5 per year on average chargable trades (60£ again) and then the fee on the isa 0.45% of investments which is about £150, so thats over £600.......if i transfer both to ii, ignore the bonus of free sipp for a few months, its £240 a year and lots of credits for trades, even if i ended up paying for 5 trades (which i dont see i would unless i increase freuqency) its only 8£ a trade so £40 - so thats change from 300£ vs 600£ with HL.......alot of dosh really!

debtfree1day

read the article on being out of the market......its shocking in 2020.....I have decided to stick to individual stocks I have picked up over the years and the odd speculative punt i will doubltess have and the rest in passive tracker investments, so probably not much of an issue for me - but not great experience reading the thread

ffacoffipawb

debtfree1day said:

read the article on being out of the market......its shocking in 2020.....I have decided to stick to individual stocks I have picked up over the years and the odd speculative punt i will doubltess have and the rest in passive tracker investments, so probably not much of an issue for me - but not great experience reading the threadB

For stocks, HL charges are capped at £200pa for a SIPP, £45pa for an ISA and no annual charge for a general dealing account. What's not to like?

george4064

ffacoffipawb said:

debtfree1day said:

read the article on being out of the market......its shocking in 2020.....I have decided to stick to individual stocks I have picked up over the years and the odd speculative punt i will doubltess have and the rest in passive tracker investments, so probably not much of an issue for me - but not great experience reading the threadB

For stocks, HL charges are capped at £200pa for a SIPP, £45pa for an ISA and no annual charge for a general dealing account. What's not to like?

To clarify, the investments that fall under that charging structure include; shares, investment trusts, ETFs, and individual bond securities.

debtfree1day

ffacoffipawb said:

debtfree1day said:

read the article on being out of the market......its shocking in 2020.....I have decided to stick to individual stocks I have picked up over the years and the odd speculative punt i will doubltess have and the rest in passive tracker investments, so probably not much of an issue for me - but not great experience reading the threadB

For stocks, HL charges are capped at £200pa for a SIPP, £45pa for an ISA and no annual charge for a general dealing account. What's not to like?

Hi it would seem that the £200 is only for stocks hence as I have about half and half it doesn’t cap me at 200£ but more like 310£ (depending on value of investments ) over a year before dealing costs hence you can see it’s a lot more than the ii quote

i have messaged Hargreaves to confirm this is accurate as I reckon I am paying well over double what ii will charge even once the offer has ended but wanted to be sure before I take action 

thanks