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Cheapest way to hold SIPP

I have a SIPP which is currently held on the Bestinvest platform.  I am retired & drawing a company FS pension which covers all my day to day requirements.  The SIPP is in addition to this & is not yet being drawn.   It's current value is approx £100k and I am not making any contributions into it.  The funds held are roughly equal between L&G Multi Index 5 and VLS 60.  Given that I am simply holding & not making contributions, and that the fees are about £300 p/a, is there a better/cheaper way of doing this?  I don't anticipate starting to drawdown for the next couple of years but this may change depending on circumstances.   TIA for any help given.

Comments

  • maximoose94
    maximoose94 Posts: 48 Forumite
    10 Posts First Anniversary
    If your fees are only 0.3% (based off £300 PA for £100k) I'd say that's pretty good to be fair for a combined platform and fund charge.
    You might not be buying/selling but the fund managers are working behind the scenes on your investments. Likewise Best Invest need their platform charge to continue offering their service. Just because you're not actively contributing now doesn't mean the costs go away. 
  • zagfles
    zagfles Posts: 21,548 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Chutzpah Haggler
    Google "snowman's spreadsheet"
  • Albermarle
    Albermarle Posts: 28,982 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    If your fees are only 0.3% (based off £300 PA for £100k) I'd say that's pretty good to be fair for a combined platform and fund charge.
    You might not be buying/selling but the fund managers are working behind the scenes on your investments. Likewise Best Invest need their platform charge to continue offering their service. Just because you're not actively contributing now doesn't mean the costs go away. 
    I suspect the OP means the platform charges are £300 and the funds charges are extra.
    is there a better/cheaper way of doing this?  I don't anticipate starting to drawdown 
    Yes you could save a few quid by transferring but cheaper platforms tend to charge extra for drawdown, when you get to that stage .
    https://monevator.com/compare-uk-cheapest-online-brokers/
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