Fidelity SIPP in drawdown costs

TBC15

cloud_dog said:

It will be interesting to confirm if the drawdown occurs based on an available amount of cash (in the account) or whether they can/will execute a sale in line with instructions, i.e. monthly.

TBH I would expect them to charge a £10 sell fee each time (assuming they accommodate the instructions).

Have you considered the option of making a single sell annually and drawing monthly?

Perhaps questions to ask the rep?

There you go, you put the idea in my head next minute my chips are inedible. Even if I get charged £10 per transaction I could spin it out to 6 per year and be quids in. Having a year’s worth of drawdown out of the market would bring tears to my eyes.

On a £150,000 transfer I’m looking at costs of £393 with AJ Bell and a lot less (£56)with Fidelity.

As I typed my response I realize the one sale you suggest could be part of my 1yr cash bucket that would normally be on deposit, god bless you.

If you have any further insights do feel free to pitch up.

Edit I missed out the £120 pa fee for drawdown so my annual charge with AJ Bell is £513.

cloud_dog

I do my best to confuse 

Albermarle

On a £150,000 transfer I’m looking at costs of £393 with AJ Bell and a lot less (£56)with Fidelity.

and £500 cashback 

TBC15

Albermarle said:

On a £150,000 transfer I’m looking at costs of £393 with AJ Bell and a lot less (£56)with Fidelity.

and £500 cashback 

And my exit fee paid, get in.

Albermarle

If you add minimum £2.5K new money to your transferred pension before Dec 7th , you can get another £25 cashback !

TBC15

Albermarle said:

If you add minimum £2.5K new money to your transferred pension before Dec 7th , you can get another £25 cashback !

I’m holding out for Mr. Hawkins wife twice a month.

garmeg

TBC15 said:

Albermarle said:

If you add minimum £2.5K new money to your transferred pension before Dec 7th , you can get another £25 cashback !

I’m holding out for Mr. Hawkins wife twice a month.

Was the daughter phased in in 1991?

hyperhypo

I'm transferring at present too..mixed asset funds.. just over 200k ..the uncrystallised bit completed in under 2 weeks in cash. Next up paper form for crystallised. My opex of Fidelity staff on both sides very positive..and am moving from an Aegon platform at .23 per cent. Next plan to consider reshape towards ITs ETFs before income drawdown in 3 years. Heck didn't know about the bung..which will qualify for if I get my paper form off before November...why am I transferring... because of better service software etc than Aegon...and access to ITs and ETFs unadvised.

TBC15

Well, I just got of the phone with the Fidelity pensions advisor and life is good

Once I transfer my pension over as cash I’ll invest it in Smithson IT this will cost £10 (+ stamp duty). Once fully invested there is a £45 pa service charge. Every month Fidelity will sell ITs to the value of my drawdown, as this is a withdrawal plan it will cost £1.50 per month.

Fully functional £150000 SIPP in drawdown for £63 pa

Albermarle

The £500 cashback will mean you have 8 years for free effectively . Happy days