II - fees removed for drawdown

Notepad_Phil

garmeg said:

Notepad_Phil said:

II have now changed the model a bit.

I had thought of partially moving some of my ii SIPP across to another platform so that I could draw down from there to save on the £10 per month for monthly drawdown or £50 + VAT fee for UFPLS - good news that I won't need to do that now.

As far as crystallised funds go, they must be fully moved to another provider. I do not think that you can partially transfer crystallised funds from one provider to another. Probably due to complexity of keeping tabs on LTA usage.

No such restriction applies to uncrystallised funds, as long as the providers are happy to oblige.

Yes my ii SIPP is fully uncrystallised so it hopefully wouldn't have been a problem - though I'm quite happy that I won't need to as I like ii, I just didn't like the additional £120 that I'd need to pay per year to go into drawdown or the one-off £50 + VAT per UFPLS.

unkle

I moved to ii a few months ago with both my SIPP and one of my ISA's, mainly due to the low fee's, I was with fidelity but once you get a large pot ii's fee's make a decent sized difference.

[Deleted User]

Thrugelmir said:

Deleted_User said:

In N America nobody imposes charges of this nature. 

US brokerages can earn money in ways UK ones cannot. Robinhood's business model being one example. 

Isn’t Robinhood about to move into the UK using the same model?

Albermarle

Deleted_User said:

Thrugelmir said:

Deleted_User said:

In N America nobody imposes charges of this nature. 

US brokerages can earn money in ways UK ones cannot. Robinhood's business model being one example. 

Isn’t Robinhood about to move into the UK using the same model?

The move has been cancelled , mainly due to bad publicity I think.

Joey_Soap

Existing investors such as myself, in II SIPP will be delighted. The already very low running cost of my SIPP has now dropped by half. That's  another £120 a year in my pocket. Thank you II.

[Deleted User]

TBC15 said:

After this change I was sorely tempted to go to II for my SIPP transfer from AJ Bell as I’m an II investor already ( all eggs in one platform/basket aside). What has put me off as a pensioner in drawdown the times quoted for the transfer. II are quoting 4-6 weeks they do not appear subscribe to origo software.

Fidelity are quoting a typical max of 10 working days, as disruption to regular income is a factor for me I think I’ll probably go with Fidelity.

I transferred from Standard Life Elevate and Fidelity to ii this year using the online form.
Fidelity form filled in 27 Feb, money appeared in ii 9 March
Standard Life form filled in 1 March, money appeared in ii 12 March

dharm999

TBC15 said:

After this change I was sorely tempted to go to II for my SIPP transfer from AJ Bell as I’m an II investor already ( all eggs in one platform/basket aside). What has put me off as a pensioner in drawdown the times quoted for the transfer. II are quoting 4-6 weeks they do not appear subscribe to origo software.

Fidelity are quoting a typical max of 10 working days, as disruption to regular income is a factor for me I think I’ll probably go with Fidelity.

I transferred from SL to II, and it was done through Origo.  It was relatively smooth, and the cost savings are significant, c0.8% a year, by switching to low cost passive funds/etfs.  The only glitch was the uds were transferred to II from SL and were sitting in an unallocated account as supposedly SL had put the wrong ref on the transfer, not sure if that was true, but that added a week to the time for the transfer to complete.  Without that, the whole thing would have happened within 2 weeks.  One thing to note, is that it was a cash transfer, as the funds I want to invest in on II weren't available on SL, I don't know if that meant the transfer was slower/quicker than if it had been another way.

Albermarle

Cash transfers are always quicker .

Thrugelmir

Deleted_User said:

Thrugelmir said:

Deleted_User said:

In N America nobody imposes charges of this nature. 

US brokerages can earn money in ways UK ones cannot. Robinhood's business model being one example. 

Isn’t Robinhood about to move into the UK using the same model?

Cannot operate in the same manner in the UK. Would have to find another way of generating revenue. In the US market makers rebate effectively commission back to Robinhood for business placed. May well mean than the customer isn't obtaining the best price in the market. Conflict of interest. No such thing as a free lunch. Though people assume so far too often.