Does Anyone Have Experience of or Recommendations for ii SIPP in Drawdown?

Albermarle

StellaN said:

I'm with Fidelity for my SIPP and I find the new website good enough for my needs. In my opinion it is also great value for money for those who only hold IT's or ETF's in their SIPP because the charges are capped at £45 per annum. They used to have a limited number of IT's and ETF's on offer but this has grown substantially. In the past, I have also requested if they could add an IT or ETF and this has been done so no complaints from me.

Other bonus points to consider is that there are no exit fees (if you change your mind) and no charges for drawdown. They have specialist advisors for drawdown who are very good and are different to their regular customer services team. They also offer switch incentives on a regular basis so anybody with quite a big pot of money can earn themselves another tidy sum of money.   

Also if you have over £250K with Fidelity ( combination of any account ) the fee drops to 0.2% for all the money , not just that over £250K like with HL 
So if you have a mixture of ITs and funds, you pay around 0.1% with no other charges apart from IT dealing charges .
Maybe not the ultra cheapest but not bad . Also probably almost zero chance they will get taken over , or take anybody else over , so some nice stability.

tfc

TBC15 said:

tfc said:

Thank you for your input. I think I will make the move. Fidelity had it's chance with me (for too long!)

I’m about to move to Fidelity what’s so bad about it?

As I mentioned at the beginning, the cost (for my profile of valuation and trading pattern) is one element in my decision.

Another other is simply the difficulty in seeing that instructions have been carried out. There is no doubt that the transaction reporting has improved over years, but it is still difficult to see what is happening on your account.

You have to click back and forth to see what is hidden behind  e.g. "Interest/Income Distribution Fidelity SIPP". You have to click "Show Details", but if you are trying to sort out a couple of transactions, clicking on "Show Details" automatically closes the previous transactions "Show Details". Even a simple Buy or Sell transaction ends up with 3 transactions (debit, debit, credit for a buy) and (credit, credit, debit for a sale)

Why is this important to me? As I mentioned my SIPP is in drawdown. The handling of cash is important, as it is being used to pay my pension. Why worry? you will ask. Well there have been a number of occasions in my time with Fidelity when transactions have just not appeared, and I have to call to find out what is happening and have the problem corrected. I have one such query still outstanding as I write this (after 4 calls to try and get it resolved) and being fobbed off with nonsense excuses as to why the transaction has not appeared. With the 'opacity' in the transactions reporting it would be a nightmare to resolve such queries on a yearly basis.

I can see that if you have a smaller value portfolio, NOT in drawdown and are investing with Accumulating units, and not concerned about cash generation then you won't see this problem and Fidelity might suit you.

TBC15

tfc said:

TBC15 said:

tfc said:

Thank you for your input. I think I will make the move. Fidelity had it's chance with me (for too long!)

I’m about to move to Fidelity what’s so bad about it?

As I mentioned at the beginning, the cost (for my profile of valuation and trading pattern) is one element in my decision.

Another other is simply the difficulty in seeing that instructions have been carried out. There is no doubt that the transaction reporting has improved over years, but it is still difficult to see what is happening on your account.

You have to click back and forth to see what is hidden behind  e.g. "Interest/Income Distribution Fidelity SIPP". You have to click "Show Details", but if you are trying to sort out a couple of transactions, clicking on "Show Details" automatically closes the previous transactions "Show Details". Even a simple Buy or Sell transaction ends up with 3 transactions (debit, debit, credit for a buy) and (credit, credit, debit for a sale)

Why is this important to me? As I mentioned my SIPP is in drawdown. The handling of cash is important, as it is being used to pay my pension. Why worry? you will ask. Well there have been a number of occasions in my time with Fidelity when transactions have just not appeared, and I have to call to find out what is happening and have the problem corrected. I have one such query still outstanding as I write this (after 4 calls to try and get it resolved) and being fobbed off with nonsense excuses as to why the transaction has not appeared. With the 'opacity' in the transactions reporting it would be a nightmare to resolve such queries on a yearly basis.

I can see that if you have a smaller value portfolio, NOT in drawdown and are investing with Accumulating units, and not concerned about cash generation then you won't see this problem and Fidelity might suit you.

Oh dear, my transfer to Fidelity paperwork went in the post yesterday.

Is it reasonably easy to see what tax code they have for you on the web site?

TBC15

Albermarle said:

StellaN said:

I'm with Fidelity for my SIPP and I find the new website good enough for my needs. In my opinion it is also great value for money for those who only hold IT's or ETF's in their SIPP because the charges are capped at £45 per annum. They used to have a limited number of IT's and ETF's on offer but this has grown substantially. In the past, I have also requested if they could add an IT or ETF and this has been done so no complaints from me.

Other bonus points to consider is that there are no exit fees (if you change your mind) and no charges for drawdown. They have specialist advisors for drawdown who are very good and are different to their regular customer services team. They also offer switch incentives on a regular basis so anybody with quite a big pot of money can earn themselves another tidy sum of money.   

Also if you have over £250K with Fidelity ( combination of any account ) the fee drops to 0.2% for all the money , not just that over £250K like with HL 
So if you have a mixture of ITs and funds, you pay around 0.1% with no other charges apart from IT dealing charges .
Maybe not the ultra cheapest but not bad . Also probably almost zero chance they will get taken over , or take anybody else over , so some nice stability.

I couldn’t find anyone cheaper than Fidelity for a SIPP in drawdown with IT’s

tfc

TBC15 said:

tfc said:

TBC15 said:

tfc said:

Thank you for your input. I think I will make the move. Fidelity had it's chance with me (for too long!)

I’m about to move to Fidelity what’s so bad about it?

As I mentioned at the beginning, the cost (for my profile of valuation and trading pattern) is one element in my decision.

Another other is simply the difficulty in seeing that instructions have been carried out. There is no doubt that the transaction reporting has improved over years, but it is still difficult to see what is happening on your account.

You have to click back and forth to see what is hidden behind  e.g. "Interest/Income Distribution Fidelity SIPP". You have to click "Show Details", but if you are trying to sort out a couple of transactions, clicking on "Show Details" automatically closes the previous transactions "Show Details". Even a simple Buy or Sell transaction ends up with 3 transactions (debit, debit, credit for a buy) and (credit, credit, debit for a sale)

Why is this important to me? As I mentioned my SIPP is in drawdown. The handling of cash is important, as it is being used to pay my pension. Why worry? you will ask. Well there have been a number of occasions in my time with Fidelity when transactions have just not appeared, and I have to call to find out what is happening and have the problem corrected. I have one such query still outstanding as I write this (after 4 calls to try and get it resolved) and being fobbed off with nonsense excuses as to why the transaction has not appeared. With the 'opacity' in the transactions reporting it would be a nightmare to resolve such queries on a yearly basis.

I can see that if you have a smaller value portfolio, NOT in drawdown and are investing with Accumulating units, and not concerned about cash generation then you won't see this problem and Fidelity might suit you.

Oh dear, my transfer to Fidelity paperwork went in the post yesterday.

Is it reasonably easy to see what tax code they have for you on the web site?

I am not aware of Fidelity showing the tax code on their site. The tax code is set by HMRC and notified to you and (in this case) Fidelity. It will change depending upon your circumstances and the code  applied in relation to your SIPP is set by HMRC's view of your various incomes and how they wish to claim the overall tax in the easiest way.

TBC15

tfc said:

TBC15 said:

tfc said:

TBC15 said:

tfc said:

Thank you for your input. I think I will make the move. Fidelity had it's chance with me (for too long!)

I’m about to move to Fidelity what’s so bad about it?

As I mentioned at the beginning, the cost (for my profile of valuation and trading pattern) is one element in my decision.

Another other is simply the difficulty in seeing that instructions have been carried out. There is no doubt that the transaction reporting has improved over years, but it is still difficult to see what is happening on your account.

You have to click back and forth to see what is hidden behind  e.g. "Interest/Income Distribution Fidelity SIPP". You have to click "Show Details", but if you are trying to sort out a couple of transactions, clicking on "Show Details" automatically closes the previous transactions "Show Details". Even a simple Buy or Sell transaction ends up with 3 transactions (debit, debit, credit for a buy) and (credit, credit, debit for a sale)

Why is this important to me? As I mentioned my SIPP is in drawdown. The handling of cash is important, as it is being used to pay my pension. Why worry? you will ask. Well there have been a number of occasions in my time with Fidelity when transactions have just not appeared, and I have to call to find out what is happening and have the problem corrected. I have one such query still outstanding as I write this (after 4 calls to try and get it resolved) and being fobbed off with nonsense excuses as to why the transaction has not appeared. With the 'opacity' in the transactions reporting it would be a nightmare to resolve such queries on a yearly basis.

I can see that if you have a smaller value portfolio, NOT in drawdown and are investing with Accumulating units, and not concerned about cash generation then you won't see this problem and Fidelity might suit you.

Oh dear, my transfer to Fidelity paperwork went in the post yesterday.

Is it reasonably easy to see what tax code they have for you on the web site?

I am not aware of Fidelity showing the tax code on their site. The tax code is set by HMRC and notified to you and (in this case) Fidelity. It will change depending upon your circumstances and the code  applied in relation to your SIPP is set by HMRC's view of your various incomes and how they wish to claim the overall tax in the easiest way.

My concern was Fidelity informed me that my tax code didn’t transfer with my pension and I’d be on emergency tax code for the first payment. Before I up my monthly drawdown to my tax code I’d like to know they had it in hand. Yes I could sort it out at the end of the year by filling in forms, but don’t want to go down that route.

tfc

TBC15 said:

tfc said:

TBC15 said:

tfc said:

TBC15 said:

tfc said:

Thank you for your input. I think I will make the move. Fidelity had it's chance with me (for too long!)

I’m about to move to Fidelity what’s so bad about it?

As I mentioned at the beginning, the cost (for my profile of valuation and trading pattern) is one element in my decision.

Another other is simply the difficulty in seeing that instructions have been carried out. There is no doubt that the transaction reporting has improved over years, but it is still difficult to see what is happening on your account.

You have to click back and forth to see what is hidden behind  e.g. "Interest/Income Distribution Fidelity SIPP". You have to click "Show Details", but if you are trying to sort out a couple of transactions, clicking on "Show Details" automatically closes the previous transactions "Show Details". Even a simple Buy or Sell transaction ends up with 3 transactions (debit, debit, credit for a buy) and (credit, credit, debit for a sale)

Why is this important to me? As I mentioned my SIPP is in drawdown. The handling of cash is important, as it is being used to pay my pension. Why worry? you will ask. Well there have been a number of occasions in my time with Fidelity when transactions have just not appeared, and I have to call to find out what is happening and have the problem corrected. I have one such query still outstanding as I write this (after 4 calls to try and get it resolved) and being fobbed off with nonsense excuses as to why the transaction has not appeared. With the 'opacity' in the transactions reporting it would be a nightmare to resolve such queries on a yearly basis.

I can see that if you have a smaller value portfolio, NOT in drawdown and are investing with Accumulating units, and not concerned about cash generation then you won't see this problem and Fidelity might suit you.

Oh dear, my transfer to Fidelity paperwork went in the post yesterday.

Is it reasonably easy to see what tax code they have for you on the web site?

I am not aware of Fidelity showing the tax code on their site. The tax code is set by HMRC and notified to you and (in this case) Fidelity. It will change depending upon your circumstances and the code  applied in relation to your SIPP is set by HMRC's view of your various incomes and how they wish to claim the overall tax in the easiest way.

My concern was Fidelity informed me that my tax code didn’t transfer with my pension and I’d be on emergency tax code for the first payment. Before I up my monthly drawdown to my tax code I’d like to know they had it in hand. Yes I could sort it out at the end of the year by filling in forms, but don’t want to go down that route.

It should only affect the income from your Fidelity pension. You can contact HMRC and explain the situation. See https://www.gov.uk/tax-codes/emergency-tax-codes .

Albermarle

TBC15 said:

tfc said:

TBC15 said:

tfc said:

Thank you for your input. I think I will make the move. Fidelity had it's chance with me (for too long!)

I’m about to move to Fidelity what’s so bad about it?

As I mentioned at the beginning, the cost (for my profile of valuation and trading pattern) is one element in my decision.

Another other is simply the difficulty in seeing that instructions have been carried out. There is no doubt that the transaction reporting has improved over years, but it is still difficult to see what is happening on your account.

You have to click back and forth to see what is hidden behind  e.g. "Interest/Income Distribution Fidelity SIPP". You have to click "Show Details", but if you are trying to sort out a couple of transactions, clicking on "Show Details" automatically closes the previous transactions "Show Details". Even a simple Buy or Sell transaction ends up with 3 transactions (debit, debit, credit for a buy) and (credit, credit, debit for a sale)

Why is this important to me? As I mentioned my SIPP is in drawdown. The handling of cash is important, as it is being used to pay my pension. Why worry? you will ask. Well there have been a number of occasions in my time with Fidelity when transactions have just not appeared, and I have to call to find out what is happening and have the problem corrected. I have one such query still outstanding as I write this (after 4 calls to try and get it resolved) and being fobbed off with nonsense excuses as to why the transaction has not appeared. With the 'opacity' in the transactions reporting it would be a nightmare to resolve such queries on a yearly basis.

I can see that if you have a smaller value portfolio, NOT in drawdown and are investing with Accumulating units, and not concerned about cash generation then you won't see this problem and Fidelity might suit you.

Oh dear, my transfer to Fidelity paperwork went in the post yesterday.

Is it reasonably easy to see what tax code they have for you on the web site?

If it makes you feel better my latest pension transfer to Fidelity ( last week ) took 8 days ( in cash ) and an ISA transfer took about the same , partly in specie. In total £154K so will just scrape the £500 cashback 

TBC15

Albermarle said:

TBC15 said:

tfc said:

TBC15 said:

tfc said:

Thank you for your input. I think I will make the move. Fidelity had it's chance with me (for too long!)

I’m about to move to Fidelity what’s so bad about it?

As I mentioned at the beginning, the cost (for my profile of valuation and trading pattern) is one element in my decision.

Another other is simply the difficulty in seeing that instructions have been carried out. There is no doubt that the transaction reporting has improved over years, but it is still difficult to see what is happening on your account.

You have to click back and forth to see what is hidden behind  e.g. "Interest/Income Distribution Fidelity SIPP". You have to click "Show Details", but if you are trying to sort out a couple of transactions, clicking on "Show Details" automatically closes the previous transactions "Show Details". Even a simple Buy or Sell transaction ends up with 3 transactions (debit, debit, credit for a buy) and (credit, credit, debit for a sale)

Why is this important to me? As I mentioned my SIPP is in drawdown. The handling of cash is important, as it is being used to pay my pension. Why worry? you will ask. Well there have been a number of occasions in my time with Fidelity when transactions have just not appeared, and I have to call to find out what is happening and have the problem corrected. I have one such query still outstanding as I write this (after 4 calls to try and get it resolved) and being fobbed off with nonsense excuses as to why the transaction has not appeared. With the 'opacity' in the transactions reporting it would be a nightmare to resolve such queries on a yearly basis.

I can see that if you have a smaller value portfolio, NOT in drawdown and are investing with Accumulating units, and not concerned about cash generation then you won't see this problem and Fidelity might suit you.

Oh dear, my transfer to Fidelity paperwork went in the post yesterday.

Is it reasonably easy to see what tax code they have for you on the web site?

If it makes you feel better my latest pension transfer to Fidelity ( last week ) took 8 days ( in cash ) and an ISA transfer took about the same , partly in specie. In total £154K so will just scrape the £500 cashback 

Feel better all ready.