Which Non-AJ Bell SIPP Platform

Chickereeeee

I have SIPPS with both Youinvest and iWeb, which is not optimal as both use the AJ Bell trading platform. I am thinking of moving a (5 figure, mainly funds) SIPP from iWeb to somewhere else, for platform diversification. (and also better online account tools). However, I am unclear who also uses the AJ Bell platform. Presumably Halifax?

Can anybody clarify what platforms use AJ Bell, and which platform may be a good new home for my SIPP? Or am I to pay an extra £1500 pa to move into the waiting arms of HL (I could move some holdings to ETFs over time, but don't really want to be forced to, to reduce charges)?

(Or am I worrying unnecessarily, and just keep as-is?)

Thanks

TBC15

I’ve got my £150,000 SIPP (IT’s, shares or ETF’s) with Fidelity in drawdown for £63 pa. Happy bunny.

LHW99

I use II. £19.99 per month for the SIPP covers an ISA as well

Joey_Soap

LHW99 said:

I use II. £19.99 per month for the SIPP covers an ISA as well

That's good advice but bear in mind with the commonly charged 0.25 per cent platform fee, II with it's flat rate fee breaks even about around £100,000 invested. OP says 5 figures so may not be quite at the stage where II is the cheapest.  However, absolute cheapest may not be the first consideration since I would recommend AJ Bell for 5 figure sums. HL makes absolutely no sense if you hold mostly funds.

bhjm

Chickereeeee said:

I have SIPPS with both Youinvest and iWeb, which is not optimal as both use the AJ Bell trading platform. I am thinking of moving a (5 figure, mainly funds) SIPP from iWeb to somewhere else, for platform diversification. (and also better online account tools). However, I am unclear who also uses the AJ Bell platform. Presumably Halifax?

Can anybody clarify what platforms use AJ Bell, and which platform may be a good new home for my SIPP? Or am I to pay an extra £1500 pa to move into the waiting arms of HL (I could move some holdings to ETFs over time, but don't really want to be forced to, to reduce charges)?

(Or am I worrying unnecessarily, and just keep as-is?)

Thanks

depending on what you mean by diversification, i hope that you have this sum invested in several different investments, company shares, different bonds, etfs etc.

What i try to understand is what you need or want. More choices to invest into? or just a low cost pension provider?
If low cost - then the Vanguard Pension may be an option for you as well, if you are happy to invest in vanguards only ETF.
https://www.vanguardinvestor.co.uk/what-we-offer/personal-pension/personal-pension-account

EdSwippet

Chickereeeee said:

I have SIPPS with both Youinvest and iWeb, which is not optimal as both use the AJ Bell trading platform. ...

(Or am I worrying unnecessarily, and just keep as-is?)

If your worry is that you have a lot of assets on a single platform, I think you're worrying unnecessarily. I am pretty sure that iWeb does not use the AJ Bell trading platform. Rather, it uses Halifax Sharedealing. The iWeb SIPP does used AJ Bell as its SIPP administrator, but that's purely a record-keeping role.

Many platforms seem to use an external SIPP administrator. Interactive Investor's happens to be Barnett Waddingham. (If your worry is that AJ Bell might be an incompetent SIPP administrator, then yes, move elsewhere. In that case, of course, you'd want to move your Youinvest SIPP also!)

EdSwippet

Joey_Soap said:

LHW99 said:

I use II. £19.99 per month for the SIPP covers an ISA as well

That's good advice but bear in mind with the commonly charged 0.25 per cent platform fee, II with it's flat rate fee breaks even about around £100,000 invested. OP says 5 figures so may not be quite at the stage where II is the cheapest.  However, absolute cheapest may not be the first consideration since I would recommend AJ Bell for 5 figure sums. HL makes absolutely no sense if you hold mostly funds.

£20/month is £120/year, which is 0.25% of £48,000. So anyone with a mid-five figures SIPP will break even across Interactive Investor and Youinvest.
[ETA: Nope, £20/month is £240/year (duh!), so break even at £96,000, and Joey_Soap called this right.]

For comparison, Interactive Investor's fee includes 12 free trades per year, otherwise £7.99/trade, and it charges nothing for transfers out. Youinvest offers no free trades (though its charge for trading funds is very skimpy at £1.50), and it charges rather handsomely for transfers out. Youinvest's 0.25% fee caps out at £100/year if you completely avoid holding funds, so for a SIPP like that it can be a decent option, but Youinvest's trading charge for shares, ETFs and ITs is a pretty top-end £9.95/trade.

As you say, HL makes no sense for funds. It can be a good option for shares, ETFs and ITs though.

Joey_Soap

EdSwippet said:

Joey_Soap said:

LHW99 said:

I use II. £19.99 per month for the SIPP covers an ISA as well

That's good advice but bear in mind with the commonly charged 0.25 per cent platform fee, II with it's flat rate fee breaks even about around £100,000 invested. OP says 5 figures so may not be quite at the stage where II is the cheapest.  However, absolute cheapest may not be the first consideration since I would recommend AJ Bell for 5 figure sums. HL makes absolutely no sense if you hold mostly funds.

£20/month is £120/year, which is 0.25% of £48,000. So anyone with a mid-five figures SIPP will break even across Interactive Investor and Youinvest.

For comparison, Interactive Investor's fee includes 12 free trades per year, otherwise £7.99/trade, and it charges nothing for transfers out. Youinvest offers no free trades (though its charge for trading funds is very skimpy at £1.50), and it charges rather handsomely for transfers out. Youinvest's 0.25% fee caps out at £100/year if you completely avoid holding funds, so for a SIPP like that it can be a decent option, but Youinvest's trading charge for shares, ETFs and ITs is a pretty top-end £9.95/trade.

As you say, HL makes no sense for funds. It can be a good option for shares, ETFs and ITs though.

......... 12 x 20 = 240

EdSwippet

Joey_Soap said:

EdSwippet said:

Joey_Soap said:

LHW99 said:

I use II. £19.99 per month for the SIPP covers an ISA as well

That's good advice but bear in mind with the commonly charged 0.25 per cent platform fee, II with it's flat rate fee breaks even about around £100,000 invested. OP says 5 figures so may not be quite at the stage where II is the cheapest.  However, absolute cheapest may not be the first consideration since I would recommend AJ Bell for 5 figure sums. HL makes absolutely no sense if you hold mostly funds.

£20/month is £120/year, which is 0.25% of £48,000. So anyone with a mid-five figures SIPP will break even across Interactive Investor and Youinvest.

For comparison, Interactive Investor's fee includes 12 free trades per year, otherwise £7.99/trade, and it charges nothing for transfers out. Youinvest offers no free trades (though its charge for trading funds is very skimpy at £1.50), and it charges rather handsomely for transfers out. Youinvest's 0.25% fee caps out at £100/year if you completely avoid holding funds, so for a SIPP like that it can be a decent option, but Youinvest's trading charge for shares, ETFs and ITs is a pretty top-end £9.95/trade.

As you say, HL makes no sense for funds. It can be a good option for shares, ETFs and ITs though.

......... 12 x 20 = 240

Insufficient coffee. Thanks, and sorry. Fixed upthread. I'll shut up now.

Joey_Soap

EdSwippet said:

Joey_Soap said:

EdSwippet said:

Joey_Soap said:

LHW99 said:

I use II. £19.99 per month for the SIPP covers an ISA as well

That's good advice but bear in mind with the commonly charged 0.25 per cent platform fee, II with it's flat rate fee breaks even about around £100,000 invested. OP says 5 figures so may not be quite at the stage where II is the cheapest.  However, absolute cheapest may not be the first consideration since I would recommend AJ Bell for 5 figure sums. HL makes absolutely no sense if you hold mostly funds.

£20/month is £120/year, which is 0.25% of £48,000. So anyone with a mid-five figures SIPP will break even across Interactive Investor and Youinvest.

For comparison, Interactive Investor's fee includes 12 free trades per year, otherwise £7.99/trade, and it charges nothing for transfers out. Youinvest offers no free trades (though its charge for trading funds is very skimpy at £1.50), and it charges rather handsomely for transfers out. Youinvest's 0.25% fee caps out at £100/year if you completely avoid holding funds, so for a SIPP like that it can be a decent option, but Youinvest's trading charge for shares, ETFs and ITs is a pretty top-end £9.95/trade.

As you say, HL makes no sense for funds. It can be a good option for shares, ETFs and ITs though.

......... 12 x 20 = 240

Insufficient coffee. Thanks, and sorry. Fixed upthread. I'll shut up now.

It is worth reiterating that II do offer free monthly investment and one free trade per month worth £7.99 in with their monthly fee. I do use the monthly trade pretty much without fail so that reduces the platform charge quite significantly.

Additionally,  if you were to invest regularly every month in 10 funds at AJ Bell - That would cost you 10 x £1.50 each month. At II it would cost you nothing.

Chickereeeee

Thanks for all replies.
- i want separate platforms primarly so thatbif there is a screw-up (technical, fraud etc) i will not be locked out of ALL my SIPP investments (hopefully tempoarily). If iWe ARE sufficiently separate from AJ Bell to satisfy this requirement,mtaht wouldmbe interesting. As it is, all SIPP enquiries are referred to AJ Bell.
- Lowest cost is not the  MOST important factor, but certainly A factor. Also important is ability to contact easily, and manage going into phased drawdown, preferably online.
- from this site and elsewhere, I did not think II had a very good reputation. Has this changed?
- i think I may gradually move into ETF global trackers over time, for easier management, which would make HL a bit more paltable. But I would rather not have the platform 'dictate' my investments
- i moved from Fidelity a few years back because of the inflexible way they handled non-funds, their awful way of charging fees per month rather than quarter, and taking fees by selling holdings rather than from income (among other things)