Managed sipp to independent sipp

Dexter1956

I am coming up to 65, I have a sipp with Standard Life which is ‘managed’ and incurs their fees amounting to over 1% pa, my question is and ignoring whether any particular investment decision is good or not, at the age that I am and with the intention to soon start drawing down on my sipp would it be unwise (stupid!) to consider transferring this sipp to an investment platform that charges a flat fee which is far less than the management charges I currently suffer for a very average return!. It’s the standard complaint here, any increase in value is reduced considerably by their fees.

Albermarle

Normally you as the client manage the SIPP and decide what funds to invest in . So it is not clear what you mean when you say that you have a SIPP that Standard Life manage ?

dunstonh

would it be unwise (stupid!) to consider transferring this sipp to an investment platform that charges a flat fee which is far less than the management charges I currently suffer for a very average return!.

Impossible to answer.  You could put it in different investments which give you a higher or lower return. If you get a lower return then you may save 1% but it could be a loss of 2%.
Who is managing your SIPP?  You mention standard life but that is the platform.   Who is making the investment decisions at the moment?

 It’s the standard complaint here, any increase in value is reduced considerably by their fees.

And its the standard response.    If you DIY well and improve returns, you will make more money. If you DIY badly and reduce your returns then its a costly mistake.

squash18

I moved away from standard life a couple of years ago, too expensive for what I wanted