SIPP platform charges

Madeinireland101

EdSwippet said:

Madeinireland101 said:

Does anyone know if there are any other platforms that would provide a charging structure that would be better for me?

Interactive Investor? Charges are £9.99 platform and £10 SIPP monthly, one free trade a month and no added drawdown charge. Also, none of the silly HL and Youinvest style split charging structure that penalises funds and OEICs compared to ETFs. A few pennies under £120/year, then.

Thanks - This looks like a good deal now - I’m sure I checked it before but it looks like they have removed a monthly charge in drawdown that they had before. As next person said it’s £240 a year but still better that what I would be paying with iweb - plus they allow a free S&S ISA too which would be an extra bonus 😀

Madeinireland101

cloud_dog said:

If holding non-OEICs, Fidelity platform charge is £45pa (may have increased slightly recently; changed to being charged monthly rather than quarterly), and they do not make charge for drawdown (unless you take advice).
https://help.fidelity.co.uk/site/our-charges/charges-for-drawdown

Thanks - Are you sure you are correct? - appears to be a £45 minimum charge but 0.35% of my SIPP would be more 

Albermarle

Some platforms , including Fidelity, charge less for holding 'exchange traded investments ' as opposed to OEIC funds .
For example if you held £100,000 in an OEIC fund the charge would be 0.35% = £350 
If you instead held £100,000 in an ETF or investment trust , the charge would be 0.35% up to a maximum cap of £45.
To buy and sell the ETF or Investment trust would cost £10 each time as it would be a market trade, whilst there are no charges  for buying and selling OEIC funds.
So you can have a SIPP in drawdown for £45pa + say the same again for trades , as long as you avoid funds .
Some people hold their funds with say Iweb and their other investments with Fidelity .
HL and AJ Bell also cap charges on exchange traded investments , but at higher levels.

EdSwippet

Croeso69 said:

EdSwippet said:

Madeinireland101 said:

Does anyone know if there are any other platforms that would provide a charging structure that would be better for me?

Interactive Investor? Charges are £9.99 platform and £10 SIPP monthly, one free trade a month and no added drawdown charge. Also, none of the silly HL and Youinvest style split charging structure that penalises funds and OEICs compared to ETFs. A few pennies under £120/year, then.

You meant a few pennies under £240 presumably (platform plus SIPP).

Of course. Thanks. Insufficient coffee this morning.

Madeinireland101

Albermarle said:

Some platforms , including Fidelity, charge less for holding 'exchange traded investments ' as opposed to OEIC funds .
For example if you held £100,000 in an OEIC fund the charge would be 0.35% = £350 
If you instead held £100,000 in an ETF or investment trust , the charge would be 0.35% up to a maximum cap of £45.
To buy and sell the ETF or Investment trust would cost £10 each time as it would be a market trade, whilst there are no charges  for buying and selling OEIC funds.
So you can have a SIPP in drawdown for £45pa + say the same again for trades , as long as you avoid funds .
Some people hold their funds with say Iweb and their other investments with Fidelity .
HL and AJ Bell also cap charges on exchange traded investments , but at higher levels.

Yes - I misread what he was saying - I want to hold most if not all of my SIPP in Vanguard Lifestrategy or similar multi asset fund as a fire and leave it strategy appeals to me - so I think it wouldn’t help me. Thanks.

Notepad_Phil

Madeinireland101 said:

EdSwippet said:

Madeinireland101 said:

Does anyone know if there are any other platforms that would provide a charging structure that would be better for me?

Interactive Investor? Charges are £9.99 platform and £10 SIPP monthly, one free trade a month and no added drawdown charge. Also, none of the silly HL and Youinvest style split charging structure that penalises funds and OEICs compared to ETFs. A few pennies under £120/year, then.

Thanks - This looks like a good deal now - I’m sure I checked it before but it looks like they have removed a monthly charge in drawdown that they had before. As next person said it’s £240 a year but still better that what I would be paying with iweb - plus they allow a free S&S ISA too which would be an extra bonus 😀

A +1 for ii from me. The removal of the drawdown charge was done late last year (Octoberish time I think) and has made it very competitive for larger balances during both the accumulation and drawdown stages . I'm an infrequent trader so the one free trade per month means the £240 per year is my total charge.

Madeinireland101

Notepad_Phil said:

Madeinireland101 said:

EdSwippet said:

Madeinireland101 said:

Does anyone know if there are any other platforms that would provide a charging structure that would be better for me?

Interactive Investor? Charges are £9.99 platform and £10 SIPP monthly, one free trade a month and no added drawdown charge. Also, none of the silly HL and Youinvest style split charging structure that penalises funds and OEICs compared to ETFs. A few pennies under £120/year, then.

Thanks - This looks like a good deal now - I’m sure I checked it before but it looks like they have removed a monthly charge in drawdown that they had before. As next person said it’s £240 a year but still better that what I would be paying with iweb - plus they allow a free S&S ISA too which would be an extra bonus 😀

A +1 for ii from me. The removal of the drawdown charge was done late last year (Octoberish time I think) and has made it very competitive for larger balances during both the accumulation and drawdown stages . I'm an infrequent trader so the one free trade per month means the £240 per year is my total charge.

I agree and I think (unless someone flags something that makes me think twice) I will be switching all to ii ASAP as I think it’s perfect for me too. Cheers 😀

gm0

Picking up an earlier point from the thread.  Just be sure you have this in the required shape for use or inheritance - pot or pots before crystallisation.  This is when partial transfers are easier. 

Once crystallised you can change platforms but it is harder to reshape i.e to make partial transfers between the wrappers.  It tends to be "all" or "nothing" that can move.   May not matter to you. If it does. Set up how you want at the start.

Madeinireland101

gm0 said:

Picking up an earlier point from the thread.  Just be sure you have this in the required shape for use or inheritance - pot or pots before crystallisation.  This is when partial transfers are easier. 

Once crystallised you can change platforms but it is harder to reshape i.e to make partial transfers between the wrappers.  It tends to be "all" or "nothing" that can move.   May not matter to you. If it does. Set up how you want at the start.

Sorry but you have lost me here. I understand you can split pension pots before crystallisation but it’s all or nothing after crystallisation for that pot but not sure with the connection with inheritance? Are you saying I need to keep split perhaps if I was to leave to two people. I am grateful for your comment as you are obviously trying to warn me about something but can you give me an example of the issue you are highlighting.
Thanks...

Albermarle

Might be worth looking at this thread
Sloooow SIPP transfer — MoneySavingExpert Forum