Most cost effective platform for holding a Sipp?

sevenhills

Dansmam said:

I was looking at HL yesterday to see if they have a minimum cash level to maintain the SIPP seem to remember reading on here you had to leave £1k in. Can't see anything. Anyone know?

I also have shares in my HL SIPP, it recommends a £5/£10 minimum

Notepad_Phil

Dansmam said:

I was looking at HL yesterday to see if they have a minimum cash level to maintain the SIPP seem to remember reading on here you had to leave £1k in. Can't see anything. Anyone know?

Is this so they don't close the SIPP after a withdrawal? If you did mean that then the minimum portfolio balance allowed after a withdrawal was reduced from £1000 to £100 at some point in the recentish past. Though I believe the various pdfs still haven't been updated and talk about £1000.

If you didn't mean that then they do suggest that you keep some cash in there to pay fees, but they will just sell off some of your investments if you don't have the money in your account - they won't just close the SIPP down.

Dansmam

Is this so they don't close the SIPP after a withdrawal? If you did mean that then the minimum portfolio balance allowed after a withdrawal was reduced from £1000 to £100 at some point in the recentish past. Though I believe the various pdfs still haven't been updated and talk about £1000.

If you didn't mean that then they do suggest that you keep some cash in there to pay fees, but they will just sell off some of your investments if you don't have the money in your account - they won't just close the SIPP down.

Thanks for the replies and sorry I wasn't clearer. This is a tiny sipp I set up to be accessible outside my DB. I have kept it in cash and used it to bridge a short gap before I take the DB. So no investments to sell and absolutely no fees so far. It would be useful to keep it in place to pay in £2880/year just to get the tax uplift in future years,  but I don't want to leave any more in there in cash than I need to. £100 is perfect!

nigelbb

Dansmam said:

I was looking at HL yesterday to see if they have a minimum cash level to maintain the SIPP seem to remember reading on here you had to leave £1k in. Can't see anything. Anyone know?

I opened my HL SIPP with £100. I only hold cash in my SIPP. I've never been aware of any minimum requirement.

Albermarle

nigelbb said:

Dansmam said:

I was looking at HL yesterday to see if they have a minimum cash level to maintain the SIPP seem to remember reading on here you had to leave £1k in. Can't see anything. Anyone know?

I opened my HL SIPP with £100. I only hold cash in my SIPP. I've never been aware of any minimum requirement.

It used to crop up in threads where non earners added £2880 + the tax relief and then wanted to withdrew it all . If I remember correctly you had to leave £1k at least in the account to stop it being closed down. I believe this rule was withdrawn at some point.

Anonymous101

The most cost effective solution can depend on the type and size of your holdings / investments and how you are contributing.
I find the Monevator comparison to the a really handy guide where you can work out which platform best suits your needs.

https://monevator.com/find-the-best-online-broker/

Robert_McGeddon

I looked at platform charges about 18 months ago and found that charges for transfer on death or divorce varied greatly and weren't always obvious on the websites, From memory some (Fidelity and ii I think) didn't charge, whilst others charged "typically £300-£700" or "at time cost" etc. It influenced my choice of platform.

mears1

Robert_McGeddon said:

I looked at platform charges about 18 months ago and found that charges for transfer on death or divorce varied greatly and weren't always obvious on the websites, From memory some (Fidelity and ii I think) didn't charge, whilst others charged "typically £300-£700" or "at time cost" etc. It influenced my choice of platform.

I web do have high charges for drawdown! And transfers on death involve selling the shares, cannot be transferred in-species.

jim8888

I use Fidelity for both SIPPs and ISA investments, and would happily recommend them. Their website is good, as is their customer service in my experience.