A "guinea pig" SIPP recommendation pls

ColdIron

[Deleted User] said:

Since other posters seem reluctant to recommend a provider - I'm an experienced investor and very happy with AJBell.

Those £1.50 transaction charges will really bite on tiny amounts like £50. Even HL would be cheaper

squirrelpie

Even if you opened a SIPP, you won't be able to practice withdrawl-related transactions (drawdown etc) until you are 55 anyway.

HL offer virtual portfolios, which they call watchlists, and their online documentation is generally reckoned to be pretty good so you can read about how things work.

If you do open account their charges can be expensive, but they are percentage based so not very much if you only have a small amount of money there, and they are capped for exchange-traded instruments so they can also be not too bad if you have a larger amount of money with them.

draiggoch

I have a HL SIPP and it's only small in comparison to my workplace pensions but I find a benefit to it in terms of following the markets, understanding processes and just invest in funds which carry no charges only the 0.45% platform cost and fund charges. I know there are other options but for my requirements it works well.

dunstonh

draiggoch said:

I have a HL SIPP and it's only small in comparison to my workplace pensions but I find a benefit to it in terms of following the markets, understanding processes and just invest in funds which carry no charges only the 0.45% platform cost and fund charges. I know there are other options but for my requirements it works well.

The funds will have charges.   There are no investment funds without charges.  

draiggoch

dunstonh said:

draiggoch said:

I have a HL SIPP and it's only small in comparison to my workplace pensions but I find a benefit to it in terms of following the markets, understanding processes and just invest in funds which carry no charges only the 0.45% platform cost and fund charges. I know there are other options but for my requirements it works well.

The funds will have charges.   There are no investment funds without charges.  

What I meant by that is there are no transaction charges for the funds only the ongoing ones. 

dunstonh

draiggoch said:

dunstonh said:

draiggoch said:

I have a HL SIPP and it's only small in comparison to my workplace pensions but I find a benefit to it in terms of following the markets, understanding processes and just invest in funds which carry no charges only the 0.45% platform cost and fund charges. I know there are other options but for my requirements it works well.

The funds will have charges.   There are no investment funds without charges.  

What I meant by that is there are no transaction charges for the funds only the ongoing ones. 

There are transaction charges but they are not explicit.  i.e. you don't directly see them.  However, if you look at your annual costs and charges disclosure, you will find a column called transaction charges and it will have a figure applied to it.  Often it's small but some funds are higher than you think.  You don't explicitly pay that charge but it is your share of charges that the fund has paid and has consequently lowered the return.

Typically the cost and charges disclosure will give the following:
service charges (platform and adviser, if one) / OCF or TER / Transaction charges / incidental or other charges / 

Audaxer

dunstonh said:

draiggoch said:

dunstonh said:

draiggoch said:

I have a HL SIPP and it's only small in comparison to my workplace pensions but I find a benefit to it in terms of following the markets, understanding processes and just invest in funds which carry no charges only the 0.45% platform cost and fund charges. I know there are other options but for my requirements it works well.

The funds will have charges.   There are no investment funds without charges.  

What I meant by that is there are no transaction charges for the funds only the ongoing ones. 

There are transaction charges but they are not explicit.  i.e. you don't directly see them.  However, if you look at your annual costs and charges disclosure, you will find a column called transaction charges and it will have a figure applied to it.  Often it's small but some funds are higher than you think.  You don't explicitly pay that charge but it is your share of charges that the fund has paid and has consequently lowered the return.

Typically the cost and charges disclosure will give the following:
service charges (platform and adviser, if one) / OCF or TER / Transaction charges / incidental or other charges / 

I think he meant there are no charges on HL for buying and selling the funds.

dunstonh

Audaxer said:

dunstonh said:

draiggoch said:

dunstonh said:

draiggoch said:

I have a HL SIPP and it's only small in comparison to my workplace pensions but I find a benefit to it in terms of following the markets, understanding processes and just invest in funds which carry no charges only the 0.45% platform cost and fund charges. I know there are other options but for my requirements it works well.

The funds will have charges.   There are no investment funds without charges.  

What I meant by that is there are no transaction charges for the funds only the ongoing ones. 

There are transaction charges but they are not explicit.  i.e. you don't directly see them.  However, if you look at your annual costs and charges disclosure, you will find a column called transaction charges and it will have a figure applied to it.  Often it's small but some funds are higher than you think.  You don't explicitly pay that charge but it is your share of charges that the fund has paid and has consequently lowered the return.

Typically the cost and charges disclosure will give the following:
service charges (platform and adviser, if one) / OCF or TER / Transaction charges / incidental or other charges / 

I think he meant there are no charges on HL for buying and selling the funds.

That is the case for the vast majority of providers.  Indeed, those that do charge are very much considered unusual/not the norm.

Audaxer

dunstonh said:

Audaxer said:

dunstonh said:

draiggoch said:

dunstonh said:

draiggoch said:

I have a HL SIPP and it's only small in comparison to my workplace pensions but I find a benefit to it in terms of following the markets, understanding processes and just invest in funds which carry no charges only the 0.45% platform cost and fund charges. I know there are other options but for my requirements it works well.

The funds will have charges.   There are no investment funds without charges.  

What I meant by that is there are no transaction charges for the funds only the ongoing ones. 

There are transaction charges but they are not explicit.  i.e. you don't directly see them.  However, if you look at your annual costs and charges disclosure, you will find a column called transaction charges and it will have a figure applied to it.  Often it's small but some funds are higher than you think.  You don't explicitly pay that charge but it is your share of charges that the fund has paid and has consequently lowered the return.

Typically the cost and charges disclosure will give the following:
service charges (platform and adviser, if one) / OCF or TER / Transaction charges / incidental or other charges / 

I think he meant there are no charges on HL for buying and selling the funds.

That is the case for the vast majority of providers.  Indeed, those that do charge are very much considered unusual/not the norm.

AJ Bell, which was suggested above, is a good platform and charge £1.50 for buying and selling funds, which is not a problem in most cases as they have only a 0.25% platform charge. However with a very small portfolio, it is probably better going with HL and a 0.45% platform charge, as he can buy and sell at no charge which I think is what he meant.