Pension switching incentives

artyboy

...and on a related note, I have about £400k just waiting for a new switch offer so I can transfer it. I want to move it anyway to save on unnecessary fees, but the idea of doing so without making some extra cash in the process fills me with horror. I guess I have been spoilt over the past few years 

And no, just to reiterate previous comments, Charles Stanley are totally out of bounds for me!

granta

artyboy said:

...and on a related note, I have about £400k just waiting for a new switch offer so I can transfer it. I want to move it anyway to save on unnecessary fees, but the idea of doing so without making some extra cash in the process fills me with horror. I guess I have been spoilt over the past few years 

And no, just to reiterate previous comments, Charles Stanley are totally out of bounds for me!

Just as I was about to suggest Charles Stanley!! 
I'm giving them a go despite the higher capped fee as I will still make a good net gain.

I think Fidelity have an offer but not as good as usual. Perhaps the new year will bring new deals. The best seem to be from newer providers at the moment

Albermarle

granta said:

artyboy said:

...and on a related note, I have about £400k just waiting for a new switch offer so I can transfer it. I want to move it anyway to save on unnecessary fees, but the idea of doing so without making some extra cash in the process fills me with horror. I guess I have been spoilt over the past few years 

And no, just to reiterate previous comments, Charles Stanley are totally out of bounds for me!

Just as I was about to suggest Charles Stanley!! 
I'm giving them a go despite the higher capped fee as I will still make a good net gain.

I think Fidelity have an offer but not as good as usual. Perhaps the new year will bring new deals. The best seem to be from newer providers at the moment

I do not keep records, but the current transfer cashback offer looks similar to ones in the past, although they do vary a bit.
It was HL who upped the ante when they were being sold, but now their recent offers have been rather poor. 
The good thing with Fidelity and HL offers, is that there are not many conditions to meet and they pay out quite quickly. 

Albermarle

artyboy said:

ewaste said:

I gather with Freetrade that the annual Plus Membership fee can't be taken from the SIPP itself?

I'm considering moving a SIPP and ISA across to Freetrade to make best use of the incentives on offer. 

No, it comes out of my bank account (well, at least I've not yet found a way to pay it out of the SIPP...). Mind you, as I'll be getting £2500 in cashback, it's something I can live with!

In theory the providers can not just take money from a SIPP to pay fees, due to the tax treatment of pension withdrawals.
I tried once to move money from a SIPP to the cash management account with Fidelity and it would not let me.
However if the cash management account is empty, they will take cash themselves from the SIPP to pay fees. 
Do not quite follow the logic of that, but that is how it works.

artyboy

granta said:

artyboy said:

...and on a related note, I have about £400k just waiting for a new switch offer so I can transfer it. I want to move it anyway to save on unnecessary fees, but the idea of doing so without making some extra cash in the process fills me with horror. I guess I have been spoilt over the past few years 

And no, just to reiterate previous comments, Charles Stanley are totally out of bounds for me!

Just as I was about to suggest Charles Stanley!! 
I'm giving them a go despite the higher capped fee as I will still make a good net gain.

I think Fidelity have an offer but not as good as usual. Perhaps the new year will bring new deals. The best seem to be from newer providers at the moment

Yeah... fair to say that my bridges with them are well and truly burnt!

Not to say you can't make a turn out of them, especially with the fee waiver they also throw in for larger transfers. Just bear in mind that when
you come to transfer out again, they also charge a £150 transfer out fee, and £20 per-stock in specie transfer fee.

And it takes ages as they're not on Origo.

Forewarned etc.....

granta

artyboy said:

granta said:

artyboy said:

...and on a related note, I have about £400k just waiting for a new switch offer so I can transfer it. I want to move it anyway to save on unnecessary fees, but the idea of doing so without making some extra cash in the process fills me with horror. I guess I have been spoilt over the past few years 

And no, just to reiterate previous comments, Charles Stanley are totally out of bounds for me!

Just as I was about to suggest Charles Stanley!! 
I'm giving them a go despite the higher capped fee as I will still make a good net gain.

I think Fidelity have an offer but not as good as usual. Perhaps the new year will bring new deals. The best seem to be from newer providers at the moment

Yeah... fair to say that my bridges with them are well and truly burnt!

Not to say you can't make a turn out of them, especially with the fee waiver they also throw in for larger transfers. Just bear in mind that when
you come to transfer out again, they also charge a £150 transfer out fee, and £20 per-stock in specie transfer fee.

And it takes ages as they're not on Origo.

Forewarned etc.....

I've benefited form the fee waiver and am trying to work out a good exit timepoint once I've maximised the number of transfers in from different providers (currently ISAs only but may move on to SIPPs).
The SIPP transfer out fee is now £125 per transfer though I plan to move to a provider that will pay this fee for you.
And for ISAs, it's now £10 per stock holding transferred out. Again, I will need to work out a cost efficient way of doing this.

My transfers in have generally been quick so I assumed they had access to an electronic transfer means, perhaps Altus if not Origo.

artyboy

granta said:

artyboy said:

granta said:

artyboy said:

...and on a related note, I have about £400k just waiting for a new switch offer so I can transfer it. I want to move it anyway to save on unnecessary fees, but the idea of doing so without making some extra cash in the process fills me with horror. I guess I have been spoilt over the past few years 

And no, just to reiterate previous comments, Charles Stanley are totally out of bounds for me!

Just as I was about to suggest Charles Stanley!! 
I'm giving them a go despite the higher capped fee as I will still make a good net gain.

I think Fidelity have an offer but not as good as usual. Perhaps the new year will bring new deals. The best seem to be from newer providers at the moment

Yeah... fair to say that my bridges with them are well and truly burnt!

Not to say you can't make a turn out of them, especially with the fee waiver they also throw in for larger transfers. Just bear in mind that when
you come to transfer out again, they also charge a £150 transfer out fee, and £20 per-stock in specie transfer fee.

And it takes ages as they're not on Origo.

Forewarned etc.....

I've benefited form the fee waiver and am trying to work out a good exit timepoint once I've maximised the number of transfers in from different providers (currently ISAs only but may move on to SIPPs).
The SIPP transfer out fee is now £125 per transfer though I plan to move to a provider that will pay this fee for you.
And for ISAs, it's now £10 per stock holding transferred out. Again, I will need to work out a cost efficient way of doing this.

My transfers in have generally been quick so I assumed they had access to an electronic transfer means, perhaps Altus if not Origo.

The shifting sands of their fees is another reason I'd avoid them, I know it can be the same for any provider, but I've noticed it more with this lot! 

Not sure about Altus, but when I transferred out, the receiving platform told me that because CSD wasn't on Origo, I had to print off, fill in, and post a paper form to get the transfer initiated. Thought I was done with that sort of archaic nonsense once I got shot of my last WTW administered occupational scheme!

Notepad_Phil

Albermarle said:

artyboy said:

ewaste said:

I gather with Freetrade that the annual Plus Membership fee can't be taken from the SIPP itself?

I'm considering moving a SIPP and ISA across to Freetrade to make best use of the incentives on offer. 

No, it comes out of my bank account (well, at least I've not yet found a way to pay it out of the SIPP...). Mind you, as I'll be getting £2500 in cashback, it's something I can live with!

In theory the providers can not just take money from a SIPP to pay fees, due to the tax treatment of pension withdrawals.
I tried once to move money from a SIPP to the cash management account with Fidelity and it would not let me.
However if the cash management account is empty, they will take cash themselves from the SIPP to pay fees. 
Do not quite follow the logic of that, but that is how it works.

I'm with ii and they are quite happy for the monthly fees and trading fees to come from within the sipp itself, same with a small HL sipp I once had. Mrs Notepad once had a Fidelity SIPP and IIRC you had to go through quite a long process to withdraw cash, so am not surprised that it stopped you from just transferring SIPP cash to the cash management account - and what would it transfer if you asked for £100 to go across, would that be after or before tax? I can see complaints happening no matter which way they operated.

Albermarle

Notepad_Phil said:

Albermarle said:

artyboy said:

ewaste said:

I gather with Freetrade that the annual Plus Membership fee can't be taken from the SIPP itself?

I'm considering moving a SIPP and ISA across to Freetrade to make best use of the incentives on offer. 

No, it comes out of my bank account (well, at least I've not yet found a way to pay it out of the SIPP...). Mind you, as I'll be getting £2500 in cashback, it's something I can live with!

In theory the providers can not just take money from a SIPP to pay fees, due to the tax treatment of pension withdrawals.
I tried once to move money from a SIPP to the cash management account with Fidelity and it would not let me.
However if the cash management account is empty, they will take cash themselves from the SIPP to pay fees. 
Do not quite follow the logic of that, but that is how it works.

I'm with ii and they are quite happy for the monthly fees and trading fees to come from within the sipp itself, same with a small HL sipp I once had. Mrs Notepad once had a Fidelity SIPP and IIRC you had to go through quite a long process to withdraw cash, so am not surprised that it stopped you from just transferring SIPP cash to the cash management account - and what would it transfer if you asked for £100 to go across, would that be after or before tax? I can see complaints happening no matter which way they operated.

Although as I understand how Fidelity work is that they take the monthly fees from the cash management account.
So if it is empty they transfer money from the SIPP, even if they will not let me do it .

LHW99

Notepad_Phil said:

Albermarle said:

artyboy said:

ewaste said:

I gather with Freetrade that the annual Plus Membership fee can't be taken from the SIPP itself?

I'm considering moving a SIPP and ISA across to Freetrade to make best use of the incentives on offer. 

No, it comes out of my bank account (well, at least I've not yet found a way to pay it out of the SIPP...). Mind you, as I'll be getting £2500 in cashback, it's something I can live with!

In theory the providers can not just take money from a SIPP to pay fees, due to the tax treatment of pension withdrawals.
I tried once to move money from a SIPP to the cash management account with Fidelity and it would not let me.
However if the cash management account is empty, they will take cash themselves from the SIPP to pay fees. 
Do not quite follow the logic of that, but that is how it works.

I'm with ii and they are quite happy for the monthly fees and trading fees to come from within the sipp itself, same with a small HL sipp I once had. Mrs Notepad once had a Fidelity SIPP and IIRC you had to go through quite a long process to withdraw cash, so am not surprised that it stopped you from just transferring SIPP cash to the cash management account - and what would it transfer if you asked for £100 to go across, would that be after or before tax? I can see complaints happening no matter which way they operated.

I am with II, with a SIPP and ISA. I have asked a couple of times about taking fees from the accounts, and have been told no.

Is this something new, now Aberdeen have them?