Pension switching incentives

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LHW99 said:

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?

If you only have a sipp then ii will take them from the sipp directly. As soon as you have another account, isa or gia, they pull from that instead. 

michaels

My SIPP transfer has been in Charles Stanley for a week now - great except it is also still in II....and they are both blaming the other.  Would be great if I get double bubble growth for the period

However II say no withdrawals until the transfer is finalised which is now getting anxiously close to budget day.

At least with Charles Stanley I should be getting double bubble as my DW referred me.