Transfer from Aviva to II

Pat38493

MallyGirl said:

Doctor_Who said:

Pat38493 said:

One thing I just noticed is that they want to collect the charges by direct debit on II - doesn’t this mean I am paying charges from my net of tax money so the “real” charges are 20% or 40% more compared to paying charges from cash inside the SIPP?

I pay my II fees from the trading account balance. It says on the II website:

How are charges paid?

We collect your monthly subscription via Direct Debit.  If there is no Direct Debit set up then we will try to collect fees from cash you hold in your Trading Account.  If there is no cash in your Trading Account we will attempt to collect it from your ISA.  If you have a stand alone SIPP we will attempt to collect fees from cash you hold in your SIPP. We may regularly sweep across your accounts, if cash becomes available to settle part or all of a fee debt.

If none of these methods is successful, and we have your Debit Card details then we will attempt to charge that card the outstanding amount.  If there is no other means for payment we reserve the right to sell holdings to cover any outstanding fees.

ah - that does ring a bell. I don't use the GIA and don't want fees taking from the ISA so that is why I have a DD set up.

It looks like you can also just make sure there is a little bit of cash in the SIPP account and they will take it from there.  

For the II customers, any other comments or gotchas that you do or don’t like?  It looks to me like their charges are by far lowest than other providers (at least for any pots > 100K).

Doctor_Who

Pat38493 said: 

For the II customers, any other comments or gotchas that you do or don’t like?  It looks to me like their charges are by far lowest than other providers (at least for any pots > 100K).

Moved from HL to II many years ago. The service has definitely improved over the years. I like the free monthly investing (I had 5 'free' buys today!), you can turn this on/off whenever and change the amounts. You get one free trading credit each month that can be used to buy or sell. I've started to take some UFPLS withdrawals from my SIPP and this can all be done online (does take ~15 mins of form filling, mostly to with pension regulations) and the funds have been in my bank account ~10 days later. A wide range of funds/ETFs etc to choose from and a simple fee structure (no % fee, capped at £XXX for over a certain holding or if you only hold shares/ETFs etc).......works for me!

Pat38493

MallyGirl said:

Doctor_Who said:

Pat38493 said:

One thing I just noticed is that they want to collect the charges by direct debit on II - doesn’t this mean I am paying charges from my net of tax money so the “real” charges are 20% or 40% more compared to paying charges from cash inside the SIPP?

I pay my II fees from the trading account balance. It says on the II website:

How are charges paid?

We collect your monthly subscription via Direct Debit.  If there is no Direct Debit set up then we will try to collect fees from cash you hold in your Trading Account.  If there is no cash in your Trading Account we will attempt to collect it from your ISA.  If you have a stand alone SIPP we will attempt to collect fees from cash you hold in your SIPP. We may regularly sweep across your accounts, if cash becomes available to settle part or all of a fee debt.

If none of these methods is successful, and we have your Debit Card details then we will attempt to charge that card the outstanding amount.  If there is no other means for payment we reserve the right to sell holdings to cover any outstanding fees.

ah - that does ring a bell. I don't use the GIA and don't want fees taking from the ISA so that is why I have a DD set up.

I'm wondering how long my funds will be out of market during the transfer - the II website says "2-6 weeks".  2 weeks is fine.  6 weeks is quite long.  I guess I will set up the fund and make the transfer request, and then message them to confirm that they want me to sell the fund immediately.

It looks like I will have to call Aviva because their website interface appears to only allow me to switch funds and not sell to cash.  There is a fund called "Cash" but when I click into it it seems to be a money market fund.

LHW99

Pat38493 said:

MallyGirl said:

Doctor_Who said:

Pat38493 said:

One thing I just noticed is that they want to collect the charges by direct debit on II - doesn’t this mean I am paying charges from my net of tax money so the “real” charges are 20% or 40% more compared to paying charges from cash inside the SIPP?

I pay my II fees from the trading account balance. It says on the II website:

How are charges paid?

We collect your monthly subscription via Direct Debit.  If there is no Direct Debit set up then we will try to collect fees from cash you hold in your Trading Account.  If there is no cash in your Trading Account we will attempt to collect it from your ISA.  If you have a stand alone SIPP we will attempt to collect fees from cash you hold in your SIPP. We may regularly sweep across your accounts, if cash becomes available to settle part or all of a fee debt.

If none of these methods is successful, and we have your Debit Card details then we will attempt to charge that card the outstanding amount.  If there is no other means for payment we reserve the right to sell holdings to cover any outstanding fees.

ah - that does ring a bell. I don't use the GIA and don't want fees taking from the ISA so that is why I have a DD set up.

It looks like you can also just make sure there is a little bit of cash in the SIPP account and they will take it from there.  

For the II customers, any other comments or gotchas that you do or don’t like?  It looks to me like their charges are by far lowest than other providers (at least for any pots > 100K).

I have asked II to take the monthly subscription from my SIPP, but as I have an ISA with them as well they insisted it had to be done by DD. Apart from that they are reasonably responsive to secure messages and buying / selling is fine. You can also set up limit orders etc if you wish all through the online account.

Pat38493

LHW99 said:

Pat38493 said:

MallyGirl said:

Doctor_Who said:

Pat38493 said:

One thing I just noticed is that they want to collect the charges by direct debit on II - doesn’t this mean I am paying charges from my net of tax money so the “real” charges are 20% or 40% more compared to paying charges from cash inside the SIPP?

I pay my II fees from the trading account balance. It says on the II website:

How are charges paid?

We collect your monthly subscription via Direct Debit.  If there is no Direct Debit set up then we will try to collect fees from cash you hold in your Trading Account.  If there is no cash in your Trading Account we will attempt to collect it from your ISA.  If you have a stand alone SIPP we will attempt to collect fees from cash you hold in your SIPP. We may regularly sweep across your accounts, if cash becomes available to settle part or all of a fee debt.

If none of these methods is successful, and we have your Debit Card details then we will attempt to charge that card the outstanding amount.  If there is no other means for payment we reserve the right to sell holdings to cover any outstanding fees.

ah - that does ring a bell. I don't use the GIA and don't want fees taking from the ISA so that is why I have a DD set up.

It looks like you can also just make sure there is a little bit of cash in the SIPP account and they will take it from there.  

For the II customers, any other comments or gotchas that you do or don’t like?  It looks to me like their charges are by far lowest than other providers (at least for any pots > 100K).

I have asked II to take the monthly subscription from my SIPP, but as I have an ISA with them as well they insisted it had to be done by DD. Apart from that they are reasonably responsive to secure messages and buying / selling is fine. You can also set up limit orders etc if you wish all through the online account.

Has anyone looked at Iweb as an alternative?  It looks like Iweb is the only other one with similar pricing.  It seems to be missing from some of the best buy SIPP lists online but they say it has a £100 joining fee, but this doesn't seem to be the case anymore.

Pipthecat

I transferred a previous work pension from Aviva to Vanguard.  I went on the Vanguard site, initiated the transfer, selected my funds and about six weeks later the transfer happened.  No contact with Aviva during the transfer.  Only thing I did not expect was to lose access to my online Aviva account in about week four.  I had to call them for a list of my previous years contributions.  Good job on both sides

Pat38493

Pipthecat said:

I transferred a previous work pension from Aviva to Vanguard.  I went on the Vanguard site, initiated the transfer, selected my funds and about six weeks later the transfer happened.  No contact with Aviva during the transfer.  Only thing I did not expect was to lose access to my online Aviva account in about week four.  I had to call them for a list of my previous years contributions.  Good job on both sides

So you didn't even have to tell Aviva to sell the funds to cash?  Was it an in specie transfer or a cash transfer?

LHW99

Pat38493 said:

LHW99 said:

Pat38493 said:

MallyGirl said:

Doctor_Who said:

Pat38493 said:

One thing I just noticed is that they want to collect the charges by direct debit on II - doesn’t this mean I am paying charges from my net of tax money so the “real” charges are 20% or 40% more compared to paying charges from cash inside the SIPP?

I pay my II fees from the trading account balance. It says on the II website:

How are charges paid?

We collect your monthly subscription via Direct Debit.  If there is no Direct Debit set up then we will try to collect fees from cash you hold in your Trading Account.  If there is no cash in your Trading Account we will attempt to collect it from your ISA.  If you have a stand alone SIPP we will attempt to collect fees from cash you hold in your SIPP. We may regularly sweep across your accounts, if cash becomes available to settle part or all of a fee debt.

If none of these methods is successful, and we have your Debit Card details then we will attempt to charge that card the outstanding amount.  If there is no other means for payment we reserve the right to sell holdings to cover any outstanding fees.

ah - that does ring a bell. I don't use the GIA and don't want fees taking from the ISA so that is why I have a DD set up.

It looks like you can also just make sure there is a little bit of cash in the SIPP account and they will take it from there.  

For the II customers, any other comments or gotchas that you do or don’t like?  It looks to me like their charges are by far lowest than other providers (at least for any pots > 100K).

I have asked II to take the monthly subscription from my SIPP, but as I have an ISA with them as well they insisted it had to be done by DD. Apart from that they are reasonably responsive to secure messages and buying / selling is fine. You can also set up limit orders etc if you wish all through the online account.

Has anyone looked at Iweb as an alternative?  It looks like Iweb is the only other one with similar pricing.  It seems to be missing from some of the best buy SIPP lists online but they say it has a £100 joining fee, but this doesn't seem to be the case anymore.

I did read that Iweb has an offer on that effectively negates the joining fee (not sure how it works, as I haven't looked into it).

I have thought about Iweb, but haven't actually got round to thinking in detail.

Pat38493

LHW99 said:

Pat38493 said:

LHW99 said:

Pat38493 said:

MallyGirl said:

Doctor_Who said:

Pat38493 said:

One thing I just noticed is that they want to collect the charges by direct debit on II - doesn’t this mean I am paying charges from my net of tax money so the “real” charges are 20% or 40% more compared to paying charges from cash inside the SIPP?

I pay my II fees from the trading account balance. It says on the II website:

How are charges paid?

We collect your monthly subscription via Direct Debit.  If there is no Direct Debit set up then we will try to collect fees from cash you hold in your Trading Account.  If there is no cash in your Trading Account we will attempt to collect it from your ISA.  If you have a stand alone SIPP we will attempt to collect fees from cash you hold in your SIPP. We may regularly sweep across your accounts, if cash becomes available to settle part or all of a fee debt.

If none of these methods is successful, and we have your Debit Card details then we will attempt to charge that card the outstanding amount.  If there is no other means for payment we reserve the right to sell holdings to cover any outstanding fees.

ah - that does ring a bell. I don't use the GIA and don't want fees taking from the ISA so that is why I have a DD set up.

It looks like you can also just make sure there is a little bit of cash in the SIPP account and they will take it from there.  

For the II customers, any other comments or gotchas that you do or don’t like?  It looks to me like their charges are by far lowest than other providers (at least for any pots > 100K).

I have asked II to take the monthly subscription from my SIPP, but as I have an ISA with them as well they insisted it had to be done by DD. Apart from that they are reasonably responsive to secure messages and buying / selling is fine. You can also set up limit orders etc if you wish all through the online account.

Has anyone looked at Iweb as an alternative?  It looks like Iweb is the only other one with similar pricing.  It seems to be missing from some of the best buy SIPP lists online but they say it has a £100 joining fee, but this doesn't seem to be the case anymore.

I did read that Iweb has an offer on that effectively negates the joining fee (not sure how it works, as I haven't looked into it).

I have thought about Iweb, but haven't actually got round to thinking in detail.

Looking a bit further into the details, it looks like Iweb charge some pretty hefty withdrawal fees once you start taking benefits whereas II don't, so it looks like II are still the better one on value for money.  I am assuming that I won't be making many trades - probably I will just have one or max 2 funds and remain invested for at least a year, probably longer.

Doctor_Who

Pat38493 said:

LHW99 said:

Pat38493 said:

LHW99 said:

Pat38493 said:

MallyGirl said:

Doctor_Who said:

Pat38493 said:

One thing I just noticed is that they want to collect the charges by direct debit on II - doesn’t this mean I am paying charges from my net of tax money so the “real” charges are 20% or 40% more compared to paying charges from cash inside the SIPP?

I pay my II fees from the trading account balance. It says on the II website:

How are charges paid?

We collect your monthly subscription via Direct Debit.  If there is no Direct Debit set up then we will try to collect fees from cash you hold in your Trading Account.  If there is no cash in your Trading Account we will attempt to collect it from your ISA.  If you have a stand alone SIPP we will attempt to collect fees from cash you hold in your SIPP. We may regularly sweep across your accounts, if cash becomes available to settle part or all of a fee debt.

If none of these methods is successful, and we have your Debit Card details then we will attempt to charge that card the outstanding amount.  If there is no other means for payment we reserve the right to sell holdings to cover any outstanding fees.

ah - that does ring a bell. I don't use the GIA and don't want fees taking from the ISA so that is why I have a DD set up.

It looks like you can also just make sure there is a little bit of cash in the SIPP account and they will take it from there.  

For the II customers, any other comments or gotchas that you do or don’t like?  It looks to me like their charges are by far lowest than other providers (at least for any pots > 100K).

I have asked II to take the monthly subscription from my SIPP, but as I have an ISA with them as well they insisted it had to be done by DD. Apart from that they are reasonably responsive to secure messages and buying / selling is fine. You can also set up limit orders etc if you wish all through the online account.

Has anyone looked at Iweb as an alternative?  It looks like Iweb is the only other one with similar pricing.  It seems to be missing from some of the best buy SIPP lists online but they say it has a £100 joining fee, but this doesn't seem to be the case anymore.

I did read that Iweb has an offer on that effectively negates the joining fee (not sure how it works, as I haven't looked into it).

I have thought about Iweb, but haven't actually got round to thinking in detail.

Looking a bit further into the details, it looks like Iweb charge some pretty hefty withdrawal fees once you start taking benefits whereas II don't, so it looks like II are still the better one on value for money.  I am assuming that I won't be making many trades - probably I will just have one or max 2 funds and remain invested for at least a year, probably longer.

Yes, I forgot to mention that II don't have fees for UFPLS or drawdown. They used to have them, but they were removed a few years back.