Fixed fee platform for SIPP reccomendations

honeststeveo

So until now I've been on the % based fee platforms but fees are rising and looks like a fixed fee would be cheaper. 

I've tried to digest the rather complex table on this page and the brokers are:

Interactive Investor

Halifax/Bank Of Scotland Share Dealing iWeb Freetrade ShareDeal Active

The other option I'm thinking about is going for a % fee broker who cap fees for ETFs and putting everything into index trackers which would in theory work out cheaper (fidelity cap at £90 PA) but while I'm on a journey to move from active to passive the inflexibility of trying to avoid funds might be limiting down the line.

Interested to hear reccomendations on brokers with low fees and reasonable service. Not fussed about shiny websites, apps, research etc but do want a broker who are trusted not to fail. 

ColdIron

Worth noting that IWeb/Halifax/BoS aren't particularly cheap at £180 (£90 if < £50,000) as the SIPP is operated by AJ Bell but the £180 additional annual drawdown fee makes then pretty unattractive. HL for ITs/ETFs would be nearly half the cost. You could always transfer I suppose

Fidelity at £90 for ITs/ETFs and no drawdown fees looks worth considering

Albermarle

but do want a broker who are trusted not to fail. 

So you want an established mainstream player. In which case you will get these by default> Not fussed about shiny websites, apps, research etc 

In any case you want a good, quick, smooth working  website .

but while I'm on a journey to move from active to passive the inflexibility of trying to avoid funds might be limiting down the line.

If you have mainly passive ETF's, if you also have a couple of funds, then the average % cost should still be pretty low.

honeststeveo

I didn't think circa £200 a year is at all bad really as I'm paying a lot more than that in % based fees and that's below the level in which my brokers fees are capped.
But I do take your point about drawdown. to be honest I'm unsure how much to factor that in as I've still got well over a decade before I can draw and there's every chance that a brokers fee structure will shift or I'll switch brokers again before then. I'm therefore more mindful of any exit or transfer out fees.

Yes fidelity stands out thought for a mere £30 more a year AJ Bell and Avivia offer the same with AJ Bell cheaper on small fund holdings if i end up there.

Its tough to consider all of the factors!

Albermarle

 I'm therefore more mindful of any exit or transfer out fees.

These are almost non existent nowadays. In fact there are often cashback offers ( that come and go) to transfer a pension into a new provider.

For example currently.

Transfer & consolidate pensions | Make managing pensions easier | Fidelity

ColdIron

honeststeveo said:

Its tough to consider all of the factors!

Yes, fees are not the only metric and it's all too easy to focus on them. You have to be comfortable with the level of service, likelihood of being around in a decade or more etc. As you say the fee structure could be very different by then

If you exclude the drawdown charges, IWeb/Halifax/BoS would have the advantage of access to OEICs at no extra cost

GeoffTF

iWeb is fine. AJ Bell is fine too, and slicker in my experience. They both should be safe, but perhaps iWeb scores better there because it is owned by Lloyds Banking Group.