Anyone here use ii for a small SIPP?

I have a small SIPP at Vanguard but there is a limited choice of investments so I was looking for an additional provider.
I was in the process of signing up to ii but from the pre-retirement illustration I am trying to work out the total fees I would be charged for a 10k SIPP.

I understand because the total value is below £50,000 I would be on the Pension Essential plan which costs £5.99 a month but would I also have to pay a Monthly Admin fee of £10 each month?

No reply from ii from 2 days ago.

Comments

  • QrizB
    QrizB Posts: 13,822 Forumite
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    Even without the £10 admin fee, you're looking at £72 a year in fees. That's 0.72% of £10k.
    Even the expensive % fee providers charge less than that, eg. HL (not cheap) charge 0.45% (link).
    Or you could choose eg. iWeb, with no ongoing charges and £5/trade.
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  • DeLaSole
    DeLaSole Posts: 68 Forumite
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    edited 5 January at 11:57AM
    Hi startrim,

    If not wanting to just stay at Vanguard until you have a larger pot, another % fee platform may be a better choice. Even £5.99pm at ii creates a >0.7% platform fee on £10k, which is high. And it won't be until you near £50k that it evens out to the Vanguard platform fee... at which point ii ups its charge anyway. ii is a better DIY platform option for those with more substantial pots, I believe.

    Best wishes
  • startrim
    startrim Posts: 64 Forumite
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    QrizB said:
    Even without the £10 admin fee, you're looking at £72 a year in fees. That's 0.72% of £10k.
    Even the expensive % fee providers charge less than that, eg. HL (not cheap) charge 0.45% (link).
    Or you could choose eg. iWeb, with no ongoing charges and £5/trade.
    Take a look at the tables at the bottom of the article here:
    Thanks for the info.
    I had a look at iWeb and as you say they charge £5 per trade but have a quarterly admin charge of £22.50 for a SIPP below 50k..
    I have cash in a Vanguard SIPP.
  • startrim
    startrim Posts: 64 Forumite
    First Anniversary First Post
    DeLaSole said:
    Hi startrim,

    If not wanting to just stay at Vanguard until you have a larger pot, another % fee platform may be a better choice. Even £5.99pm at ii creates a >0.7% platform fee on £10k, which is high. And it won't be until you near £50k that it evens out to the Vanguard platform fee... at which point ii ups its charge anyway. ii is a better DIY platform option for those with more substantial pots, I believe.

    Best wishes
    Thank-you for the helpful information.
  • Albermarle
    Albermarle Posts: 21,909 Forumite
    First Anniversary First Post Name Dropper
    Basically II charging regime is better for bigger pots, so look elsewhere ( or stay where you are ).
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