Anyone here use ii for a small SIPP?

startrim

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.

QrizB

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:

https://moneytothemasses.com/saving-for-your-future/pensions/the-best-cheapest-sipps-low-cost-diy-pensions

DeLaSole

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

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:

https://moneytothemasses.com/saving-for-your-future/pensions/the-best-cheapest-sipps-low-cost-diy-pensions

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

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

Basically II charging regime is better for bigger pots, so look elsewhere ( or stay where you are ).