Hold sipp with 2 providers?

SouthCoastBoy

I have a Sipp with h&l, worth approx 300k, I also have a s&s isa with about 200k with h&l. I have a deferred dc pension which will need to be moved before drawdown, I'm keeping it where it is at the moment as there are no costs associated with it, the value is around 500k. I'm thinking rather than h&l I'm putting it with a different provider, rather than having eggs all in 1 basket. Appreciate fees are tiered, but aj bell fees are cheaper than h&l, so maybe I should move it all to aj bell? I will be accessing using ufpls. Other than losing out on tiered fees, anybody think this is a bad idea? I will only be taking 16k per annum at end of each tax year. The rest of my income required for spending will come from tax free cash.

ColdIron

Moving to save on fees is a legitimate reason and both are big players

AJB also has tiered fees for open ended funds like HL. 0.25% <£250k, 0.1% £250k – £500k, 0% >£500k

The fees are per account not across all accounts also like HL and both charge £0 for drawdown/UFPLS

artyboy

I've got 5 SIPPs right now. All the better for bouncing around to get the fat transfer bonuses that are frequently on offer 

poseidon1

Also worth considering the flat fee structure at  interactive investors. With a total of £1 million across sipp and isa, ii would charge a maximum of £21.99 across both accounts plus you could add an additional General investment account for no additional charge.

As with HL and AJ Bell, no charge for drawdown or UFPLS.

However,  ii does have additional bells and whistles such as £3.99 commission on trades, one free trade each month, £1 charge for automatic income reinvestment, ability to hold foreign stocks in their domestic currencies ( dollars, euros, Swiss francs etc - sipp and gia only ) , and receive and hold dividend income from such stocks in those currencies. As yet neither HL or AJ Bell permit holding foreign currency on their accounts. At present I have an active dollar account with ii receiving dollar dividends on US stocks.

SouthCoastBoy

poseidon1 said:

Also worth considering the flat fee structure at  interactive investors. With a total of £1 million across sipp and isa, ii would charge a maximum of £21.99 across both accounts plus you could add an additional General investment account for no additional charge.

As with HL and AJ Bell, no charge for drawdown or UFPLS.

However,  ii does have additional bells and whistles such as £3.99 commission on trades, one free trade each month, £1 charge for automatic income reinvestment, ability to hold foreign stocks in their domestic currencies ( dollars, euros, Swiss francs etc - sipp and gia only ) , and receive and hold dividend income from such stocks in those currencies. As yet neither HL or AJ Bell permit holding foreign currency on their accounts. At present I have an active dollar account with ii receiving dollar dividends on US stocks.

Thanks £21.99 seems remarkably cheap. Is their customer service any good?

artyboy

SouthCoastBoy said:

poseidon1 said:

Also worth considering the flat fee structure at  interactive investors. With a total of £1 million across sipp and isa, ii would charge a maximum of £21.99 across both accounts plus you could add an additional General investment account for no additional charge.

As with HL and AJ Bell, no charge for drawdown or UFPLS.

However,  ii does have additional bells and whistles such as £3.99 commission on trades, one free trade each month, £1 charge for automatic income reinvestment, ability to hold foreign stocks in their domestic currencies ( dollars, euros, Swiss francs etc - sipp and gia only ) , and receive and hold dividend income from such stocks in those currencies. As yet neither HL or AJ Bell permit holding foreign currency on their accounts. At present I have an active dollar account with ii receiving dollar dividends on US stocks.

Thanks £21.99 seems remarkably cheap. Is their customer service any good?

Very good in my experience - they are quick responding to secure messages (compared with other more expensive platforms), pick up the phone quickly, and are proactive in reaching out to check in on me - although possibly that's because I've got a fairly large sum with them.

Long term, once I've exhausted all the transfer bonuses, I'm probably going to centralise everything with II...

Albermarle

SouthCoastBoy said:

I have a Sipp with h&l, worth approx 300k, I also have a s&s isa with about 200k with h&l. I have a deferred dc pension which will need to be moved before drawdown, I'm keeping it where it is at the moment as there are no costs associated with it, the value is around 500k. I'm thinking rather than h&l I'm putting it with a different provider, rather than having eggs all in 1 basket. Appreciate fees are tiered, but aj bell fees are cheaper than h&l, so maybe I should move it all to aj bell? I will be accessing using ufpls. Other than losing out on tiered fees, anybody think this is a bad idea? I will only be taking 16k per annum at end of each tax year. The rest of my income required for spending will come from tax free cash.

Although the 'danger' of losing your money with any of these providers is extremely small, I think it still makes sense not to have all your eggs in one basket. I still have 3 DC pensions. They all have some small pros and cons. I will most likely reduce to two at some point. Maybe when there is a juicy cashback transfer offer on .

Somebody

artyboy said:

SouthCoastBoy said:

poseidon1 said:

Also worth considering the flat fee structure at  interactive investors. With a total of £1 million across sipp and isa, ii would charge a maximum of £21.99 across both accounts plus you could add an additional General investment account for no additional charge.

As with HL and AJ Bell, no charge for drawdown or UFPLS.

However,  ii does have additional bells and whistles such as £3.99 commission on trades, one free trade each month, £1 charge for automatic income reinvestment, ability to hold foreign stocks in their domestic currencies ( dollars, euros, Swiss francs etc - sipp and gia only ) , and receive and hold dividend income from such stocks in those currencies. As yet neither HL or AJ Bell permit holding foreign currency on their accounts. At present I have an active dollar account with ii receiving dollar dividends on US stocks.

Thanks £21.99 seems remarkably cheap. Is their customer service any good?

Very good in my experience - they are quick responding to secure messages (compared with other more expensive platforms), pick up the phone quickly, and are proactive in reaching out to check in on me - although possibly that's because I've got a fairly large sum with them.

Long term, once I've exhausted all the transfer bonuses, I'm probably going to centralise everything with II...

The prospect of much lower charges along with the recent decent II cashback offer made me move my ISA and SIPP from HL in February.  To be fair some of the HL charges was paid out of loyalty bonuses received.

I chose to have lines transferred in specie and converted where there was no direct match in the class of funds.  I had a couple of HL funds which had to be liquidated as they were not available on II.  The SIPP has fully moved across despite the ISA transfer starting earlier.  Ironically it's a Abrdn (who own II) fund in the ISA that is awaiting conversion and holding up the transfer.  

A couple of gripes:

- I've lost the historical cost information and therefore lost the total gain/loss per stock/fund

- II does not have a daily gain/loss line for the total holding unlike HL

I asked SWMBO to transfer her Standard Life ex-employer plan to II at the time to take advantage of the cashback and she ignored me.  It was only when showing the charges section on the recent SL annual statement received that opened her eyes. She's now waiting for the next cashback offer bettering the current standard £200 from II.  In the meantime I helped draft a note to SL requesting that they consider reducing the charges to 0.2% or below.  Will report back as to their response.

Rich1976

Somebody said:

Aartyboy said:

SouthCoastBoy said:

poseidon1 said:

Also worth considering the flat fee structure at  interactive investors. With a total of £1 million across sipp and isa, ii would charge a maximum of £21.99 across both accounts plus you could add an additional General investment account for no additional charge.

As with HL and AJ Bell, no charge for drawdown or UFPLS.

However,  ii does have additional bells and whistles such as £3.99 commission on trades, one free trade each month, £1 charge for automatic income reinvestment, ability to hold foreign stocks in their domestic currencies ( dollars, euros, Swiss francs etc - sipp and gia only ) , and receive and hold dividend income from such stocks in those currencies. As yet neither HL or AJ Bell permit holding foreign currency on their accounts. At present I have an active dollar account with ii receiving dollar dividends on US stocks.

Thanks £21.99 seems remarkably cheap. Is their customer service any good?

Very good in my experience - they are quick responding to secure messages (compared with other more expensive platforms), pick up the phone quickly, and are proactive in reaching out to check in on me - although possibly that's because I've got a fairly large sum with them.

Long term, once I've exhausted all the transfer bonuses, I'm probably going to centralise everything with II...

The prospect of much lower charges along with the recent decent II cashback offer made me move my ISA and SIPP from HL in February.  To be fair some of the HL charges was paid out of loyalty bonuses received.

I chose to have lines transferred in specie and converted where there was no direct match in the class of funds.  I had a couple of HL funds which had to be liquidated as they were not available on II.  The SIPP has fully moved across despite the ISA transfer starting earlier.  Ironically it's a Abrdn (who own II) fund in the ISA that is awaiting conversion and holding up the transfer.  

A couple of gripes:

- I've lost the historical cost information and therefore lost the total gain/loss per stock/fund

- II does not have a daily gain/loss line for the total holding unlike HL

I asked SWMBO to transfer her Standard Life ex-employer plan to II at the time to take advantage of the cashback and she ignored me.  It was only when showing the charges section on the recent SL annual statement received that opened her eyes. She's now waiting for the next cashback offer bettering the current standard £200 from II.  In the meantime I helped draft a note to SL requesting that they consider reducing the charges to 0.2% or below.  Will report back as to their response.

SL wont reduce their fees just because you’ve asked them. I’ve discovered recently my workplace pension has much higher fees for the same default fund than if I took out a brand new personal pension with them. I also asked if I transferred in another pension from elsewhere, would I qualify for a large fund discount ( which I would on the personal pension ) but was told no.

Albermarle

Rich1976 said:

Somebody said:

Aartyboy said:

SouthCoastBoy said:

poseidon1 said:

Also worth considering the flat fee structure at  interactive investors. With a total of £1 million across sipp and isa, ii would charge a maximum of £21.99 across both accounts plus you could add an additional General investment account for no additional charge.

As with HL and AJ Bell, no charge for drawdown or UFPLS.

However,  ii does have additional bells and whistles such as £3.99 commission on trades, one free trade each month, £1 charge for automatic income reinvestment, ability to hold foreign stocks in their domestic currencies ( dollars, euros, Swiss francs etc - sipp and gia only ) , and receive and hold dividend income from such stocks in those currencies. As yet neither HL or AJ Bell permit holding foreign currency on their accounts. At present I have an active dollar account with ii receiving dollar dividends on US stocks.

Thanks £21.99 seems remarkably cheap. Is their customer service any good?

Very good in my experience - they are quick responding to secure messages (compared with other more expensive platforms), pick up the phone quickly, and are proactive in reaching out to check in on me - although possibly that's because I've got a fairly large sum with them.

Long term, once I've exhausted all the transfer bonuses, I'm probably going to centralise everything with II...

The prospect of much lower charges along with the recent decent II cashback offer made me move my ISA and SIPP from HL in February.  To be fair some of the HL charges was paid out of loyalty bonuses received.

I chose to have lines transferred in specie and converted where there was no direct match in the class of funds.  I had a couple of HL funds which had to be liquidated as they were not available on II.  The SIPP has fully moved across despite the ISA transfer starting earlier.  Ironically it's a Abrdn (who own II) fund in the ISA that is awaiting conversion and holding up the transfer.  

A couple of gripes:

- I've lost the historical cost information and therefore lost the total gain/loss per stock/fund

- II does not have a daily gain/loss line for the total holding unlike HL

I asked SWMBO to transfer her Standard Life ex-employer plan to II at the time to take advantage of the cashback and she ignored me.  It was only when showing the charges section on the recent SL annual statement received that opened her eyes. She's now waiting for the next cashback offer bettering the current standard £200 from II.  In the meantime I helped draft a note to SL requesting that they consider reducing the charges to 0.2% or below.  Will report back as to their response.

SL wont reduce their fees just because you’ve asked them. I’ve discovered recently my workplace pension has much higher fees for the same default fund than if I took out a brand new personal pension with them. I also asked if I transferred in another pension from elsewhere, would I qualify for a large fund discount ( which I would on the personal pension ) but was told no.

I had a 0.5% discount with SL from the standard charge, which is usually 1%.
I had a dispute with them and a few e mails back and forth. In one I just happened to mention lower fees elsewhere, such as Vanguard, II etc .
Discount was increased to 0.65%.

That was a couple of years ago. Maybe they have got less flexible now that Phoenix are more obviously in charge.

artyboy

Somebody said:

artyboy said:

SouthCoastBoy said:

poseidon1 said:

Also worth considering the flat fee structure at  interactive investors. With a total of £1 million across sipp and isa, ii would charge a maximum of £21.99 across both accounts plus you could add an additional General investment account for no additional charge.

As with HL and AJ Bell, no charge for drawdown or UFPLS.

However,  ii does have additional bells and whistles such as £3.99 commission on trades, one free trade each month, £1 charge for automatic income reinvestment, ability to hold foreign stocks in their domestic currencies ( dollars, euros, Swiss francs etc - sipp and gia only ) , and receive and hold dividend income from such stocks in those currencies. As yet neither HL or AJ Bell permit holding foreign currency on their accounts. At present I have an active dollar account with ii receiving dollar dividends on US stocks.

Thanks £21.99 seems remarkably cheap. Is their customer service any good?

Very good in my experience - they are quick responding to secure messages (compared with other more expensive platforms), pick up the phone quickly, and are proactive in reaching out to check in on me - although possibly that's because I've got a fairly large sum with them.

Long term, once I've exhausted all the transfer bonuses, I'm probably going to centralise everything with II...

The prospect of much lower charges along with the recent decent II cashback offer made me move my ISA and SIPP from HL in February.  To be fair some of the HL charges was paid out of loyalty bonuses received.

I chose to have lines transferred in specie and converted where there was no direct match in the class of funds.  I had a couple of HL funds which had to be liquidated as they were not available on II.  The SIPP has fully moved across despite the ISA transfer starting earlier.  Ironically it's a Abrdn (who own II) fund in the ISA that is awaiting conversion and holding up the transfer.  

A couple of gripes:

- I've lost the historical cost information and therefore lost the total gain/loss per stock/fund

- II does not have a daily gain/loss line for the total holding unlike HL

I asked SWMBO to transfer her Standard Life ex-employer plan to II at the time to take advantage of the cashback and she ignored me.  It was only when showing the charges section on the recent SL annual statement received that opened her eyes. She's now waiting for the next cashback offer bettering the current standard £200 from II.  In the meantime I helped draft a note to SL requesting that they consider reducing the charges to 0.2% or below.  Will report back as to their response.

As has often been said here, with platform charges it's not just how much you hold, it's also what types of investment - purely on a charge basis, HL works well for me still as they cap their charges on ETFs (same deal with Fidelity and Charles Stanley)