SIPP Charges are these ballpark?

Skinnydad

Hi Folks, once again looking to pick a few brains here.

I'm currently in the process of releasing my SIPP and I receive the SP in 2 months. I'm entering a drawdown as this meets with our current financial goals.  My SIPP is with Aegon at present and they are quoting per annum as follows:

Investment costs 0.25%
Service costs 0.22%

Totalling 0.47%

Are these costs ballpark, reasonable etc. Would I save much by moving my money to another platform or would these savings be minimal?

Thanks in Advance SD..

Dazed_and_C0nfused

The SIPP value is likely to be relevant.

An uncapped 0.47% on £100k could be a different proposition to 0.47% on £1,000,000.

Skinnydad

Thanks D&C the sipp value is 200K..after TFLS..

Secret2ndAccount

Those charges are in the ballpark. If you made it your life's work, you could shave off 0.1% maybe 0.2%, but if you are happy with your service and your investments I wouldn't rock the boat.

Skinnydad

Thanks Secret2nd I appreciate your quick response. Yes I've been happy to date.  I suppose I didn't really over analyse these whilst I wasn't thinking of started to draw the money. Death & Taxes eh lol   

Albermarle

Skinnydad said:

Thanks Secret2nd I appreciate your quick response. Yes I've been happy to date.  I suppose I didn't really over analyse these whilst I wasn't thinking of started to draw the money. Death & Taxes eh lol   

Aegon do not get many positive comments on this forum, regarding customer service, ease of use of website etc.
So if you start to experience that, then it  could be a reason to move to a slicker operation, and at that point you could also shop around to see if you can save a little bit on the charges.

Skinnydad

Thanks Albermarle. TBH I've not had any issues with them and since kicking off my plans not encountered any to date. But I'll bare this in mind thanks.  my main question was of fees:
Investment costs 0.25%
Service costs 0.22%

Totalling 0.47%

From the comments I've had this seems a reasonable ballpark. The investment costs I assume are Vanguards, service Aegon and for a drawdown a one off fee once per year of £75. always wonder about the 75 though, surely this could have been wrapped up in the service costs. Thanks again.