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CMC Invest SIPP

charlie12525
charlie12525 Posts: 114 Forumite
Fifth Anniversary 100 Posts Name Dropper
in Pensions, annuities & retirement planning
Has anyone opened a SIPP with CMC Invest and done a SIPP transfer in?

How did it go?

Reviews on Trustpilot are generally good but there is no info on their SIPP as it has only recently been on offer.

I am interested as I would qualify for their £1000 cashback offer for a transfer from my HL SIPP and also get 12 months free account fee.

HL are charging me too much - I am paying double fees due to having a SIPP and a SIPP drawdown account.

Comments

  • Beddie
    Beddie Posts: 1,056 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I have some shares I transferred in a GIA with them, so not exactly the same, but I have found their systems and admin to be very good.

    I also considered the cashback offer (for an ISA), but in a year's time the fees kick in, so would you be moving it again or would it be reasonable value to stay? Sounds like it would be cheaper for you, but didn't really work out for me.
  • charlie12525
    charlie12525 Posts: 114 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    Beddie said:
    I have some shares I transferred in a GIA with them, so not exactly the same, but I have found their systems and admin to be very good.

    I also considered the cashback offer (for an ISA), but in a year's time the fees kick in, so would you be moving it again or would it be reasonable value to stay? Sounds like it would be cheaper for you, but didn't really work out for me.
    Thanks for the info.

    CMC Invest charge £300 a year after the free offer period. A bit pricey but well covered by the cashback. And at HL I am paying over £400.

    I have gone for it.
  • Albermarle
    Albermarle Posts: 30,509 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    HL are charging me too much - I am paying double fees due to having a SIPP and a SIPP drawdown account.

    I do not think this is correct. For most investments HL charge a % platform fee of 0.45%.

    So if you had £100K in a SIPP, or £50K in a SIPP and £50K in drawdown, it would make no difference.

  • ColdIron
    ColdIron Posts: 10,325 Forumite
    Part of the Furniture 10,000 Posts Hung up my suit! Name Dropper
    edited 28 June 2024 at 2:08PM
    It depends upon what you are invested in. I believe HL apply the £200 cap per account for ITs and ETFs
  • Albermarle
    Albermarle Posts: 30,509 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    ColdIron said:
    It depends upon what you are invested in. I believe HL apply the £200 cap per account for ITs and ETFs
    Yes you are right, it is not a platform cap like with Fidelity.
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