In specie SIPP transfer - HL version of fund

Exiled_Tyke

As an aside I came very close to leaving HL because of their charges and going to ii. Everyone (including Which?) claim HL is expensive because of the platform fees.   I realised that HL sometimes have  negotiated reductions on fund charges so I started working through my portfolio and checking the differences.  Taking that into account and that ii charges for fund purchase and sales (which HL does not) I came to the conclusion that it wasn't worth me moving.  For my specific situation there was one overall decider, that I plan to put the fund into drawdown at some point and withdraw income as I need it,  With ii I'd be paying a sale fee every time I want money out of a fund and with HL I won't.   (I also found other differences in functionality, e.g. one off employer contributions would need to be done by completing a form everytime,  HL recognises payments from my employer account and automatically credits them correctly) 

I'm not fighting the corner for HL but do check all the differences  between HL and who you are planning to move to, to make sure it really will be a good move.  

FIREDreamer

Exiled_Tyke said:

As an aside I came very close to leaving HL because of their charges and going to ii. Everyone (including Which?) claim HL is expensive because of the platform fees.   I realised that HL sometimes have  negotiated reductions on fund charges so I started working through my portfolio and checking the differences.  Taking that into account and that ii charges for fund purchase and sales (which HL does not) I came to the conclusion that it wasn't worth me moving.  For my specific situation there was one overall decider, that I plan to put the fund into drawdown at some point and withdraw income as I need it,  With ii I'd be paying a sale fee every time I want money out of a fund and with HL I won't.   (I also found other differences in functionality, e.g. one off employer contributions would need to be done by completing a form everytime,  HL recognises payments from my employer account and automatically credits them correctly) 

I'm not fighting the corner for HL but do check all the differences  between HL and who you are planning to move to, to make sure it really will be a good move.  

I use HL for ETF and investment trusts only. Annual platform fees capped at £200 for a SIPP and £45 for an ISA. And they easily enable the 3 x £10k small pot loophole too, free of charge.

MichelleUK

Thanks everyone, apologies for my delay in replying, I thought I had an email alert set up!

I think I will do a bit more research, especially into ETF’s and look at my best options….thanks!

Leamo

Interesting post,  I too decided to move my SIPP after reading the which reviews which prompted me to review the fees of the top providers, should've done this ages ago but hey ho!.  Struggled to match the L&G funds from HL with ii and nearly gave up but it all prompted me to review the funds I was investing in (tracker funds) which then led me down the path of ETFs and the £200 annual cap with HL.  So simply switching from a fund (and all mine were tracker funds anyhow) into an ETF that tracks the indices my funds did this then became the best solution for me.

Leamo

One thing I'd also like to add for those reading the which review and chosing to move on the basis of fees, the process takes an age, months, I found some funds that I had in HL I couldn't transfer to ii, and between having to try and find and then switch to funds that I could transfer into with HL that I could then transfer to ii, and the weeks it is taking to facilitate the transfer and me not trading in order to avoid stalling the process even further I have lost thousands from my portfolio whilst trying to save hundreds on fees by transferring!!!