SIPP Pensions

hockeyfan500

I've woken up to the fact that my SIPP is with a provider where the fees I'm paying are HUGE. Just over 2% for the last year in charges and management fees (W@W). I feel embarrassed that I didn't pick this up sooner. My severe lack of homework is to blame!.

I'd like to move my SIPP to a platform and have only just stared looking at this and how to do it. My question is; just how easy or not would it be for a novice like me to take control of my own SIPP (and S&S ISA) through the platforms like AJ Bell/HL and Interactive Investor. 
Have others done this? Any watch outs? Any platforms better than others for newbies? Any books or guides that would be helpful or should I find another way to deal with my SIPP. 

I've been watching Chris Palmer on You Tube and he seems to offer decent advice. Having paid so much in fees I no longer trust financial advisors.

MallyGirl

The transfer itself is easy.
Choosing your own investments once you are in a DIY platform will require some research. A mistake in this could easily cost you more than 2% but the concepts are not hard for someone with a reasonable grasp of numbers. You haven't mentioned the size of the pot and whether it is the entirety of your pension provision, nor your age

dunstonh

I'd like to move my SIPP to a platform and have only just stared looking at this and how to do it. My question is; just how easy or not would it be for a novice like me to take control of my own SIPP (and S&S ISA) through the platforms like AJ Bell/HL and Interactive Investor. 

Its easy to take control.  However, only you can assess your knowledge and understanding.

Have others done this? Any watch outs? Any platforms better than others for newbies? Any books or guides that would be helpful or should I find another way to deal with my SIPP. 

Plenty have done it.  Some have done it very well. Some have made a complete pigs ear of it.

I've been watching Chris Palmer on You Tube and he seems to offer decent advice. Having paid so much in fees I no longer trust financial advisors.

You effectively went to a sales force offering a restricted advice service. You didn't engage an IFA.    You could say it's like comparing McDonalds with a restaurant.   So, saying you no longer trust financial advisers because of that is not sensible.   I also doubt that W@W did anything wrong.   They would have just kept it simple but expensive.

BoxerfanUK

My OH opened her first SIPP with Interactive investor in February.  She transferred in 3x DC workplace pensions.  So far very pleased with ii, great customer service, very responsive both via secure messages and telephone guidance if required.  You can manage your account online and they also have a phone app which works quite well.  No regrets so far.

I would say to look at the platform charges in relation to how much your pension pot is with all providers.  ii charge a flat £12.99 per month fee for amounts over 50K whereas some charge a percentage, which for larger pots can be costly.

Albermarle

BoxerfanUK said:

My OH opened her first SIPP with Interactive investor in February.  She transferred in 3x DC workplace pensions.  So far very pleased with ii, great customer service, very responsive both via secure messages and telephone guidance if required.  You can manage your account online and they also have a phone app which works quite well.  No regrets so far.

I would say to look at the platform charges in relation to how much your pension pot is with all providers.  ii charge a flat £12.99 per month fee for amounts over 50K whereas some charge a percentage, which for larger pots can be costly.

The larger modern SIPP providers , like II, but others as well, tend to be quite responsive and have modern IT systems that work pretty smoothly. You are also right about the fact that fixed fee providers are cheaper for larger pots, although some % chargers have a low fees cap on certain types of investments.

However savings in platform fees, can be easily overwhelmed by paying too much for investment fees, and/or poor performance of the investments chosen, and/or the wrong type of investments chosen, so they are really only a minor factor. 

That is not to say that keeping platform costs down is not a good thing, but it is only a small part of a bigger picture.

tigerspill

When I was working I was sucked into the W@W thing.  When I took some control it became clear they were VERY expensive for what I considered very poor products.  I immediately moved away and bought into global trackers that suited my needs better.  They are just sales people for their very expensive products.
If you arent confident find a good IFA.

Nurse2047

Vanguard are low fee and easy to set up, invest in a global fund like this and relax 
https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-global-all-cap-index-fund-gbp-acc/overview

barnstar2077

Nurse2047 said:

Vanguard are low fee and easy to set up, invest in a global fund like this and relax 
https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-global-all-cap-index-fund-gbp-acc/overview

This is exactly what I did.  No complaints so far. 

Hoenir

Control is easy. No different to jumping in your car. Starting the engine and driving off. If your car developed a fault. Would you have the technical comprehension to operate a complex diagnostic machine though. Social media is full of investing opinion that doesn't even scratch the surface of what lies beneath. Been an extended bull market. Complacency is creeping in. 

Yes you are paying charges at the higher end of the scale. Paying for the right advice is what really matters. Avoid the race to the bottom of minimal fees. Losses can soon outweigh any benefits of doing so. 

dunstonh

Nurse2047 said:

Vanguard are low fee and easy to set up, invest in a global fund like this and relax 
https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-global-all-cap-index-fund-gbp-acc/overview

That fund puts you in a small category of high risk investors that is far above the average consumer.  if it works for you, great.  However, the OP has not given any indication that they have the knowledge, behaviour or capacity for loss for such an investment.

Bravepants

dunstonh said:

Nurse2047 said:

Vanguard are low fee and easy to set up, invest in a global fund like this and relax 
https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-global-all-cap-index-fund-gbp-acc/overview

That fund puts you in a small category of high risk investors that is far above the average consumer.  if it works for you, great.  However, the OP has not given any indication that they have the knowledge, behaviour or capacity for loss for such an investment.

Also they've not said how old they are and therefore how far they are away from retirement.