SIPP fees and possible transfer

dannybbb

I have my SIPP with ii - ive gone over the 50k mark - and fees have doubled from 5.99 to 12.99 pm - if this turns out to be expensive (im going to look at other options now) is it difficult and or costly to move it elsewhere?

I just have noney in a global HSBC fund

dannybbb

aj bell you invest  seems like it might be better up to 100k?

masonic

It shouldn't be difficult or costly to transfer elsewhere. I transferred an ISA out of ii a while back (to HL) and it was done very efficiently and cost nothing. I don't think ii levy any exit fees on their SIPP either.

AJ Bell is a good option beyond £100k if you invest in exchange traded securities, as you'll benefit from a cap on the platform fee.

dannybbb

i just have the one fund with hsbc - what ive read is that the fixed fee is poor up to 100k and better after  - would you agree with that given my single fund sipp?

dannybbb

if thats the case perhaps staying as i am?

masonic

It really depends on the level at which the fixed fee is set and the comparative percentage fee you could get. The cheapest SIPP options tend to come in at around £100 per year. Fidelity has a lower cap than AJ Bell but a higher percentage fee below it. Others will have different offerings. I'm only paying HL £200 per year because they were kind enough to pay me a couple of grand cashback to transfer to them for a year. I will probably be off to AJ Bell after that, although may get tempted by another cashback offer.

As you grow your pension, it is well worth looking for an equivalent ETF portfolio, although if you have something like HSBC Global Strategy, then you won't find a single ETF covering all of those bases.

ColdIron

As a percentage fee provider AJ Bell would be cheaper for £50,000 (by £30 pa?) but don't forget that as the value increases then so will the fee, whereas with II it won't. The crossover point would be £62,352 when II becomes cheaper. Then there are transaction fees

This will give you an overview of different providers

https://monevator.com/compare-uk-cheapest-online-brokers

dannybbb

thanks I was beginning to think it wasn't worth transferring and the amounts are small even at this stage - thanks for helping clear that up

dannybbb

first year of accumulating cash in my sipp and in reading more and more im hearing nmore about an upcoming crash wich is unnerving as th money in the pension hasnt been accumulated over time but added in a few months - ive just added another 15k - do you think its unwise to keep adding large amounts right now? I know no one has a crystal ball but i have 28.5 in hsbc global balanced  and 13.5 in dynamic - the 15 is still in cash  - would you keep feeding into those funds?

MX5huggy

There’s always a crash coming, if you’re investing every month you need to keep doing it for decades before you need the money. 

Albermarle

reading more and more im hearing nmore about an upcoming crash

You can read somewhere about the 'upcoming crash' ,every week of every year from now until you die.