SIPP transfer question

Alexland

incus432 said:

If you wanna be my platform

You gotta let me hold gilts

Make it last forever, the cashback never ends.
Taking is too easy, but that's the way it is.

artyboy

Alexland said:

Albermarle said:

The other point is that if you hold £250K + on the platform, the platform fee for OEIC funds drops from 0.35% to 0.2% for the whole of the money you have on the platform.

It would have to be a pretty amazing fund to make me want to pay 0.20% even on just a proportion of a large account. If they ever dropped the fee cap then paying % charges even at the lower rate would make me cry.

...which is exactly what Charles Stanley recently did. I have a complaint in with them at the moment over the inadequate and misleading way the ETF cap removal was communicated, and am in the process of ditching them as we speak...

Their £50k online buy limit per trade was also very irritating...

Alexland

artyboy said:

...which is exactly what Charles Stanley recently did. I have a complaint in with them at the moment over the inadequate and misleading way the ETF cap removal was communicated, and am in the process of ditching them as we speak...

I'm kinda stuck with Fidelity to preserve the age 55 access possibility for being at the right place at the right time. At least the CSD cap is now 'only' £600pa and you can leave. Fidelity would cost me a lot more on % charges but they are being very good to me for now and I'm scheduled to earn some vouchers for doing more of their feedback panel stuff later this month.

I remember once doing a focus group for L&G for vouchers and they asked us to discuss why we opened our SIPPs and most of the participants had good wholesome answers about long term planning and I just said it was because they were offering more cashback than the amount you needed to contribute and there was a stunned silence of disbelief in the virtual room. I just moved that little SIPP to PensionBee for more cashback. It's a crazy game.

artyboy

Alexland said:

artyboy said:

...which is exactly what Charles Stanley recently did. I have a complaint in with them at the moment over the inadequate and misleading way the ETF cap removal was communicated, and am in the process of ditching them as we speak...

I'm kinda stuck with Fidelity to preserve the age 55 access possibility for being at the right place at the right time. At least the CSD cap is now 'only' £600pa and you can leave. Fidelity would cost me a lot more on % charges but they are being very good to me for now and I'm scheduled to earn some vouchers for doing more of their feedback panel stuff later this month.

I remember once doing a focus group for L&G for vouchers and they asked us to discuss why we opened our SIPPs and most of the participants had good wholesome answers about long term planning and I just said it was because they were offering more cashback than the amount you needed to contribute and there was a stunned silence of disbelief in the virtual room. I just moved that little SIPP to PensionBee for more cashback. It's a crazy game.

Horses for courses, I found Fidelity to be painfully slow in responding to even basic queries, and their cashback offers to be rather parsimonious with a long lock in period. Ditched them as well a little while back.

I've actually been dabbling with another robo - £740 cashback (Quidco) for a £30k transfer to Moneyfarm, happy to just have a little play there to see how it does relative to HMWO, and I'll still make a reasonable return net of fees.

For anyone that does really like Robos, then the 1% offer from Nutmeg isn't too shabby, especially when like me you have a legacy management fee that's rather lower than the ones they publish...

Incidentally, as someone that doesn't have the benefit of any preserved access rights at 55 (aside from a small DB), cashback is to me a nice way to realise some value ahead of that point...

Albermarle

Horses for courses, I found Fidelity to be painfully slow in responding to even basic queries, and their cashback offers to be rather parsimonious with a long lock in period. Ditched them as well a little while back.

I have not queried too many things, but the response has always been OK, if not lightning quick.
Their current cashback offer is a bit more generous than previous ones and open to anyone. Unlike HL's which only seems to have been offered to selected existing customers.

Alexland

artyboy said:

I've actually been dabbling with another robo - £740 cashback (Quidco) for a £30k transfer to Moneyfarm, happy to just have a little play there to see how it does relative to HMWO, and I'll still make a reasonable return net of fees.

For anyone that does really like Robos, then the 1% offer from Nutmeg isn't too shabby, especially when like me you have a legacy management fee that's rather lower than the ones they publish...

Sadly I've done most of the Robos over the years so they wouldn't consider me a new customer. I found that hyped up Moneyfarm reps phoned me a few times in a pushy way to try and get me to put more onto their platform. Nutmeg was probably the best with their fixed allocation portfolios but still too expensive for anything really. I never transferred any of my main accounts as the combination of high fees and the time uninvested could dwarf any cashback.