IWeb split from A J Bell, what to do?

_pete_

I had a message this morning from my SIPP provider, IWEB, saying they will no longer be partnering with A J Bell for their SIPP administration and that I have the choice of staying with them (and having it managed by Embark Investment Services) or moving to A J Bell or another provider.

I've never heard of Embark, and I'd be interested in others' thoughts on this.

kempiejon

Embank Group are the lot behind Moneyfarm and I used to have a SIPP with them. I didn't like the intereface but that is not necessarily a reflection on their ability to do the admin of a SIPP. Funily enough I transfered to AJBell.
I have an account with iweb but ISA not SIPP.

_pete_

kempiejon said:

Embank Group are the lot behind Moneyfarm and I used to have a SIPP with them. I didn't like the intereface but that is not necessarily a reflection on their ability to do the admin of a SIPP. Funily enough I transfered to AJBell.
I have an account with iweb but ISA not SIPP.

Thank you.

I've just googled them and the feedback is pretty shocking.

tafelmoneysaver

My decision will be influenced by the fee structure. My cynical hat thinks it'll probably be better to move to a different SIPP provider but have until April to look at the numbers.

thecleaner_2

Embark are owned by Lloyds

blackcat16

I also have this decision to make. iweb seem to be offering fee free admin until 2028 and I was probably going to take that option but have also now read the Embark trustpilot reviews which I agree are shockingly bad. Some of the bad reviews suggest poor investment decisions by Embark which would not apply to my iweb SIPP as (I assume) I will continue to make investment decisions but still very worrying.
Am now considering complete switch to Interactive Investor (who are currently offering significant transfer bonuses) but would probably want to do in specie transfer and not sure extra complexity may be troublesome! 
Anyone else's views most welcome.

Hoenir

This is only the "payroll" administration has nothing to do with the investments.  Just as many company's do outsourcing this particular function shouldn't be an issue. Ultimately the entire market is likely to served by a handfull of operators. As it's a numbers game to make the operation economic to run. 

_pete_

Hoenir said:

This is only the "payroll" administration has nothing to do with the investments.  Just as many company's do outsourcing this particular function shouldn't be an issue. Ultimately the entire market is likely to served by a handfull of operators. As it's a numbers game to make the operation economic to run. 

I understand that.  My concern is that their administration is clearly woeful.  As I am in the drawdown phase I want a provider that can handle routine administration competently.

kempiejon

_pete_ said:
I understand that.  My concern is that their administration is clearly woeful.  As I am in the drawdown phase I want a provider that can handle routine administration competently.

I was in the market for SIPP a few years back and ruled out iWeb because of their costs for drawdown. Is it right that they charge you for accessing you money? Have a look at AJB drawdown is free, If I recall iWeb took a fee for each withdrawl and a fee for holding an account in drawdonw too. 

blackcat16

Iweb do currently charge for moving into drawdown and setting up payments but it looks that will be ceasing in the new “Scottish Widows/Iweb/HalifaxSDL/Embark” set up ( they’re going to need a stadium for the staff Christmas party).
I only take one payment a year (in March) and that cost would be more than exceeded by AJB having uncapped % charges for part of my portfolio.
I agree that Embark seem to have administrative problems (though no sample size to scale it)  but it does appear that issues (on trustpilot at least ) seem to be from a variety of external SIPP accounts, one would hope that they would do better with this new incestuous all in house set up!
The admin fee free period offer to November 2028 is tempting me to stay with Iweb.
I will hopefully receive my single March 2025 pension payment under the current arrangement and then Embark should have ample time to get ducks in a row for my March 2026 payment.

_pete_

Tbh, I haven't been particularly impressed with IWeb throughout my time with them.  Their flat fee for funds in a SIPP was the main draw.   I have a separate SIPP with A J Bell and I think I'll end up moving everything over to them.