Changing SIPP Platform

chiang_mai

I intend to change my SIPP platform from HL to Fidelity and wonder if there are important reasons why I shouldn't. Because I'm not resident in the UK, I don't read the UK press very much although I have read the Moneyvator article on changing platforms. My SIPP is high five/low six figures and in drawdown, it comprises only funds. The reasons for wanting to change are, not in any order, quality and accuracy of fund data,  cost, and responsiveness/turn around times. If I'm missing anything critical, I will appreciate your input.

sausage_time

Moving to Pensions, annuities & retirement planning forum.

eastcorkram

Have you any experience of being with Fidelity?

dunstonh

Because I'm not resident in the UK, I don't read the UK press very much although I have read the Moneyvator article on changing platforms.

Where are you resident for tax purposes?   Your answer will decide if any UK providers are available to you.

Basically, you wont be able to open a SIPP with Fidelity as you are non UK resident. 

chiang_mai

dunstonh said:

Because I'm not resident in the UK, I don't read the UK press very much although I have read the Moneyvator article on changing platforms.

Where are you resident for tax purposes?   Your answer will decide if any UK providers are available to you.

Basically, you wont be able to open a SIPP with Fidelity as you are non UK resident. 

I am resident for tax purposes in Thailand because  I spend more than 183 days here each year. I also pay tax on all income that arises in the UK.....I file a UK tax return each year In the case of the SIPP, I am not opening a new SIPP, I am merely transferring an existing SIPP. HL will allow me to open a SIPP with them, as long as I am present in the UK at the time it is opened, tax status is not an issue for them. This is because I own a home in the UK and pay Council Tax etc.

I've just been round the houses with Computershare on this residency issue. I had some Aviva shares I wanted to sell and Computershare is the registrar. At first they said they wouldn't sell the shares, because I am not UK resident. I challenged their ruling and they subsequently agreed that if I changed my address of their system, to my UK address, I would be regarded as UK resident and they would complete the sale. Again, I have a UK home, pay UK Council Tax and utilities, pay tax on my UK income and file a tax return every year. My physical presence is not relevant to the argument, albeit HL thinks it is as far as they are concerned. Filing a UK return as non resident, doesn't allow you to escape income that arises in the UK, hence, the whole point about tax residency is a red herring as far as a SIPP is concerned. Even DWP accepts that physical presence and day counting don't mean much, when it comes to habitual residency.

chiang_mai

eastcorkram said:

Have you any experience of being with Fidelity?

No, but I know others who do and they speak well of their product and service.

squirrelpie

I'm surprised that HL's responsiveness is a problem for you. I generally find them good and predictable, and believe other people do as well. Their costs for funds are very high, as is well-known, so I use exchange-traded instruments instead. If their information about an instrument is lacking, I tend to look on Trustnet or wherever (maybe even Fidelity) to get the information instead.

DT2001

I have accounts with both but only hold ETFs and investment trusts so pay fixed fees. Minimal trading. So on that basis are comparable.

We, as a family, have recently moved various accounts to or from both and the telephone support, when required, has been good. I am awaiting the resolution of one minor matter with Fidelity that has been dealt with using their secure messaging - they have acknowledged the error but it is taking a while to sort the details.

 I tend to use their information/research as just one of a few sources 

chiang_mai

squirrelpie said:

I'm surprised that HL's responsiveness is a problem for you. I generally find them good and predictable, and believe other people do as well. Their costs for funds are very high, as is well-known, so I use exchange-traded instruments instead. If their information about an instrument is lacking, I tend to look on Trustnet or wherever (maybe even Fidelity) to get the information instead.

I have grown used to using Morning star or Fidelity for my funds data, it's much more complete and is nearly always up to date, I don't even bother looking at HL's data any longer because it is the opposite. 

I used to find HL responsive also but lately they have been unable to post prices on some of my funds for weeks at a time. When I decided to sell one of those funds, it took them five days, which I think is unacceptable. 

jimjames

chiang_mai said:

dunstonh said:

Because I'm not resident in the UK, I don't read the UK press very much although I have read the Moneyvator article on changing platforms.

Where are you resident for tax purposes?   Your answer will decide if any UK providers are available to you.

Basically, you wont be able to open a SIPP with Fidelity as you are non UK resident. 

In the case of the SIPP, I am not opening a new SIPP, I am merely transferring an existing SIPP. HL will allow me to open a SIPP with them, 

Do you already have a SIPP with Fidelity then? If not then you will need to open one to transfer it. What HL allow isn't relevant to what Fidelity do.

chiang_mai

jimjames said:

In the case of the SIPP, I am not opening a new SIPP, I am merely transferring an existing SIPP. HL will allow me to open a SIPP with them, 

Do you already have a SIPP with Fidelity then? If not then you will need to open one to transfer it. What HL allow isn't relevant to what Fidelity do.

My question in the OP is about the suitability of Fidelity as a SIPP provider and whether there are issues I am unware of that make other companies more suitable. Individual views on whether I am able to make the transfer or not is not something I require input on and is not intended to be part of the discussion. In a worst case scenario, I will simply visit the UK and apply as a resident, whilst the SIPP is established at the new provider.