Anyone with an AJ Bell SIPP and Drawdown?

jaybeetoo

It’s worth checking your charges with HL.  They charge separately for the SIPP account and the Drawdown account which can result in higher charges than having everything in one account.  For example, if you had all your investments in shares, investment trusts and ETFs you’ll pay up to £200 in charges for the SIPP and pay up to £200 on the Drawdown account as well.  If they were in one account you’d pay a maximum of £200.

Even if you have funds, you can still pay more as the first £250k is 0.45% on each account.  So if you have £500k in one account you pay 0.45% on the first £250k and 0.25% on the rest.  If you have £250K on the SIPP and £250k in Drawdown, you pay 0.45% on the whole £500k!

thingswerentthisbadinmyday

jaybeetoo said:

It’s worth checking your charges with HL.  They charge separately for the SIPP account and the Drawdown account which can result in higher charges than having everything in one account.  For example, if you had all your investments in shares, investment trusts and ETFs you’ll pay up to £200 in charges for the SIPP and pay up to £200 on the Drawdown account as well.  If they were in one account you’d pay a maximum of £200.

Even if you have funds, you can still pay more as the first £250k is 0.45% on each account.  So if you have £500k in one account you pay 0.45% on the first £250k and 0.25% on the rest.  If you have £250K on the SIPP and £250k in Drawdown, you pay 0.45% on the whole £500k!

Thanks.
I look at my HL charges every month and you’re right that the charges are separate, with the £200 cap applying to both the SIPP and Drawdown (individually), rather than across both.
Because of the amounts I have invested across the two accounts and my normal transaction volumes, it still remains a very close call for me as to whether or not I’d be better off transferring.
If it wasn’t for my frequent ad hoc small lump sum investments into funds and the free dividend re-investments, it would be a relatively straightforward decision.

jaybeetoo

thingswerentthisbadinmyday said:

jaybeetoo said:

It’s worth checking your charges with HL.  They charge separately for the SIPP account and the Drawdown account which can result in higher charges than having everything in one account.  For example, if you had all your investments in shares, investment trusts and ETFs you’ll pay up to £200 in charges for the SIPP and pay up to £200 on the Drawdown account as well.  If they were in one account you’d pay a maximum of £200.

Even if you have funds, you can still pay more as the first £250k is 0.45% on each account.  So if you have £500k in one account you pay 0.45% on the first £250k and 0.25% on the rest.  If you have £250K on the SIPP and £250k in Drawdown, you pay 0.45% on the whole £500k!

Thanks.
I look at my HL charges every month and you’re right that the charges are separate, with the £200 cap applying to both the SIPP and Drawdown (individually), rather than across both.
Because of the amounts I have invested across the two accounts and my normal transaction volumes, it still remains a very close call for me as to whether or not I’d be better off transferring.
If it wasn’t for my frequent ad hoc small lump sum investments into funds and the free dividend re-investments, it would be a relatively straightforward decision.

It might be worth looking at interactive investor.  Their fees were certainly cheaper for me (share dealing costs are less than HL too).  I’ve recently transferred from HL to ii and it all happened without any problems.  I timed it so there wouldn’t be an interruption to my monthly drawdown payment.

thingswerentthisbadinmyday

jaybeetoo said:

thingswerentthisbadinmyday said:

jaybeetoo said:

It’s worth checking your charges with HL.  They charge separately for the SIPP account and the Drawdown account which can result in higher charges than having everything in one account.  For example, if you had all your investments in shares, investment trusts and ETFs you’ll pay up to £200 in charges for the SIPP and pay up to £200 on the Drawdown account as well.  If they were in one account you’d pay a maximum of £200.

Even if you have funds, you can still pay more as the first £250k is 0.45% on each account.  So if you have £500k in one account you pay 0.45% on the first £250k and 0.25% on the rest.  If you have £250K on the SIPP and £250k in Drawdown, you pay 0.45% on the whole £500k!

Thanks.
I look at my HL charges every month and you’re right that the charges are separate, with the £200 cap applying to both the SIPP and Drawdown (individually), rather than across both.
Because of the amounts I have invested across the two accounts and my normal transaction volumes, it still remains a very close call for me as to whether or not I’d be better off transferring.
If it wasn’t for my frequent ad hoc small lump sum investments into funds and the free dividend re-investments, it would be a relatively straightforward decision.

It might be worth looking at interactive investor.  Their fees were certainly cheaper for me (share dealing costs are less than HL too).  I’ve recently transferred from HL to ii and it all happened without any problems.  I timed it so there wouldn’t be an interruption to my monthly drawdown payment.

Thanks. I’ll have a look at ii.

MallyGirl

thingswerentthisbadinmyday said:

jaybeetoo said:

thingswerentthisbadinmyday said:

jaybeetoo said:

It’s worth checking your charges with HL.  They charge separately for the SIPP account and the Drawdown account which can result in higher charges than having everything in one account.  For example, if you had all your investments in shares, investment trusts and ETFs you’ll pay up to £200 in charges for the SIPP and pay up to £200 on the Drawdown account as well.  If they were in one account you’d pay a maximum of £200.

Even if you have funds, you can still pay more as the first £250k is 0.45% on each account.  So if you have £500k in one account you pay 0.45% on the first £250k and 0.25% on the rest.  If you have £250K on the SIPP and £250k in Drawdown, you pay 0.45% on the whole £500k!

Thanks.
I look at my HL charges every month and you’re right that the charges are separate, with the £200 cap applying to both the SIPP and Drawdown (individually), rather than across both.
Because of the amounts I have invested across the two accounts and my normal transaction volumes, it still remains a very close call for me as to whether or not I’d be better off transferring.
If it wasn’t for my frequent ad hoc small lump sum investments into funds and the free dividend re-investments, it would be a relatively straightforward decision.

It might be worth looking at interactive investor.  Their fees were certainly cheaper for me (share dealing costs are less than HL too).  I’ve recently transferred from HL to ii and it all happened without any problems.  I timed it so there wouldn’t be an interruption to my monthly drawdown payment.

Thanks. I’ll have a look at ii.

II fees are cheaper but they don't have the separate crystallised pot concept - they operate as percentages