Interactive Investor SIPP

Bumblingbee

I'm looking at transferring a pension from L&G to II as we're unable to pay into the L&G one and there would be a saving on fees. However, I can see they have 40,000 funds but from what I can see there is no ability to look at the fund offering before opening the account?

If anyone has a SIPP with II, would you be kind enough to confirm if they offer the following:

L&G PMC UK Equity Index 3
L&G PMC Ethical Global Equity Index 3
L&G PMC World (Ex-UK) Equity Index 3
L&G PMC Multi-Asset 3

Thanks for any help!

QrizB

Your links don't work (you need to be logged in) but a quick search finds no funds on II named "L&G PMC".

I suspect they will be internal funds, so not available on the open market.

There will probably be funds with similar holdings from other providers.

dunstonh

However, I can see they have 40,000 funds but from what I can see there is no ability to look at the fund offering before opening the account?

Why would you need to?      It's a SIPP.  SIPPs are whole of market.  hence the 40k investment options (not all of which are funds. It would include UT/OEICs, ETFs, ITs, shares, bonds etc)

So, any investment available on the whole of market should be available on the SIPP (although some SIPP providers may restrict some exotic, illiquid or obscure investments).

The pecking order of doing things is typically to select your investments first and then select the provider.  Not the other way around.

If anyone has a SIPP with II, would you be kind enough to confirm if they offer the following:

No they don't.   SIPPs do not offer insurance company in-house insured funds as they are exclusively offered by the insurance company.  The only SIPPs that offer insured funds are the insurance company's own SIPP product  (L&G don't have a SIPP).

Bumblingbee

dunstonh said:

  It's a SIPP.  SIPPs are whole of market.  hence the 40k investment options (not 
Not they don't.   SIPPs do not offer insurance company in-house insured funds as they are exclusively offered by the insurance company.  The only SIPPs that offer insured funds are the insurance company's own SIPP product  (L&G don't have a SIPP).

There's clearly a gap in my knowledge here but what I was trying to ascertain is whether they are whole of market funds I.e. available with other providers, which based on your response they aren't. 

This is part of my research to see if II is the right platform for me and the fund choices available. I can see if there's an alternative, but how can I do that before committing to the provider - how do you tell if its a whole of market fund vs insured fund?

Somebody

I entered the following into an AI bot:  

"which retails funds are the equivalent of these funds? 

L&G PMC UK Equity Index 3 

L&G PMC Ethical Global Equity Index 3 

L&G PMC World (Ex-UK) Equity Index 3 

L&G PMC Multi-Asset 3"

Reply:

Based on my research, the L&G PMC (Pension Management Company) funds you've listed are institutional pension fund versions. Here are their retail equivalents:

L&G PMC UK Equity Index 3 → L&G UK Index Trust

• Tracks the FTSE All-Share Index (including re-invested income) to within +/- 0.25% each year
• The retail version is available as a unit trust for private investors

L&G PMC Ethical Global Equity Index 3 → L&G Ethical Global Equity Index Trust

• Tracks the FTSE 4Good Developed Index to within +/-0.5% p.a. for two years out of three
• Available through L&G's retail fund range with the same ethical screening approach

L&G PMC World (Ex-UK) Equity Index 3 → L&G Global Equity Index Trust

• Tracks the FTSE World (excluding UK) Index (including re-invested income) to within +/- 0.50% each year
• The retail equivalent provides exposure to global developed markets excluding the UK

L&G PMC Multi-Asset 3 → L&G Multi-Index Funds or L&G Future World Multi-Asset Fund

• L&G offers several multi-asset options for retail investors, including their Multi-Index fund range and Future World Multi-Asset Fund designed for integrating ESG factors

The retail versions typically have higher annual management charges than the institutional PMC versions but follow the same investment objectives and use similar index-tracking strategies. You can access these through most investment platforms, ISAs, or directly from Legal & General.

Bumblingbee

@Somebody thank you, I really appreciate that 

Stocard

I’ve got a SIPP with II and I remember having the same headache when I was first looking into it. 

The annoying thing is you can’t properly see the whole fund list until you actually open the account, which feels a bit backwards when you’re trying to plan ahead.

When I moved one of my old workplace pensions across I wanted to keep a couple of the same L&G funds. Some of them showed up in II’s search tool but not all, and the names don’t always match exactly which makes it even more confusing. 

I had to ring them in the end and even the guy on the phone admitted it catches a lot of people out.

I’ll be honest though, I’ve started to question whether sticking with those L&G “house” funds is worth the effort. Once you’re on a platform like II, you suddenly realise how many cheaper or better performing options are sitting there. 

For example, I ditched one of my old L&G multi asset funds because I found a global tracker on II with a lower fee and broader coverage.

I know some people like to keep things consistent for peace of mind, but for me it was an eye opener. Maybe the real question is whether it’s worth hunting down the exact same funds, or if this is a chance to upgrade. 

Bumblingbee

@Stocard, yes absolutely the same situation here, I'm not wedded to them and happy to review, but likewise if I could keep things consistent it means I could review things in my own time rather than rush. The multi asset in particular I'd probably look to change.

How do you find II?

MK62

II have been fine for me (as soon as I got my head round the notional split for uncrystallised and drawdown monies)

While not a full list, there is plenty of info at ii.co.uk/funds.........and if you know the name of the fund you are interested in, the search facility will find it if its available on ii. You can also do your research on other sites, such as Trustnet or HL etc, then check the funds you want are on ii.....(most of the whole market funds will be). There doesn't appear to be anything special about those L&G PMC funds.....there are plenty of equivalent alternatives......for instance, most of the major fund houses offer a UK Equity Index fund, and if you pick one which tracks the FTSE All Share Index (as most do), there's really little between any of them.

LHW99

You could always research funds using HL or Morningstar.

Most of the standard multi-asset funds or UK / Global trackers will be available with II, once you have decided.

II is usually pretty helpful on the phone, so once you have decided a shortlist you can always phone them to check if what you want is available.

tetrarch

The description isn't a reliable way to identify the fund, or any security for that matter. The only way to know definitively is to ascertain the ISIN number of the fund

For instance in ii I hold the following "Vanguard Global Equity Income Income Fund" when you click through on the information sheet you see this:

GB00BZ82ZV81 

The ISIN is actually a 12-digit construct that consists of three parts

The fund identifier  BZ82ZV8 

The country identifier GB

and 00 to fill the out the size of the ISIN string to 11 digits


The there is a 12 numeric check digit that is a number calculated on an analysis of the alphanumeric components of the 11 previous

Not all "Fund Information Sheets" show ISIN's, but often the fund identifier is available. You can search for this on ii as well 

Regards

Tet