SIPP and LISA fees

fistfulofsteel

https://forums.moneysavingexpert.com/discussion/comment/81895049#Comment_81895049

Well now I'm confused. This document says both what you quoted, and also "The easiest way to pay your monthly fee is by Direct Debit. And
it’s the only way to pay your monthly fee if you’re on our Core plan."

fistfulofsteel

Is their any reason I shouldn't switch to Invest Engine if they're fee-free? I don't really understand what the fee is for. I don't pay any fees for my S&S ISA with T212, but I don't think they offer SIPPs?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81895061#Comment_81895061

It depends how you select platforms - the most important aspect generally ought to be whether your preferred investments are supported, but beyond that, fees are indeed often a factor, together with customer service, quality/availability of apps/portals, etc….

fistfulofsteel

My main priority is the SIPP being easy to draw (not having to talk to a human to do it) when I reach 57.

Altior

https://forums.moneysavingexpert.com/discussion/comment/81895072#Comment_81895072

Pretty easy to transfer out to another platform for drawdown if needed.

Some people just prefer the name recognition of traditional providers. I've used many of them, and for me IE has the best app functionality/UI, especially the autoinvest feature. But if you want interest on uninvested cash, then it wouldn't be any good at all as it doesn't give any!

fistfulofsteel

https://forums.moneysavingexpert.com/discussion/comment/81895345#Comment_81895345

I might switch then, as ii's app is awful, and I don't see the point in paying £72 a year for nothing. I need to figure out how to do that.

Altior

https://forums.moneysavingexpert.com/discussion/comment/81895481#Comment_81895481

hmmm pretty disappointing, it appears IE only currently support SIPP transfers in from Vanguard and HL.

Can I transfer my pension into an InvestEngine SIPP? – InvestEngine

I suppose you could start a new SIPP account with a small amount and see if you like it. And wait for them to offer switching in from more providers. Or you could switch to Vanguard/HL then on to IE. A bit of a faff, granted.

dunstonh

hmmm pretty disappointing, it appears IE only currently support SIPP transfers in from Vanguard and HL

That is bizarre. Both Vanguard and HL use Origo. As do most of the main players. So, limiting it to HL and Vanguard would appear to be a commercial decision. Possibly to capitalise on both of them, increasing their charges recently?

The reference to delays and restrictions on ceding schemes suggests capacity issues. Service quality often declines in periods where there isn't capacity.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81895810#Comment_81895810

The narrative they are spinning is they are doing a phased rollout of their transfer process. Originally they supported only Vanguard. Around 2-3 years later they added HL, which has been available for several months.

The focus is probably on full automation, so they need to ensure they can handle any provider-specific comms needed without any pressure on their skeleton staffing.

fistfulofsteel

Even more confused now. ii have sent me a document that says (verbatim) both "you don't have to pay your monthly fee by direct debit" and "it's the only way to pay your monthly fee," a message from a customer service agent saying "we do not offer the Core plan without a Direct Debit", and another (automated?) message saying "if you choose not to set this up we will debit any future fees directly from your account" (which is what I wanted). I'm not sure whether I'm required to set up a new DD or not?