Finally moving the SIPP

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  • cloud_dog
    cloud_dog Posts: 6,043 Forumite
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    EdSwippet wrote: »
    This isn't intended to change your mind, and you probably remember all this anyway, but just a note here -- YouInvest is so far the only platform that has unilaterally raised charges without also offering a limited-time free transfer away. Not once, but twice.
    I think I had overlooked this. A lot of platforms changed and subsequently revised pricing structures in the years since RDR. III, X-O are two I can recollect (certainly for SIPPS).

    I can't lie, it is something to ponder on. I don't want to be continually monitoring and switching (although the monitoring thing is pretty much in my blood).

    From what I have read YouInvest do not have an 'early' closure/transfer fee, i.e. within 12 months, over and above their transfer out fee (in cash of £75).
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • cloud_dog
    cloud_dog Posts: 6,043 Forumite
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    Sue58 wrote: »
    Yet again, another reason to go for Fidelity with IT's only in a SIPP because there are also no transfer out charges as well as no drawdown charges. The only platform charge is capped at £45 per annum to hold IT's in a SIPP.
    I know, I know, I know....:D

    They had rubbish/very reduced IT options previously. I had a look at their site last night and they seem to pretty much cover everything I would want/need (certainly no worse than YouInvest).
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • cloud_dog
    cloud_dog Posts: 6,043 Forumite
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    Hi
    Sue58 wrote: »
    Yet again, another reason to go for Fidelity with IT's ...

    Do you have a SIPP with Fidelity? If you do are you able to see if all of the available ITs can be purchased via their regular investment option?

    A number of platforms (YouInvest etc) only allow a subset of ITs to be purchased via the RI option as opposed to virtually the full list directly.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • Sue58
    Sue58 Posts: 288 Forumite
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    cloud_dog wrote: »
    Hi



    Do you have a SIPP with Fidelity? If you do are you able to see if all of the available ITs can be purchased via their regular investment option?

    A number of platforms (YouInvest etc) only allow a subset of ITs to be purchased via the RI option as opposed to virtually the full list directly.

    No, I don't at the moment but I am currently in the process of moving my personal pension fund to Fidelity because it has all the IT's that I require.

    As far as I know and as I understand it, you can still make regular contributions into your SIPP as a regular investment option and this can be paid into the SIPP cash account and then transferred into whichever IT you want. Alternatively, I think you can set this up to spread the RI over all the IT's you hold in your SIPP.

    Best to check this out for yourself so maybe give them a call.
  • redux
    redux Posts: 22,976 Forumite
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    edited 11 January 2018 at 2:58PM
    Reading this thread is well-timed for me.

    I'm considering merging 2 SIPPs, either from one to the other or both to a third.

    Some have cashback offers towards transfer in costs, but I didn't know of AJBell's, so thanks for that.

    Fidelity don't currently support all the IT's I might transfer, though there are rumours of further extensions, but they can't say when.

    So in Fidelity I have a dilemma of either making some alternate choices, or I could change which overall holdings are in which wrappers, i.e. sell some Fidelity ITs in an ISA, rebuy them in a SIPP, replace some current SIPP holdings with the same ones on the manager's own saving scheme ...

    That would add up some dealing charges, which would be saved back on future annual charges, but it might be frustrating if Fidelity extended its range not long later.

    AJBell's transfer cashback could save a bit against that by being able to bring in all and less rearranging

    Some more thought and looking at details ...
  • Sue58
    Sue58 Posts: 288 Forumite
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    cloud_dog wrote: »

    I've never paid a platform fee for any of our ISAs..

    Is that because you are with iWeb? If so, what sort of performance analysis do they offer on each fund/IT? Is it annualised returns or just the total return or loss on each fund/IT?
  • cloud_dog
    cloud_dog Posts: 6,043 Forumite
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    Sue58 wrote: »
    Is that because you are with iWeb? If so, what sort of performance analysis do they offer on each fund/IT? Is it annualised returns or just the total return or loss on each fund/IT?
    We've used or are with TD Direct, X-O, and iWeb.

    Also, other than the current HL SIPP OIEC holdings I don't invest in OIECs, so that is the other reason for no annual platform charges.

    For research I use many sites...Trustnet, Morning Star, III, etc.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • Sue58
    Sue58 Posts: 288 Forumite
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    redux wrote: »
    Fidelity don't currently support all the IT's I might transfer, though there are rumours of further extensions, but they can't say when.

    So in Fidelity I have a dilemma of either making some alternate choices, or I could change which overall holdings are in which wrappers, i.e. sell some Fidelity ITs in an ISA, rebuy them in a SIPP, replace some current SIPP holdings with the same ones on the manager's own saving scheme ...

    That would add up some dealing charges, which would be saved back on future annual charges, but it might be frustrating if Fidelity extended its range not long later.

    When I called Fidelity about a particular IT that is not listed with them at the moment I was informed that when the website is fully completed they would be offering even more IT's including the one I enquired about so I suppose it's wait and see if this happens sometime soon!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    cloud_dog wrote: »

    The final nail in the X-O coffin was how they have implemented the latest MiFID II regulations; when you want to buy an IT you need to ring them to confirm your understanding. I'm sure they will sort it out eventually but, I've been dragging this out for far too long now.

    Interesting. How are other broking platforms managing this requirement then? As one assumes there's some regulatory checking/verification required.

    P.S. In my years of dealing with x-o / Jarvis. Never had an issue speaking to somebody promptly. Likewise unlike larger organisations service is both professional and efficient.
  • where_are_we
    where_are_we Posts: 999 Forumite
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    Thrugelmir wrote: »
    Interesting. How are other broking platforms managing this requirement then? As one assumes there's some regulatory checking/verification required.

    P.S. In my years of dealing with x-o / Jarvis. Never had an issue speaking to somebody promptly. Likewise unlike larger organisations service is both professional and efficient.
    I have already commented on this in another thread. Go on x-o website - important information - Complex Instruments Appropriateness Test - click link at bottom of page - 13 questions to answer + highest level of education + occupation - seems over the top to me!
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