Paying cash against platforms charges

IanSt · 14 October 2019 at 5:09PM

aroominyork wrote: »

Phew! When I spoke to ii last week to avoid getting into this situation again, they explained the order that fees are taken (like post #6) as:
- direct debit, and if you don't have one then...
- trading account, and if you don't have one then...
- ISA.
But, they said, never from a SIPP because it would be seen as a withdrawal. That is what concerns me but you guys seem to be saying not to worry.

Are you sure, looking at the link in post #14, that selling units and having the money taken to pay the ii fee would not technically count as "take ad-hoc lump sums from your pension pot".

It seems from their help pages that where they take the cash from depends on what other types of account you also have, for instance if you also hold a trading account or an ISA.

https://help.ii.co.uk/system/templates/selfservice/ii/help/customer/locale/en-GB/portal/402800000001013/content/Auth-5281/Paying-your-Service-Plan-monthly-subscription says they'll take the monthly service plan charges from the available cash in your SIPP if that is all you hold, but if you also hold a trading account and/or an ISA then they'll never take any money from the SIPP.

The latter case does seem a bit strange - if I was paying a SIPP charge then I'd always want to get the uplift from tax relief to offset some of the charge.

Paying cash against platforms charges

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