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  • FIRST POST
    • Mordko
    • By Mordko 10th Nov 19, 1:28 PM
    • 598Posts
    • 310Thanks
    Mordko
    How to set up a new AJ Bell SIPP account
    • #1
    • 10th Nov 19, 1:28 PM
    How to set up a new AJ Bell SIPP account 10th Nov 19 at 1:28 PM
    I plan to set up a new SIPP and to transfer two old pensions into it, including:

    1. An old DC workplace pension
    2. An old Equitable Life pension plan

    The EL (or rather Reliance) plan will have to be transferred after January first, which is when the uplift to EL’s with profit funds will be applied.

    I plan to transfer in cash and buy ETFs once the funds are within the newly set up SIPP account.

    How long does it typically take to set up an AJ Bell SIPP account? When should I start the process?

    How much hassle is involved?

    Has anyone been through a similar process? Any “lessons learnt”?

    Thanks!
Page 1
    • fronty
    • By fronty 10th Nov 19, 1:55 PM
    • 62 Posts
    • 13 Thanks
    fronty
    • #2
    • 10th Nov 19, 1:55 PM
    • #2
    • 10th Nov 19, 1:55 PM
    I'm going through a similar process, but I decided to go with II after looking at http://www.comparefundplatforms.com. The SIPP took just a few minutes to open, I have no idea how long the transfer will take, I just submitted the transfer form on Friday evening. Happy to share my experience if anyone is interested, maybe I'll start a new "SIPP transfer" thread. I'm guessing it'll take a few weeks to sell all my existing investments (my pension is invested in something like 18 funds at the moment, it's ridiculous) and move the cash across.
    • Albermarle
    • By Albermarle 10th Nov 19, 2:03 PM
    • 1,748 Posts
    • 1,126 Thanks
    Albermarle
    • #3
    • 10th Nov 19, 2:03 PM
    • #3
    • 10th Nov 19, 2:03 PM
    To set up a SIPP account online takes a few minutes. Then a short delay whilst they send you your customer number etc .
    Transferring in cash is quicker than transferring funds 'in specie'
    I instigated my first transfer from Aviva to Fidelity on a Sunday, and the funds arrived sometime on Tuesday . I understand since that Aviva are known to be quick acting .
    Two later partial transfers from Scottish Widows took about two weeks .
    If one of the parties is not on the Origo electronic transfer system , then this can delay matters significantly I think.
    In all cases as soon as the cash arrived it could be invested immediately.
    All quite simple but maybe I was lucky .
    • cloud_dog
    • By cloud_dog 10th Nov 19, 2:07 PM
    • 4,615 Posts
    • 2,892 Thanks
    cloud_dog
    • #4
    • 10th Nov 19, 2:07 PM
    • #4
    • 10th Nov 19, 2:07 PM
    I plan to set up a new SIPP and to transfer two old pensions into it, including:

    1. An old DC workplace pension
    2. An old Equitable Life pension plan

    The EL (or rather Reliance) plan will have to be transferred after January first, which is when the uplift to EL’s with profit funds will be applied.

    I plan to transfer in cash and buy ETFs once the funds are within the newly set up SIPP account.

    How long does it typically take to set up an AJ Bell SIPP account? When should I start the process?

    How much hassle is involved?

    Has anyone been through a similar process? Any “lessons learnt”?

    Thanks!
    Originally posted by Mordko
    You can create the account now if you wish. Transferring in cash can be completed relatively quickly or can take months. I recently transferred an AVC company DB pension (in cash) in to AJ Bell and it took just over 3 months.

    'Lessons learnt'.... You'll just have to be patient
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • Mordko
    • By Mordko 10th Nov 19, 2:18 PM
    • 598 Posts
    • 310 Thanks
    Mordko
    • #5
    • 10th Nov 19, 2:18 PM
    • #5
    • 10th Nov 19, 2:18 PM
    You can create the account now if you wish. Transferring in cash can be completed relatively quickly or can take months. I recently transferred an AVC company DB pension (in cash) in to AJ Bell and it took just over 3 months.

    'Lessons learnt'.... You'll just have to be patient
    Originally posted by cloud_dog
    Will they start applying platform charges as soon as I set up the account? I have to wait until the new year before I can initiate the transfer.
    • Albermarle
    • By Albermarle 10th Nov 19, 2:26 PM
    • 1,748 Posts
    • 1,126 Thanks
    Albermarle
    • #6
    • 10th Nov 19, 2:26 PM
    • #6
    • 10th Nov 19, 2:26 PM
    If it is a % based platform like A J Bell they charge a % of the funds you have on their platform .
    If you have zero and waiting for a transfer then no charge until the money arrives.
    For a fixed fee platform it could be different, I am not sure .
    • cloud_dog
    • By cloud_dog 10th Nov 19, 2:29 PM
    • 4,615 Posts
    • 2,892 Thanks
    cloud_dog
    • #7
    • 10th Nov 19, 2:29 PM
    • #7
    • 10th Nov 19, 2:29 PM
    There is also no charge for holding cash.

    EDIT: Which is what Albemarle said but with a different focus
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • Mordko
    • By Mordko 10th Nov 19, 2:55 PM
    • 598 Posts
    • 310 Thanks
    Mordko
    • #8
    • 10th Nov 19, 2:55 PM
    • #8
    • 10th Nov 19, 2:55 PM
    No inactivity fees? That’s good. If I were to have cash in the account, they ought to be paying me for lending them lots of pounds to use as they see fit.
    • Albermarle
    • By Albermarle 10th Nov 19, 3:25 PM
    • 1,748 Posts
    • 1,126 Thanks
    Albermarle
    • #9
    • 10th Nov 19, 3:25 PM
    • #9
    • 10th Nov 19, 3:25 PM
    My Sipp pays interest for cash but does charge the platform fee. By 'coincidence ' they are both exactly the same , so they cancel each other out . You can't win sometimes !
    • Mordko
    • By Mordko 10th Nov 19, 3:36 PM
    • 598 Posts
    • 310 Thanks
    Mordko
    My Sipp pays interest for cash but does charge the platform fee. By 'coincidence ' they are both exactly the same , so they cancel each other out . You can't win sometimes !
    Originally posted by Albermarle
    The trick is to never ever have cash sitting there but lots of people do
    • ffacoffipawb
    • By ffacoffipawb 10th Nov 19, 3:47 PM
    • 2,966 Posts
    • 2,083 Thanks
    ffacoffipawb
    My Sipp pays interest for cash but does charge the platform fee. By 'coincidence ' they are both exactly the same , so they cancel each other out . You can't win sometimes !
    Originally posted by Albermarle
    Aviva Pension?
    Retired: Financial Independence achieved in June 2019.

    Cofiwch Dryweryn
    • Mordko
    • By Mordko 10th Nov 19, 3:59 PM
    • 598 Posts
    • 310 Thanks
    Mordko
    I'm going through a similar process, but I decided to go with II after looking at http://www.comparefundplatforms.com. The SIPP took just a few minutes to open, I have no idea how long the transfer will take, I just submitted the transfer form on Friday evening. Happy to share my experience if anyone is interested, maybe I'll start a new "SIPP transfer" thread. I'm guessing it'll take a few weeks to sell all my existing investments (my pension is invested in something like 18 funds at the moment, it's ridiculous) and move the cash across.
    Originally posted by fronty
    For my scenario comparefundplatforms estimates 8bp platform costs for AJ Bell and 16 bp for II. Transfer out charges are a bit lower with II; not sure about the drawdown.
    • cloud_dog
    • By cloud_dog 10th Nov 19, 4:08 PM
    • 4,615 Posts
    • 2,892 Thanks
    cloud_dog
    I'm sure it is only me but, I've spent my life running away from II. I know other posters experiences on here have been fine but....good luck.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • Albermarle
    • By Albermarle 10th Nov 19, 4:26 PM
    • 1,748 Posts
    • 1,126 Thanks
    Albermarle
    I'm sure it is only me but, I've spent my life running away from II. I know other posters experiences on here have been fine but....good luck.
    On TrustPilot they score the highest amongst the well known platforms - 4.5 stars.
    Compared to Aj Bell 3 starts; Fidelity 4 stars; Iweb 3.5 stars; HL 3 stars.

    However the II reviews are all very similar' I spoke to Luke he was very helpful ' ; ' Hayley was a star and explained everything '; Daniellew as very patient and helpful' etc
    Also they have ten times as many reviews as any of the others .
    • Mordko
    • By Mordko 10th Nov 19, 4:40 PM
    • 598 Posts
    • 310 Thanks
    Mordko
    On TrustPilot they score the highest amongst the well known platforms - 4.5 stars.
    Compared to Aj Bell 3 starts; Fidelity 4 stars; Iweb 3.5 stars; HL 3 stars.

    However the II reviews are all very similar' I spoke to Luke he was very helpful ' ; ' Hayley was a star and explained everything '; Daniellew as very patient and helpful' etc
    Also they have ten times as many reviews as any of the others .
    Originally posted by Albermarle
    Not sure TrustPilot scores are all that meaningful. A lot of people are complaining about having too much security on AJ Bell. I like security and don’t need to log in all that often anyway. Others are upset with % charges for high net worth accounts using funds. Ok, but that’s their cost model. Works fir some but not others, depending what investment vehicles you use.

    Would have been good to have an independent evaluation of all the platforms against a single set of criteria for various uses, conducted annually. Then one can judge what criteria are important. Does anything like that exist for UK brokerages?
    Last edited by Mordko; 10-11-2019 at 4:52 PM.
    • Albermarle
    • By Albermarle 10th Nov 19, 4:59 PM
    • 1,748 Posts
    • 1,126 Thanks
    Albermarle
    You could have a look at this
    https://moneytothemasses.com/category/saving-for-your-future/investing/page/2
    • Mordko
    • By Mordko 10th Nov 19, 5:36 PM
    • 598 Posts
    • 310 Thanks
    Mordko
    Yes, something like this but would have been helpful to include non-cost criteria, e g responsiveness

    https://moneytothemasses.com/saving-for-your-future/pensions/the-best-cheapest-sipps-low-cost-diy-pensions
    • green_man
    • By green_man 10th Nov 19, 6:16 PM
    • 294 Posts
    • 140 Thanks
    green_man
    No inactivity fees? That’s good. If I were to have cash in the account, they ought to be paying me for lending them lots of pounds to use as they see fit.
    Originally posted by Mordko
    Halifax SIPP pays BOE base rate on cash balances (curentlly 0.75%)
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