BestInvest New SIPP Fees

124

Comments

  • gaz77 wrote: »
    I got an email back this afternoon:


    So at least there won't be transfer/exit fees.

    Who exactly are EBS? Do they supply custodian services to other SIPP platforms? If so, it might be worth waiting a few weeks to see if others put their fees up too

    That's exactly what I was thinking. I'm going to leave everything where it is for now and look again in January to see what is happening with other platforms.

    No point jumping out of the frying pan into the fire.
  • thigger
    thigger Posts: 36 Forumite
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    It turns out Close and Cavendish don't do SIPPs for under-18s - does anyone have any recommmendations before I end up with Youinvest (and the inherent risks!)?
  • areader
    areader Posts: 32 Forumite
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    edited 12 October 2018 at 10:14AM
    thigger wrote: »
    It turns out Close and Cavendish don't do SIPPs for under-18s - does anyone have any recommmendations before I end up with Youinvest (and the inherent risks!)?


    I've only got a child SIPP with BestInvest and have not received email or other notification of any fee increase yet. Just gave them a call to check the situation and they said these fee changes would not effect child SIPPs.


    This corresponds to what is shown in Table 5 of their fee schedule
    https://www.bestinvest.co.uk/media/1602/keyfacts-non-advised.pdf
    Annual child SIPP administration fee is £0
  • thigger
    thigger Posts: 36 Forumite
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    areader wrote: »
    I've only got a child SIPP with BestInvest and have not received email or other notification of any fee increase yet. Just gave them a call to check the situation and they said these fee changes would not effect child SIPPs.

    I wondered why I only received one email! Thanks - saved me unnecessarily moving both. I wonder why the two CS people I had emails from didn't mention it!
  • capehorn
    capehorn Posts: 987 Forumite
    First Anniversary Combo Breaker
    gaz77 wrote: »
    I got an email back this afternoon:


    So at least there won't be transfer/exit fees.

    Who exactly are EBS? Do they supply custodian services to other SIPP platforms? If so, it might be worth waiting a few weeks to see if others put their fees up too


    I'm in the same boat as many on this thread and was about to move away from Bestinvest. But as Dunston says on another thread, prices might be about to go up across the board amongst SIPP providers, so I'm really not sure what to do atm.
  • So, has anyone actually moved yet and to whom? Seriously considering it here.
  • Kendall80
    Kendall80 Posts: 965 Forumite
    First Anniversary Name Dropper First Post
    edited 21 October 2018 at 2:17AM
    mjfp509 wrote: »
    So, has anyone actually moved yet and to whom? Seriously considering it here.



    I have sent an enquiry to CSD and been informed it can take up to 8 weeks and must be transferred as cash. With the recent downturn I dont want to be out of the market and potentially miss a recovery (of course it could go the other way). Think i'll probably leave it for 2 weeks and if I havent found a better option i'll pull the trigger.


    edit: i have my ISA and 2 JISAs with them >30k so SIPP fees are waived except the .35% charge.
  • koru
    koru Posts: 1,501 Forumite
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    Kendall80 wrote: »
    I have sent an enquiry to CSD and been informed it can take up to 8 weeks and must be transferred as cash.
    For me that rules out CSD. I'm thinking of AJBell, as my SIPP portfolio is all ETFs and investment trusts, so I would be paying a capped fee of £100 pa. And I'd get £1000 cashback. That's more than enough to cover future exit charges if they hike their fees to an extent where I want to leave and they refuse to waive the exit charges.
    koru
  • koru
    koru Posts: 1,501 Forumite
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    With me, BestInvest seem to have taken a different tack. Rather than let me leave without penalty, they have said they will waive the new SIPP fee. Pity, I quite liked the idea of the £1000 from AJ Bell!
    koru
  • mxo
    mxo Posts: 16 Forumite
    First Post First Anniversary Combo Breaker
    Strange, I contacted BestInvest and they said they might waive the fee, now they're saying they're not waiving the fee!

    Has anyone transferred to CloseBrothers or Cavendish? Issue with CloseBrothers - they don't support regular monthly contributions on their SIPP. As for Cavendish, they won't transfer the funds in-species unless the value is £50k+.
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