Finally moving the SIPP

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  • cloud_dog
    cloud_dog Posts: 6,042 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.
    From what I have seen/heard others have requested you confirm (webpage etc) that you have read / understand etc. I have previously completed an electronic form from X-O around this (back end of 2017). I suppose it is possible(??) that they are administering this confirmation on to each account manually?
    Thrugelmir wrote: »
    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.
    They have never created any problems for myself, think I may have only ever rung them up once. The main issue with this is that the account I was considering moving to them is the OH and if I have to get her to contact them as we make investments that is not going to be workable.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • StellaN
    StellaN Posts: 354 Forumite
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    edited 16 January 2018 at 3:46PM
    Another vote for Fidelity with IT's only in a SIPP. They have increased the number of IT's they offer now and I've been told it's a matter of months before they offer a much wider choice to select from. Therefore, the £45 per annum cap with no drawdown or transfer out charges is excellent.
  • cloud_dog
    cloud_dog Posts: 6,042 Forumite
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    Mmmm.

    Frustratingly, I am re-evaluating Fidelity.

    As mentioned previously they will re-reimburse transfer costs (up to £500) so, if I choose to open a SIPP with Fidelity, I could transfer out of both HL and YouInvest and recover any transfer costs.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • redux
    redux Posts: 22,976 Forumite
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    edited 17 January 2018 at 12:27AM
    StellaN wrote: »
    Another vote for Fidelity with IT's only in a SIPP. They have increased the number of IT's they offer now and I've been told it's a matter of months before they offer a much wider choice to select from. Therefore, the £45 per annum cap with no drawdown or transfer out charges is excellent.

    It will be a larger list, but not absolutely all.

    I'm looking at various trusts I might be interested in to see which FTSE index list they appear on. I suppose a few can be separately outside, but on the other hand I want to put as much as possible in the SIPP for a while.

    Slight ambiguity on dealing charges, whether it continues as 0.1% or becomes £10 for one-off buy and £1.50 dividend reinvest or monthly savings, like the ISA and ordinary accounts. Anybody know?

    For me, one current scheme has its annual charge at start of March, so I save that if I leave beforehand (I hope to persuade them to waive it if there is a slight overshoot on transfer time). And one is charged monthly, so sooner the better.

    Thus the timing of Fidelity's range extension launch soon could lead me to either transfer in and partly sit in cash for a while until they cover some trusts I already hold now, or I could go to Youinvest on the basis of either range or cheaper this year by switching a bit sooner

    If Fidelity change the dealing fees to match their other products, there is only £55 a year between this and Youinvest anyway.
  • cloud_dog
    cloud_dog Posts: 6,042 Forumite
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    redux wrote: »
    I'm looking at various trusts I might be interested in to see which FTSE index list they appear on.
    I would be interested in what you find out. Having said that I have reviewed the trusts available for the areas/sectors I will / am likely to invest in and they pretty much cover/provide the trusts.
    redux wrote: »
    Slight ambiguity on dealing charges, whether it continues as 0.1% or becomes £10 for one-off buy and £1.50 dividend reinvest or monthly savings, like the ISA and ordinary accounts. Anybody know?
    As with a number of platforms they tend to have different pricing structures for OIECs as opposed to ITs/ETFs/(and stocks if available). Fidelity make no charge for fund investing/switching (from what I can see) but, they charge £10 for IT/ETF buy/sell and £1.50 for regular investment.
    redux wrote: »
    For me, one current scheme has its annual charge at start of March, so I save that if I leave beforehand (I hope to persuade them to waive it if there is a slight overshoot on transfer time). And one is charged monthly, so sooner the better.
    Fidelity appear to charge on a monthly basis ((value at end of month * rate)/12), deducted on 15th of each month. Using the fixed £45pa, I think (although a little unsure) this would be deducted as £3.75pm.
    redux wrote: »
    If Fidelity change the dealing fees to match their other products, there is only £55 a year between this and Youinvest anyway.
    To be honest, EdSwippet's post regarding how AJ Bell/YouInvest changed their charging structure, without providing the flexibility for investors to leave without penalty or with a reduced penalty did strike a bit of a 'chord'. It has made me re-think if this is the company I want to continue doing business with. From a finance / investment options / website they are fine and I have no issue.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • cloud_dog
    cloud_dog Posts: 6,042 Forumite
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    I made an enquiry with HL wrt transferring the SIPP in cash (timeliness etc) and they have come back and have indicated that they would be unable to transfer the SIPP until all outstanding tax relief has been claimed (from HMRC).

    This relates to the fact that we had a monthly investment scheme running and the last tax claim date for 2017/2018 is 21 March 2018 (as listed by HL).

    I am a little confused by this as:
    1. I have cancelled the monthly investing from within HL
    2. I have cancelled the DD from our bank to HL
    3. We only have one outstanding tax relief to be paid (21 Jan).

    I don't know if this is a standard letter or if someone at their end has got it wrong or if HL are, in a round about way, informing me that by running the monthly investment option the we (OH) has committed to a whole FY worth of contributions.

    It really doesn't make sense or stack up to what I believe the reality is so, I am probably going to wait for the payment on 21 Jan and instruct HL to transfer as cash (yes, I understand about being out of the market).

    EDIT: They also mention 'on receipt of the fees' they will action the transfer. I had assumed this would be taken out of the SIPP pot, do I assume this is not the case and we will need to pay the fees separately?
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • redux
    redux Posts: 22,976 Forumite
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    Presumably there can be a trail of dividends as well as the tax relief reclaim

    Some schemes might have a fee to remit this onwards slightly later than the rest.

    Might be worth checking a couple of ex-dividend dates, but if the processing time can be a bit indeterminate it might be tricky to choose the best timing.
  • cloud_dog
    cloud_dog Posts: 6,042 Forumite
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    All funds are ACC funds.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • StellaN
    StellaN Posts: 354 Forumite
    First Anniversary First Post
    cloud_dog wrote: »
    I made an enquiry with HL wrt transferring the SIPP in cash (timeliness etc) and they have come back and have indicated that they would be unable to transfer the SIPP until all outstanding tax relief has been claimed (from HMRC).

    This relates to the fact that we had a monthly investment scheme running and the last tax claim date for 2017/2018 is 21 March 2018 (as listed by HL).
    I am a little confused by this as:
    1. I have cancelled the monthly investing from within HL
    2. I have cancelled the DD from our bank to HL
    3. We only have one outstanding tax relief to be paid (21 Jan).

    I don't know if this is a standard letter or if someone at their end has got it wrong or if HL are, in a round about way, informing me that by running the monthly investment option the we (OH) has committed to a whole FY worth of contributions.

    It really doesn't make sense or stack up to what I believe the reality is so, I am probably going to wait for the payment on 21 Jan and instruct HL to transfer as cash (yes, I understand about being out of the market).

    EDIT: They also mention 'on receipt of the fees' they will action the transfer. I had assumed this would be taken out of the SIPP pot, do I assume this is not the case and we will need to pay the fees separately?

    Which platform did you finally decide to transfer your wife's SIPP to AJ Bell or Fidelity??
  • redux
    redux Posts: 22,976 Forumite
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    Can anyone please point me towards Youinvest's list of investment trusts available, both at all and for monthly savings?
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