Finally moving the SIPP

noh · 18 January 2018 at 8:03PM

redux wrote: »

Can anyone please point me towards Youinvest's list of investment trusts available, both at all and for monthly savings?

Those eligible for regular investment can be found here
https://www.youinvest.co.uk/our-services/qualifying-regular-investments

Full list here
https://www.youinvest.co.uk/research-tools/quickrank/it

cloud_dog · 18 January 2018 at 11:05PM

StellaN wrote: »

Which platform did you finally decide to transfer your wife's SIPP to AJ Bell or Fidelity??

Interesting that you should ask... I've just opened up a Fidelity one (this evening) :rotfl:

What was a little annoying though was that I had a real struggle opening the SIPP and almost walked away. The OH had a old S&S ISA with Fidelity 2003 through 2007, transferred and closed but when I tried to register they recognised the NI number and wouldn't let me open the account via a new registration as they expected me to log in and open it as an existing customer. Only problem...No idea of account details or online user IDs/passwords. Then I remembered a tatty old statement from Fidelity (for said ISA account) that I kept coming across in that 'pile of stuff that I should do something with', and it had the CRM. From that I was able to re-activate and reset the password, and by a stroke of luck I was able to work out what the PIN was (3 items required to login), and hey presto.

So, I'm going to advise HL to transfer to Fidelity after 21 January and will initiate the transfer from the YouInvest SIPP.

Then, I am hoping I am done. And, hope Fidelity won't go looking for a big spanner to throw in to the works.

Thanks for everyone's comments, it has been (as usual) quite interesting and informative.

cloud_dog · 18 January 2018 at 11:11PM

Next thing I need to do is to work out how much, based on the OH salary, we can contribute in to the SIPP.

The OH works as a part-time teaching assistant, with a salary of roughly £7.5k, is in the LGPS paying 5.5% of salary (I believe).

With the LGPS being a DB scheme do I need to calculate the increase in the pension benefit, and deduct that from the salary to get the number or is there another calculation?

AlanP_2 · 19 January 2018 at 1:15PM

cloud_dog wrote: »

Next thing I need to do is to work out how much, based on the OH salary, we can contribute in to the SIPP.

The OH works as a part-time teaching assistant, with a salary of roughly £7.5k, is in the LGPS paying 5.5% of salary (I believe).

With the LGPS being a DB scheme do I need to calculate the increase in the pension benefit, and deduct that from the salary to get the number or is there another calculation?

Increase in pension benefits is relevant for comparing to Annual Allowance. Her contribution in £s is relevant for the Earned Income limit.

In this case the latter is applicable by the sounds of it (Salary - LGPS contribution).

cloud_dog · 9 April 2018 at 3:47PM

Ok, so, 3 months on... You know all that stuff people say about 'cost is not the be all and end all', well....

I am actually getting a little (lot) frustrated with Fidelity website, with its ease of use and capability. I know others have commented on this previously and I know the website is undergoing a redesign but, I need to know when they will complete this because I am getting frustrated with it. It could be that it is all new (for me) and it could be that I am 'dabbling' more that you would do ordinarily, i.e. once everything is set up but... :lipsrseal

So, latest example.... When we moved the SIPP we continued with the regular monthly plan (£125pm gross) in to the Fidelity SIPP but set up the plan to leave it as cash, as everything else was in cash. So now I have assessed where the lump sum investments are going and where the monthly contributions will go I thought I'd simply :eek: go in and revise the monthly plan and change the investment option to the chosen IT. Well, it does simply allow you to do this (on the first update page), although it is not as intuitive as it really should be. My main gripe is that you then have to go through the whole direct debit process all over again, re-entering sort code, account number, signing/confirming the DD mandate form etc. So now I'm in a situation that I am unsure if this will create a brand new DD mandate or simply a really badly designed website and all it will do is to change the investment in to the new IT.

Is there anyone with Fidelity who has any information on when this website re-design will be completed? Because I am getting to the point where I really am wondering if I have made a mistake

(obviously once my tinkering is complete I won't need to meddle much at all but, even so...)

dunstonh · 9 April 2018 at 4:18PM

and I know the website is undergoing a redesign

How many years is it now since they started?

Joking aside, The redesign started back in 2007 and many of the things they said were coming back then never arrived. Then in January 2014, it announced that it was going to use Bravura as the software provider. Clearly realising the days of in-house IT were over. Due to be launched in second quarter of 2016. We are still waiting

Aviva moved away from Bravura to FNZ earlier this year

I need to know when they will complete this because I am getting frustrated with it.

You never know. They may get round to it by the time your death claim comes in.

It could be that it is all new (for me) and it could be that I am 'dabbling' more that you would do ordinarily, i.e. once everything is set up but...

Its not you. I use many platforms and I would put it near bottom.

ArchBair · 9 April 2018 at 5:37PM

dunstonh wrote: »

Its not you. I use many platforms and I would put it near bottom.

So which platforms would you suggest for DIY investors who only invest in IT's in their SIPPS? Not purely cost wise but also for platform functionality.

I think Charles Stanley and AJ Bell/YouInvest are the most competitive after Fidelity but I suppose cost isn't everything if the Fidelity website is so poor.

cloud_dog · 9 April 2018 at 5:45PM

ArchBair wrote: »

So which platforms would you suggest for DIY investors who only invest in IT's in their SIPPS? Not purely cost wise but also for platform functionality.

Some of it will be based on the size of your pot as some are fixed price providers. For example if you have a pot of £90k, or more, even HL 0.45% (£200 max for stocks) comes out at under 0.25%.

I'd mention III (II) with their fixed price but, in my opinion, they just seem unable to keep their train on the tracks. X-O (Jarvis) comes in good from a price perspective but I know their main X-O dealing site is very basic (functional but basic) and I've not used their SIPP provider.

I suppose it depends on size of pot and if you are looking for fixed price or percentage.

StellaN · 9 April 2018 at 5:47PM

cloud_dog wrote: »

Ok, so, 3 months on... You know all that stuff people say about 'cost is not the be all and end all', well....

I am actually getting a little (lot) frustrated with Fidelity website, with its ease of use and capability. I know others have commented on this previously and I know the website is undergoing a redesign but, I need to know when they will complete this because I am getting frustrated with it. It could be that it is all new (for me) and it could be that I am 'dabbling' more that you would do ordinarily, i.e. once everything is set up but... :lipsrseal

So, latest example.... When we moved the SIPP we continued with the regular monthly plan (£125pm gross) in to the Fidelity SIPP but set up the plan to leave it as cash, as everything else was in cash. So now I have assessed where the lump sum investments are going and where the monthly contributions will go I thought I'd simply :eek: go in and revise the monthly plan and change the investment option to the chosen IT. Well, it does simply allow you to do this (on the first update page), although it is not as intuitive as it really should be. My main gripe is that you then have to go through the whole direct debit process all over again, re-entering sort code, account number, signing/confirming the DD mandate form etc. So now I'm in a situation that I am unsure if this will create a brand new DD mandate or simply a really badly designed website and all it will do is to change the investment in to the new IT.

Is there anyone with Fidelity who has any information on when this website re-design will be completed? Because I am getting to the point where I really am wondering if I have made a mistake

(obviously once my tinkering is complete I won't need to meddle much at all but, even so...)

I only invest in lump sums so don't really have a problem regarding monthly DD payments. The website is clunky but it works for me but as I said I make very limited transactions.

If you are having second thoughts, then as ArchBair has said I think Charles Stanley & AJ Bell are the next best options for pricing.

cloud_dog · 9 April 2018 at 5:53PM

StellaN wrote: »

If you are having second thoughts, then as ArchBair has said I think Charles Stanley & AJ Bell are the next best options for pricing.

The OH (who's SIPP it is) has a SIPP with YouInvest/AJ Bell (was going to move the SIPP there). As I've mentioned I found their website more than adequate but decided not to go with them due to how they have previously implemented their structural pricing changes (not just price increases).

Having a basic website or web pages doesn't bother me, my ISA is with X-O, they don't come more basic), but the Fidelity pages (certainly the monthly deposits) are just so user unfriendly.

Finally moving the SIPP

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