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    • cloud_dog
    • By cloud_dog 9th Jan 18, 11:31 PM
    • 4,202Posts
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    cloud_dog
    Finally moving the SIPP
    • #1
    • 9th Jan 18, 11:31 PM
    Finally moving the SIPP 9th Jan 18 at 11:31 PM
    Ok, so after a lot of research and way too much procrastinating, I have finally decided on the course of action for the OH SIPP, currently with HL and invested in OIECs.

    I had tried long and hard to convince myself to transfer it to X-O (Jarvis) SIPP but, even though I have my ISA with them I couldn't quite convince myself to move it there (even though I would have saved having to pay any SIPP annual charges).

    I have probably mentioned on other threads that I was looking to go down the route of non-OIEC investments.

    I have opened a SIPP with AJ Bell/YouInvest. They will also reimburse any transfer costs (up to 500), which is nice and takes that as a consideration out of the equation.

    As touched on above currently the money is invested in OIECs but it will be re-invested in ITs. My dilemma is trying to work out whether to sell all the OIECs and transfer as cash or transfer as OIECs and sell/re-buy in ITs as appropriate.

    If I transfer as cash then I would imagine the transfer time will be significantly quicker than as OIECs; Youinvest indicate approximately 2 weeks to transfer cash. But, I would be out of the market. If I transfer as OIECs then I remain 'in the market' but this (apparently) can take up to 2 months (6 to 8 weeks).

    Am hedging towards selling and transferring as cash.

    Anyone else done a HL to YouInvest SIPP transfer recently, any comments on time scales etc?
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
Page 4
    • cloud_dog
    • By cloud_dog 6th Dec 18, 8:12 PM
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    cloud_dog
    Yeah, I was aware of the revised pricing structure. It's good to hear that you've received confirmation giving you a timeline for the changeover. No such communication for the OH account. Hopefully not much longer Rodders....
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • StellaN
    • By StellaN 7th Dec 18, 10:06 AM
    • 280 Posts
    • 135 Thanks
    StellaN
    Hi

    (here we go again)

    I need some feedback on Fidelity charging structure, for those of you who invest using ITs/ETFs/stocks in a Fidelity SIPP (not GIA or ISA).

    After my recent (October) experience when purchasing ITs and the subsequent service / management charge applied, I logged my 'frustration' of the situation. Fidelity have now come back to me with some answers to my queries, and I really need some feedback on their responses.

    I believed that if you invested in ITs/ETFs/stocks in a Fidelity SIPP then the management/service charge would be 45pa. I also understand that they charge the standard 0.35% on cash held in the account (as well as OIECs), plus they paid a small amount of interest on the cash which basically negated the charges (give or take a few pennies). I am also aware that they are changing their charging structure in the near future (mentioned previously).

    But, as of today I am informed that in the Fidelity SIPP all investments are charged at the 0.35% rate. And, I need some confirmation. StellaN, are you there... as I believe you are invested similarly.

    They have again confirmed that when the SIPP account is upgraded then live pricing will apply....when...Obviously I have asked that question.
    Originally posted by cloud_dog
    Sorry for my late reply, I was Xmas shopping all day! As per ArchBair's 2 posts that has been exactly my experience. I have not purchased any IT's since I switched to Fidelity because my transfers were all in specie so I will wait for the new platform and live pricing before I place another buy/sell order. Let's hope the changeover to the new platform/live pricing happens quite soon because then we should all be alright.
    • cloud_dog
    • By cloud_dog 7th Dec 18, 2:27 PM
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    cloud_dog
    Hi

    Just to be clear regarding the platform charges, are you paying 45pa / 3.75pm?
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • StellaN
    • By StellaN 7th Dec 18, 2:41 PM
    • 280 Posts
    • 135 Thanks
    StellaN
    Hi

    Just to be clear regarding the platform charges, are you paying 45pa / 3.75pm?
    Originally posted by cloud_dog
    So for the last two months I have paid the following service fees:-

    1 November 2018 - 3.91

    1 December 2018 - 3.77

    I presume that is the 3.75 plus a bit extra for the small amount of cash in the account.

    Hope that helps.
    • cloud_dog
    • By cloud_dog 7th Dec 18, 3:38 PM
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    cloud_dog
    So for the last two months I have paid the following service fees:-

    1 November 2018 - 3.91

    1 December 2018 - 3.77

    I presume that is the 3.75 plus a bit extra for the small amount of cash in the account.

    Hope that helps.
    Originally posted by StellaN
    Thanks.

    Unless your SIPP value happens to be 13105, in which case they are charging you 0.35%
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • StellaN
    • By StellaN 7th Dec 18, 3:58 PM
    • 280 Posts
    • 135 Thanks
    StellaN
    Thanks.

    Unless your SIPP value happens to be 13105, in which case they are charging you 0.35%
    Originally posted by cloud_dog
    Indeed, but seriously my SIPP value is extremely volatile at the moment so has varied considerably in value over the past couple of months but on average is around 145K.
    • cloud_dog
    • By cloud_dog 7th Dec 18, 4:30 PM
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    cloud_dog
    In which case I think I can safely assume you are, really, really being charged the pro rata rate of 45pa.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • cloud_dog
    • By cloud_dog 27th Dec 18, 11:04 AM
    • 4,202 Posts
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    cloud_dog
    I hope this is of interest to you. I also received a letter/mailshot from Fidelity informing me that they would be moving my SIPP over to their new platform in a month or so. When this happens they will not charge anything for holding cash in a SIPP, however they also will not be paying any interest. The new platform will also offer live pricing so let's hope its not too long!
    Originally posted by ArchBair
    Hi AchBair (OR anyone else who has gone through the process)... The OH account has also received (20 Dec) a document advising of the switch over 'soon'. Are you able to confirm if your switch has occurred and roughly how long between notification and implementation?
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • Lomcevak
    • By Lomcevak 27th Dec 18, 1:26 PM
    • 804 Posts
    • 4,701 Thanks
    Lomcevak
    I can't answer the question, but have been reading this thread with interest as i'm looking at moving my Fidelity SIPP from funds to ETFs and banging my head on the desk in the process, so also interested in the answer

    It appears the current platform doesn't offer many ETFs within the monthly savings plan (it seems to have around 90, but none of the ones on my shortlist), so hoping this will improve with the new one. Haven't received anything about a switch though.
    MFiT-T5#6, 50k to zero: 17,456/49,907 (34.98%), 2019 MFW#8 27,168/40,000 (67.92%)
    50k-in-19#6 30,354.86/50,000 (60.71%)
    • dunstonh
    • By dunstonh 27th Dec 18, 2:44 PM
    • 97,999 Posts
    • 66,160 Thanks
    dunstonh
    It appears the current platform doesn't offer many ETFs within the monthly savings plan (it seems to have around 90, but none of the ones on my shortlist), so hoping this will improve with the new one. Haven't received anything about a switch though.
    Fidelity is not a full wrap platform. Its heading that way but its not there yet. It still has its roots as a fund supermarket platform.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • cloud_dog
    • By cloud_dog 28th Dec 18, 5:35 PM
    • 4,202 Posts
    • 2,572 Thanks
    cloud_dog
    Fidelity is not a full wrap platform. Its heading that way but its not there yet. It still has its roots as a fund supermarket platform.
    Originally posted by dunstonh
    Yes. I love the way when I buy ITs they manage to buy a fraction of a share

    Love to see what some of the companies share registers look like.

    That was a new experience for me. Also, they will need to sell those fractions of a share when they move to their online dealing platform.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • cloud_dog
    • By cloud_dog 31st Dec 18, 1:58 PM
    • 4,202 Posts
    • 2,572 Thanks
    cloud_dog
    Fidleity- Regular Investment Dealing Charge
    (This only relates to stocks; ITs, ETFs, and share investments)

    Based on the migration to their new(ish) online trading platform for SIPP accounts and the RI trading charge of 1.50 per trade, I followed up with Fidleity to see how RI charges would be managed. The reason for this is that Fidelity (like most I believe) process/invest RI (monthly) in two stages; the first being the net contribution with a following transaction for the associated tax relief.

    Under the new charging structure for RI (1.50 per trade) this makes the cost associated with the tax relief amount a far higher percentage of the amount than I would ideally prefer. Currently depositing 200 so, 50 TR works out as 3%. Even the percentage for the 200 contribution is higher than I usually like (aim for less than 0.25% for dealing charges).

    I may re-assess the RI, and potentially deposit as cash and then invest periodically.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
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