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  • FIRST POST
    • MSE Archna
    • By MSE Archna 8th Dec 06, 6:55 PM
    • 1,874Posts
    • 6,140Thanks
    MSE Archna
    Cheapest Sipp: build yourself a low cost DIY pension article
    • #1
    • 8th Dec 06, 6:55 PM
    Cheapest Sipp: build yourself a low cost DIY pension article 8th Dec 06 at 6:55 PM
    This discussion relates to the
    Last edited by MSE Andrea; 09-10-2014 at 1:57 PM.
    Report inappropriate posts: forumteam@moneysavingexpert.com




Page 21
    • chrisst170
    • By chrisst170 13th Oct 18, 11:41 AM
    • 11 Posts
    • 0 Thanks
    chrisst170
    Just had confirmation Bestinvest will have 25 quarterly fee from November and I can leave penalty free for this reason. Just looking at my options again I guess its between AJ Bell/HL?
    Originally posted by Futuristic

    Hi,
    I have also received the e-mail and I now want to move.


    How did you find out you could leave penalty free?


    I just spoke to them and was advised that the transfer fees were 125+VAT for investments, 75+VAT for any cash in the SIPP... plus a 175+VAT closing fee because the account is less than 2 years old!


    I was thinking of opening a SIPP with Fidelity instead, unless there are other suggestions which are suitable for a small SIPP pot?


    Thanks!
    • cjv
    • By cjv 13th Oct 18, 7:32 PM
    • 348 Posts
    • 167 Thanks
    cjv
    I was thinking of opening a SIPP with Fidelity instead, unless there are other suggestions which are suitable for a small SIPP pot?
    Originally posted by chrisst170
    My SIPP is on the Fidelity platform via Cavendish, it can be cheaper than going direct:

    https://www.cavendishonline.co.uk/pensions/
    • dunstonh
    • By dunstonh 13th Oct 18, 9:10 PM
    • 96,058 Posts
    • 63,875 Thanks
    dunstonh
    Fidelity via Cavendish doesnt do drawdown.
    Fidelity software is old and clunky. Its not a bad price but it is lower quality than other options.

    Be aware that many SIPP providers are going to be increasing their costs as the solvency requirements start to hit and the increased regulatory requirements start to take hold. There is also an ongoing court case which could potentially push some SIPP providers under if it goes against them. Those not affected directly will still have the increased costs going forward. sooner or later those costs will be passed on.
    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.
    • chrisst170
    • By chrisst170 14th Oct 18, 10:33 AM
    • 11 Posts
    • 0 Thanks
    chrisst170
    My SIPP is on the Fidelity platform via Cavendish, it can be cheaper than going direct:

    https://www.cavendishonline.co.uk/pensions/
    Originally posted by cjv

    Thanks, do they also offer to pay the exit fees like Fidelity appear to? I can't see any mention of it on Cavendish's website.


    Fidelity via Cavendish doesnt do drawdown.
    Fidelity software is old and clunky. Its not a bad price but it is lower quality than other options.

    Be aware that many SIPP providers are going to be increasing their costs as the solvency requirements start to hit and the increased regulatory requirements start to take hold. There is also an ongoing court case which could potentially push some SIPP providers under if it goes against them. Those not affected directly will still have the increased costs going forward. sooner or later those costs will be passed on.
    Originally posted by dunstonh

    Thanks, I'm only in late 30s, so the draw down limitations of Cavendish are probably less of a concern at this point (who knows if the pension freedoms will be the same in 20-30 years time!).


    My wife has a SIPP with Fidelity and I find their platform broadly fit for purpose. I use iWeb for my S&SISA; their website doesn't look like its been touched since about 1995, so Fidelity is positively space age to my eyes!


    Thanks
    • cjv
    • By cjv 14th Oct 18, 6:13 PM
    • 348 Posts
    • 167 Thanks
    cjv
    Fidelity via Cavendish doesnt do drawdown.
    Fidelity software is old and clunky. Its not a bad price but it is lower quality than other options.

    Be aware that many SIPP providers are going to be increasing their costs as the solvency requirements start to hit and the increased regulatory requirements start to take hold. There is also an ongoing court case which could potentially push some SIPP providers under if it goes against them. Those not affected directly will still have the increased costs going forward. sooner or later those costs will be passed on.
    Originally posted by dunstonh
    Really not keen on the Fidelity platform. It shows my returns as 0% and if I want to simply see how much I have contributed I have to search through the transactions and add them up myself.

    The transaction details are not very informative either, I have lots of little amounts for a few pence which do not state what they are for which I assume are fees.

    I am keeping an eye out for the Vanguard SIPP, but would prefer to be able to also hold non Vanguard funds. I think It is time to start searching for a new platform.

    Another part of me thinks just keep it cheap and cheerful while I build up to a more substantial pot.
    Last edited by cjv; 14-10-2018 at 6:19 PM.
    • dunstonh
    • By dunstonh 14th Oct 18, 7:14 PM
    • 96,058 Posts
    • 63,875 Thanks
    dunstonh
    I understand Vanguard are using FNZ as their software supplier. FNZ now dominate the software provision with many of the big platforms already using them or in process of moving to them.

    I do like the FNZ software but it is prone to errors.
    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.
    • martinpike
    • By martinpike 7th Nov 18, 11:15 AM
    • 353 Posts
    • 121 Thanks
    martinpike
    Fixed Interest Investment?
    Hi,

    Hopefully, a very easy question - although as I'm asking it I've obviously failed to find the answer myself...

    I've got a SIPP where the investments are held in the ex CoFunds / now Aegon platform.

    I've got a sizeable 5 figure lump sat in cash, earning 0.7% interest (0.05% below BoE base), less the 0.29% platform fee, so net 0.41%.

    Is there a 'fixed interest' investment where I can improve on this return? I'm happy to tie the money up for 12 months at a time.

    I can see several 'fixed interest' investments on their research platform, but they all mention things like 'our aim is to achieve X%' and the like, which doesn't sound like a fixed interest rate to me.

    I appreciate that these are funds, so are probably a constantly changing blend of underlying fixed interest investments - is that the reason for them not just saying 1.5%, or whatever?

    Thanks for any feedback.
    • dunstonh
    • By dunstonh 7th Nov 18, 11:50 AM
    • 96,058 Posts
    • 63,875 Thanks
    dunstonh
    I can see several 'fixed interest' investments on their research platform, but they all mention things like 'our aim is to achieve X%' and the like, which doesn't sound like a fixed interest rate to me.
    Fixed interest securities can have a fixed yield. However, they can be traded and the capital value can be higher or lower than the redemption price.

    An investment fund made up of a collection of fixed interest securities will have a variable yield due to its very nature and what it invests in.

    It is important to realise the difference between bonds and fixed term deposits. Even though many fixed term deposits refer to themselves as bonds nowdays.
    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.
    • martinpike
    • By martinpike 7th Nov 18, 12:04 PM
    • 353 Posts
    • 121 Thanks
    martinpike
    Thanks dunstonh.
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