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    • cloud_dog
    • By cloud_dog 10th Jan 18, 12:31 AM
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    cloud_dog
    Finally moving the SIPP
    • #1
    • 10th Jan 18, 12:31 AM
    Finally moving the SIPP 10th Jan 18 at 12:31 AM
    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 2
    • where are we
    • By where are we 11th Jan 18, 8:21 PM
    • 223 Posts
    • 65 Thanks
    where are we
    Complex Instruments Appropriateness Test
    Interesting. How are other broking platforms managing this requirement then? As one assumes there's some regulatory checking/verification required.

    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.
    Originally posted by Thrugelmir
    I have already commented on this in another thread. Go on x-o website - important information - Complex Instruments Appropriateness Test - click link at bottom of page - 13 questions to answer + highest level of education + occupation - seems over the top to me!
    • cloud_dog
    • By cloud_dog 11th Jan 18, 9:12 PM
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    cloud_dog
    Interesting. How are other broking platforms managing this requirement then? As one assumes there's some regulatory checking/verification required.
    Originally posted by Thrugelmir
    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?

    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.
    Originally posted by Thrugelmir
    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

    Sometimes.... I am like a dog with a bone
    • StellaN
    • By StellaN 16th Jan 18, 2:44 PM
    • 217 Posts
    • 74 Thanks
    StellaN
    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.
    Last edited by StellaN; 16-01-2018 at 2:46 PM.
    • cloud_dog
    • By cloud_dog 16th Jan 18, 6:03 PM
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    cloud_dog
    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

    Sometimes.... I am like a dog with a bone
    • redux
    • By redux 16th Jan 18, 11:09 PM
    • 18,224 Posts
    • 24,106 Thanks
    redux
    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.
    Originally posted by StellaN
    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.
    Last edited by redux; 16-01-2018 at 11:27 PM.
    • cloud_dog
    • By cloud_dog 17th Jan 18, 10:18 AM
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    cloud_dog
    I'm looking at various trusts I might be interested in to see which FTSE index list they appear on.
    Originally posted by redux
    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.

    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?
    Originally posted by redux
    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.

    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.
    Originally posted by redux
    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.

    If Fidelity change the dealing fees to match their other products, there is only 55 a year between this and Youinvest anyway.
    Originally posted by redux
    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

    Sometimes.... I am like a dog with a bone
    • cloud_dog
    • By cloud_dog 18th Jan 18, 11:23 AM
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    cloud_dog
    Interesting response from HL
    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

    Sometimes.... I am like a dog with a bone
    • redux
    • By redux 18th Jan 18, 2:14 PM
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    redux
    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
    • By cloud_dog 18th Jan 18, 2:51 PM
    • 3,726 Posts
    • 2,215 Thanks
    cloud_dog
    All funds are ACC funds.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • StellaN
    • By StellaN 18th Jan 18, 4:27 PM
    • 217 Posts
    • 74 Thanks
    StellaN
    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?
    Originally posted by cloud_dog
    Which platform did you finally decide to transfer your wife's SIPP to AJ Bell or Fidelity??
    • redux
    • By redux 18th Jan 18, 5:05 PM
    • 18,224 Posts
    • 24,106 Thanks
    redux
    Can anyone please point me towards Youinvest's list of investment trusts available, both at all and for monthly savings?
    • noh
    • By noh 18th Jan 18, 7:03 PM
    • 5,241 Posts
    • 3,540 Thanks
    noh
    Can anyone please point me towards Youinvest's list of investment trusts available, both at all and for monthly savings?
    Originally posted by redux
    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
    • By cloud_dog 18th Jan 18, 10:05 PM
    • 3,726 Posts
    • 2,215 Thanks
    cloud_dog
    Which platform did you finally decide to transfer your wife's SIPP to AJ Bell or Fidelity??
    Originally posted by StellaN
    Interesting that you should ask... I've just opened up a Fidelity one (this evening)

    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.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • cloud_dog
    • By cloud_dog 18th Jan 18, 10:11 PM
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    • 2,215 Thanks
    cloud_dog
    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?
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • AlanP
    • By AlanP 19th Jan 18, 12:15 PM
    • 1,204 Posts
    • 866 Thanks
    AlanP
    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?
    Originally posted by cloud_dog
    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
    • By cloud_dog 9th Apr 18, 3:47 PM
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    cloud_dog
    3 Months On...
    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...

    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 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...)
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • dunstonh
    • By dunstonh 9th Apr 18, 4:18 PM
    • 92,999 Posts
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    dunstonh
    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.
    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.
    • ArchBair
    • By ArchBair 9th Apr 18, 5:37 PM
    • 95 Posts
    • 34 Thanks
    ArchBair
    Its not you. I use many platforms and I would put it near bottom.
    Originally posted by dunstonh
    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
    • By cloud_dog 9th Apr 18, 5:45 PM
    • 3,726 Posts
    • 2,215 Thanks
    cloud_dog
    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.
    Originally posted by ArchBair
    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.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • StellaN
    • By StellaN 9th Apr 18, 5:47 PM
    • 217 Posts
    • 74 Thanks
    StellaN
    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...

    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 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...)
    Originally posted by cloud_dog
    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.
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