IWeb SIPP

[mc2fool]

Thinking of transferring into an IWeb SIPP. Anyone already using them and got any experiences or opinions to share?

The above is an open and general question. On a very specific point, I already have an IWeb dealing a/c and ISA, so does the SIPP appear under the same log in and look the same as the dealing a/c and ISA?

Ditto all of the above for Interactive Investor, which is my 2nd choice. Same general and specific questions (I have a dealing a/c and ISA with them too).

[mc2fool]

For II, the answer is yes.

Is that in answer to the first or the second question?

(And that's not a logical OR!)

[mc2fool]

OK, the 2nd. And regarding the first question - There have been issues at II after the recent merger and platform switch. I have had no bad experiences, but I know others have. One thing I would say, is regarding reported slow responses to the on line messages system, just pick up the phone and talk to them if you need a quick response. My experience is that the messaging system is OK, but most things can be fixed with a phone call. HTH.

Ok, so I take it then you were an II client before the merger. (I'm an II client by virtue of having been a TD client). So I also take it that you've not had any SIPP specific issues with them then?

[Degsy67]

The iWeb SIPP is a white labelled version of the AJ Bell Youinvest SIPP. You may want to consider going direct to the source as opposed to adding the complexity of Halifax / Lloyds Banking Group wrapping the AJ Bell SIPP in a different set of charges. iWeb is an ex-Halifax brand and is therefore now owned, run and operated by LBG. I occasionally wonder how long before LBG decides to sell off its multi-brand sharedealing operation to someone else leading to disruption and price increases. That’s one reason I decided to put our SIPPs with AJ Bell even though the charges were slightly higher (but not by much).

I haven’t compared the iWeb SIPP charges to the Youinvest charges recently. Suggest you look at this to help decide. The charges can depend on the type of investments you hold and this differs for funds, ETFs, ITs, individual shares etc so consider this carefully when comparing likely charges. There as a regularly updated article on Monevator which can help with this.

I use AJ Bell for out SIPPs and a historic ISA. I have current ISAs with iWeb. I’m happy with both as basic low cost execution only brokers. My only gripe with iWeb is that it’s not possible to setup a regular transfer in from my current account via Direct Debit or Standing Order for the ISAs. Their website suggests that you can but you can’t. This may be OK for the iWeb SIPP however as it’s actually the AJ Bell platform behind the scenes and this allows DD transfers in. Worthwhile checking however.

Hope this helps.

Degsy

[mc2fool]

The iWeb SIPP is a white labelled version of the AJ Bell Youinvest SIPP. You may want to consider going direct to the source as opposed to adding the complexity of Halifax / Lloyds Banking Group wrapping the AJ Bell SIPP in a different set of charges. iWeb is an ex-Halifax brand and is therefore now owned, run and operated by LBG.

Thanks for the reply, Degsy. Yes, I'm aware of IWeb's parentage, I've been a client for over a decade, although they're not ex-Halifax, they're still run by HSDL, which is of course and as you say, owned by Lloyds, and I consider it an advantage that they're owned by a major bank.

However, the IWeb SIPP is not just a "white labelled version of the AJ Bell Youinvest SIPP". AJ Bell is the scheme administrator and provides the pension administration services, whereas IWeb (Halifax) provides the investment services for the SIPP, so it's not a case of they're identical but just in a different colour.

I haven’t compared the iWeb SIPP charges to the Youinvest charges recently. Suggest you look at this to help decide. The charges can depend on the type of investments you hold and this differs for funds, ETFs, ITs, individual shares etc so consider this carefully when comparing likely charges. There as a regularly updated article on Monevator which can help with this.

Yes, I've already been through all those type of comparisons and that's how I arrived at my short list of IWeb & II (the fact that I already have accounts with them wasn't a factor in choosing). Youinvest worked out more expensive for my situation, albeit not by a lot, although could be increasingly so in future with their ad valorem fees for funds.

I think I've found the answer to my second question, does the SIPP appear under the same log in and look the same as the dealing a/c and ISA? Their docs say if you're already an IWeb customer you'll be able to use your existing login details to access the SIPP, and they also refer to TradePlan orders, all of which heavily implies that the SIPP appears as just another account, alongside the dealing a/c and ISA, and everything is pretty much just the same.

I will, however, repeat my OP questions on the Brokers and Share Dealing board to see if anyone can confirm that from first hand experience, as it may be a little less quiet there than it tends to be in here ... Edit: here viewtopic.php?f=26&t=12002

[StepOne]

I have just opened an iWeb SIPP in the last few weeks, and the new account appears alongside my existing ISA using the same login details (even though they never asked me in the application whether or not I had an existing account, so they must check name, address, dob etc. to make the link themselves).

There was a direct debit option for taking contributions, I've not yet checked whether I've had a contribution taken but I'm assuming it will work.

At the same time I filled out a transfer form for my Fidelity Fundsbuilder pension. It hasn't appeared yet, but I guess that could take few weeks.

Will let you know if there are any issues, but so far, so good.