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Interactive Investor SIPP & drawdown

Including Financial Independence and Retiring Early (FIRE)
NearlyThere
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Re: Interactive Investor SIPP & drawdown

#436268

Postby NearlyThere » August 20th, 2021, 3:34 pm

TedSwippet wrote:...It seems though that II offers a 15 second take-it-or-leave-it price on market orders when markets are open. Also fine. All you need do in that 15 seconds is ensure that the price offered is a fair one; typically, very close indeed to the most recent trade price.


Thanks.... That's exactly what I did this morning. Price paid £82.10

NearlyThere
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Re: Interactive Investor SIPP & drawdown

#443285

Postby NearlyThere » September 18th, 2021, 12:12 pm

NearlyThere wrote:An update on the transfer process - The smaller (£65k) pot from Legal & General has arrived in my ii SIPP yesterday, 36 days after initiating the transfer request. Both ii and L&G appear to have dealt with it efficiently.

I have not yet received my transfer pack from Willis Towers Watson for the larger pot, despite making the request at the same time as with L&G.

Chasing this by phone, I'm told by WTW that the transfer pack is having a 'final review' before being sent to me. It looks like they may be dragging their heels.


Just to close this out... Funds from WTW arrived in my ii account yesterday, so 65 days after the request.
9 weeks seems a bit long for a cash transfer, but I'm glad it's processed without any major problems. I'll be buying more VWRP next week!

Thanks again for everyone's comments. I'm finding TLF a very useful resource.

Newroad
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Re: Interactive Investor SIPP & drawdown

#443514

Postby Newroad » September 19th, 2021, 10:47 am

Hi NearlyThere.

The mechanics TedSwippet advises using II are accurate, but for me, I wouldn't use Limit Orders if you want to purchase there and then (different if you genuinely only care about the entry price but not about when). See explanatory details here (sorry for my later typo during the thread) including Dealtn's helpful explanations

https://www.lemonfool.co.uk/viewtopic.php?f=26&t=31036

but in short, my practical experience suggests that it's better using II to

    1. Get the current bid-offer spread for VWRP (bottom of II screen), then
    2. Place a market order for the amount you wish to spend, then
    3. Ensure that the offer made is on, or more likely, within, the bid-offer spread from (1), and if so
    4. Confirm the purchase within the 15 seconds indicted

It seems like this is more or less what you did anyway this time around, so all good IMO.

Regards, Newroad


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