Re: Feeling lazy - is there a cheat's guide to SIPPs?
Posted: June 28th, 2022, 2:37 pm
hiriskpaul wrote:I agree with ursaminortaur's list. I am with HL which are probably the most expensive of the 3, but I have always had excellent service from them.
With both HL and Youninvest there is a capped fee (£200 per year with HL) provided you avoid OEICS. They charge extra for those. II I beleive do not charge extra for OEICS.
When you reach 55 you might like to consider crystallising precisely 100% of the LTA and then leaving the rest uncrystallised*. If you do this at HL that will leave you with 2 accounts and so 2 lots of charges. As I understand it this does not happen with Youinvest, which would certainly make Youinvest the cheaper option. Not sure what happens at II.
* This leaves the excess amount of money outside your estate and so free of inheritance tax. You will not dodge the LTA test though as this will still happen at age 75 or before if you die before reaching 75. There is also a (slim) chance that the LTA rules might be abolished or changed in your favour!
HL are not that bad if you buy and sell infrequently (ideally never) , buy shares not funds and have reached the 200 per year fee cap with them re size of fund.