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Re: Considering SIPP

Posted: May 30th, 2019, 1:29 pm
by hiriskpaul
I use Hargreaves Lansdown as well and am very happy with them. They would be expensive in this instance though as the OP wants to invest in a single Lifestrategy fund, for simplicity.

Re: Considering SIPP

Posted: May 30th, 2019, 3:55 pm
by ffacoffipawb64
JohnB wrote:I'd say a cheap SIPP is £100 p/a, and an expensive one is £200. Even Hargreaves Lansdown, which is viewed a high quality, high charges provider, only charge me £200 p/a on >£500k because I use ETFs (plus £50 dealing charges for my quarterly reinvestment)

Some brokers allow their fees to be taken out of either the pension pot or a separate account, the latter can be viewed as getting more per year into pension protection.


The latter can also be viewed as more expensive because you are not getting the tax relief on those charges if they come from a separate (non pension) account.

Re: Considering SIPP

Posted: May 30th, 2019, 6:53 pm
by JohnB
I flip/flop between paying charges from outside, and worrying about exceeding lifetime allowances, and paying from inside and worrying about inheritance tax. Small beer either way.

Re: Considering SIPP

Posted: May 31st, 2019, 12:45 pm
by StepOne
JohnB wrote:I'd say a cheap SIPP is £100 p/a, and an expensive one is £200. Even Hargreaves Lansdown, which is viewed a high quality, high charges provider, only charge me £200 p/a on >£500k because I use ETFs (plus £50 dealing charges for my quarterly reinvestment)


Which are those cheap SIPPS? I'm currently paying £180 a year for iWeb and I thought that was about the cheapest available

Thanks,
StepOne

Re: Considering SIPP

Posted: May 31st, 2019, 1:05 pm
by kempiejon
StepOne wrote:
JohnB wrote:I'd say a cheap SIPP is £100 p/a, and an expensive one is £200. Even Hargreaves Lansdown, which is viewed a high quality, high charges provider, only charge me £200 p/a on >£500k because I use ETFs (plus £50 dealing charges for my quarterly reinvestment)


Which are those cheap SIPPS? I'm currently paying £180 a year for iWeb and I thought that was about the cheapest available

Thanks,
StepOne


AJ Bell want a 0.25% (capped £25 per quarter) custody charge for shares, which I see is half what I pay H&L 0.45% capped at £200 a year.

Re: Considering SIPP

Posted: May 31st, 2019, 3:00 pm
by StepOne
kempiejon wrote:
StepOne wrote:
JohnB wrote:I'd say a cheap SIPP is £100 p/a, and an expensive one is £200. Even Hargreaves Lansdown, which is viewed a high quality, high charges provider, only charge me £200 p/a on >£500k because I use ETFs (plus £50 dealing charges for my quarterly reinvestment)


Which are those cheap SIPPS? I'm currently paying £180 a year for iWeb and I thought that was about the cheapest available

Thanks,
StepOne


AJ Bell want a 0.25% (capped £25 per quarter) custody charge for shares, which I see is half what I pay H&L 0.45% capped at £200 a year.


On the Monevator table I looked at before choosing, the AJ Bell SIPP charge has a 'plus' next to it, which implies it's an additional 0.25% for the SIPP on top of the standard 0.25%, which is not capped (at least, they don't mention a cap).

On the AJ Bell Youinvest website it has a Funds Custody Charge (0.25% on the first 250,000 not capped), PLUS a share custody charge of 0.25% (capped @£25 a quarter) PLUS various dealing charges e.g. 9.95 for ETFs which is double the iWeb price.

Am I reading these sites wrong?

Thanks,
StepOne

Re: Considering SIPP

Posted: May 31st, 2019, 3:39 pm
by kempiejon
StepOne, My SIPP Is with HL which is 0.45% custody per annum capped at £200 plus dealing at £11.95 a pop. I don't have an AJ bell SIPP just an ISA and I only hold shares/ITs ETFs so I might have been confused. I also use AJB cheap dealing days at £1.50.

Here's the horses mouth https://www.youinvest.co.uk/sipp/charges-and-rates and on the following page give a demo portfolio costs, which when I ran an example appears to be a better price than I'm paying for my HL.

Re: Considering SIPP

Posted: May 31st, 2019, 6:29 pm
by swill453
StepOne wrote:On the Monevator table I looked at before choosing, the AJ Bell SIPP charge has a 'plus' next to it, which implies it's an additional 0.25% for the SIPP on top of the standard 0.25%, which is not capped (at least, they don't mention a cap).

On the AJ Bell Youinvest website it has a Funds Custody Charge (0.25% on the first 250,000 not capped), PLUS a share custody charge of 0.25% (capped @£25 a quarter) PLUS various dealing charges e.g. 9.95 for ETFs which is double the iWeb price.

Am I reading these sites wrong?

Thanks,
StepOne

If you only hold shares (including investment trusts and ETFs) and do no trades then the total charge is capped at £25 per quarter (no VAT).

Scott.

Re: Considering SIPP

Posted: June 1st, 2019, 9:57 am
by ursaminortaur
swill453 wrote:
StepOne wrote:On the Monevator table I looked at before choosing, the AJ Bell SIPP charge has a 'plus' next to it, which implies it's an additional 0.25% for the SIPP on top of the standard 0.25%, which is not capped (at least, they don't mention a cap).

On the AJ Bell Youinvest website it has a Funds Custody Charge (0.25% on the first 250,000 not capped), PLUS a share custody charge of 0.25% (capped @£25 a quarter) PLUS various dealing charges e.g. 9.95 for ETFs which is double the iWeb price.

Am I reading these sites wrong?

Thanks,
StepOne

If you only hold shares (including investment trusts and ETFs) and do no trades then the total charge is capped at £25 per quarter (no VAT).

Scott.


Depending upon how close you are to taking retirement you might also want to check how much the different providers charge for one-off or regular drawdown.

Re: Considering SIPP

Posted: June 1st, 2019, 10:20 am
by swill453
ursaminortaur wrote:Depending upon how close you are to taking retirement you might also want to check how much the different providers charge for one-off or regular drawdown.

Yes. I used to take monthly UFPLS payments from AJ Bell Youinvest, which cost £120 p.a., but I've now changed to a single annual UFPLS payment which only costs £30.

Scott.

Re: Considering SIPP

Posted: June 1st, 2019, 3:48 pm
by mickeypops
My wife and I both have SIPPs in drawdown with HL. They contain only Investment Trusts so we benefit from the £200 cap. There are no admin, or annual, or other fees such as changes of instructions or ad hoc payment fees.

The service is superb.

MP