Got a credit card? use our Credit Card & Finance Calculators
Thanks to Anonymous,bruncher,niord,gvonge,Shelford, for Donating to support the site
Need a new pension provider - Opinions Wanted
-
- Posts: 28
- Joined: August 18th, 2018, 2:41 pm
- Has thanked: 18 times
- Been thanked: 1 time
Need a new pension provider - Opinions Wanted
I currently have a personal pension of just over 100K with st james place. Performance has been pretty poor and I am looking to move to another provider. I moved my ISA from SJP and picking my own funds has been very beneficial. I currently use ii for this.
Is a SIPP the way to go or should I be looking at other options?
Provider recommendations welcomed.
Is a SIPP the way to go or should I be looking at other options?
Provider recommendations welcomed.
-
- Lemon Half
- Posts: 7217
- Joined: November 4th, 2016, 3:26 pm
- Has thanked: 464 times
- Been thanked: 1814 times
Re: Need a new pension provider - Opinions Wanted
grumpazoid wrote:I currently have a personal pension of just over 100K with st james place. Performance has been pretty poor and I am looking to move to another provider. I moved my ISA from SJP and picking my own funds has been very beneficial. I currently use ii for this.
Is a SIPP the way to go or should I be looking at other options?
Provider recommendations welcomed.
ii have a SIPP which just charges an extra £10 per month ie £120 per year over and above their normal £9.99 monthly flat fee.
I haven't used them for a SIPP (just having an ISA and a trading account with them) but would expect that everything is handled pretty much as it is for their ISAs and trading accounts.
My SIPP is with A J Bell's Youinvest mostly for historical reasons - though now I am in drawdown there is some extra security in not having everything ISA, trading accounts and SIPP with one provider. I doubt with either ii or A J Bell I'd actually lose any money if they had problems but losing access to everything for a period would be extremely painful if everything were just with one provider which had difficulties.
https://www.ii.co.uk/our-charges
A J Bell's SIPP is cheap if you just invest directly in shares, ITs , ETFs, Gilts and bonds (0.25% capped at £10 per month). However it is a lot more expensive if you invest in funds (unit trusts, OEICs and structured products) as the charges are based on a percentage of the funds value with out a cap ( 0.25% for first £250,000, with reduced percentage rates for higher values).
https://www.youinvest.co.uk/sites/default/files/AJBYI_SIPP_charges.pdf
-
- Posts: 28
- Joined: August 18th, 2018, 2:41 pm
- Has thanked: 18 times
- Been thanked: 1 time
Re: Need a new pension provider - Opinions Wanted
Thanks for the Info.
Yes having all my eggs in one basket is something to be aware of.
I mainly invest in funds so will have to have a search about for a good deal.
At this stage I am just checking a SIPP is the correct way to go.
Yes having all my eggs in one basket is something to be aware of.
I mainly invest in funds so will have to have a search about for a good deal.
At this stage I am just checking a SIPP is the correct way to go.
-
- Lemon Half
- Posts: 8014
- Joined: November 4th, 2016, 11:24 am
- Has thanked: 7 times
- Been thanked: 3087 times
Re: Need a new pension provider - Opinions Wanted
grumpazoid wrote:I mainly invest in funds so will have to have a search about for a good deal.
At this stage I am just checking a SIPP is the correct way to go.
Well you should certainly look at other options, but as I personally only have any experience with SIPPs I'll just comment on that.
You've said that picking your own funds has been beneficial, which is a "vote" for also doing so in a SIPP. If you want to carry that practice over into a SIPP there's not a lot of "cheap" options, due to the tendency of most brokers to have ad valorem pricing for holding funds, i.e. charging you a % of the value of those holdings each year.
Of the flat fee for funds brokers, AFAIK there's just Interactive Investor, IWeb/Halifax and ShareDeal Active, and IWeb is actually Halifax with a different skin on; both are part of the Lloyds banking group.
Personally, I have dealing accounts and ISAs with Interactive Investor and IWeb, and my SIPP with IWeb. I don't know anything about ShareDeal Active.
Monevator is a good source for quick broker comparisons. Take a look at:
https://monevator.com/find-the-best-online-broker/
https://monevator.com/compare-uk-cheapest-online-brokers/
https://monevator.com/cheapest-pension-diy/
Of the ad valorem brokers the cheapest is Vanguard at 0.15%pa, which at £150pa for £100K may be competitive for you considering that everything else is free with them ... but, of course, you can only buy hold Vanguard products (ETFs/funds) with them, which is kinda restrictive.
-
- Posts: 28
- Joined: August 18th, 2018, 2:41 pm
- Has thanked: 18 times
- Been thanked: 1 time
Re: Need a new pension provider - Opinions Wanted
Thanks for the replies.
I will check out monevator. It has been more than 6 years with SJP so no worries there transferring out.
Agree that SJP is not a good return. It took me far too many years to realise. Having picked my own funds with ii I have not looked back.
So it seems that I have a choice of 1)go with a SIPP and manage myself or 2) use another pension provider.
Option 1 seems like they way providing fees are not prohibitive.
I will check out monevator. It has been more than 6 years with SJP so no worries there transferring out.
Agree that SJP is not a good return. It took me far too many years to realise. Having picked my own funds with ii I have not looked back.
So it seems that I have a choice of 1)go with a SIPP and manage myself or 2) use another pension provider.
Option 1 seems like they way providing fees are not prohibitive.
-
- Lemon Slice
- Posts: 316
- Joined: November 17th, 2016, 7:12 pm
- Has thanked: 112 times
- Been thanked: 159 times
Re: Need a new pension provider - Opinions Wanted
How much you trade and the fee structure might also be worth considering. I make 1 or 2 trades a year at most in my SIPP so moved from ii to Hargreaves Lansdown as the overall cost was less as I don't trade enough to use the one free trade per month. Others went the other way as H-L are seen as expensive. I've had no issues with the customer service from either.
-
- Lemon Quarter
- Posts: 4897
- Joined: November 4th, 2016, 10:15 am
- Has thanked: 622 times
- Been thanked: 2726 times
Re: Need a new pension provider - Opinions Wanted
vagrantbrain wrote:How much you trade and the fee structure might also be worth considering. I make 1 or 2 trades a year at most in my SIPP so moved from ii to Hargreaves Lansdown as the overall cost was less as I don't trade enough to use the one free trade per month. Others went the other way as H-L are seen as expensive. I've had no issues with the customer service from either.
I use HL for my Sipp and no probs. 16.66 per month flat fee. Periodically they have a cash incentive to move to them.
The only point to look at is charges for funds. I never ever use funds but prefer ITs and ETFs where there are no platform fees.
-
- Lemon Slice
- Posts: 263
- Joined: May 27th, 2019, 9:47 am
- Has thanked: 103 times
- Been thanked: 142 times
Re: Need a new pension provider - Opinions Wanted
Unless you have access to a low cost pension as part of your job, it's unlikely that you'll find a personal pension that's as cheap to run as a SIPP. If you're still employed, it could be worth looking to see if your employer provides a cost competitive scheme and consider transferring to that.
-
- Posts: 28
- Joined: August 18th, 2018, 2:41 pm
- Has thanked: 18 times
- Been thanked: 1 time
Re: Need a new pension provider - Opinions Wanted
My employer does have LGPS. I pay into this but the time has expired to transfer in any existing funds. Maybe a big mistake.
Return to “Retirement Investing (inc FIRE)”
Who is online
Users browsing this forum: No registered users and 12 guests