Which Pension/SIPP provider are you with, and why?

[98elise]

I'm looking to consolidate a few small private pensions, and to pay large sums in over the next few years. I was going to start a Hargreaves Lansdown SIPP but their charges are very high compared to other providers.

What did you choose and why?

[Simpo Two]

I had three policies to combine in 2013. My then-IFA said 'James Hay are good, we like the rep, she's nice. Yes, a James Hay SIPP is good, sign this'.

[Jockman]

Suffolk Life. Very good on the commercial property side. Bit more expensive.

[anonymous-user]

I have a HL SIPP and their charges for administering the account are on a sliding scale with a max of £200 a year - and I think this is very reasonable. I'd be surprised if you can show me a competitor that undercuts this considerably.

[-Pete-]

I think it depends on your circumstances (ie How much have you got). HL is generally thought to be expensive.

http://www.comparefundplatforms.com/
http://monevator.com/compare-uk-cheapest-online-br...
https://www.theguardian.com/money/2014/aug/23/inve...

It's not easy to compare providers, and little chance of getting impartial advice. I think it's worth taking time to compare the choices and remember "you get what you pay for" only applies if you're taking advice. If you're in control of your investments and drawdown, the only thing that matters is their charges. Imo.

[98elise]

RaymondVanDerDon said:

I have a HL SIPP and their charges for administering the account are on a sliding scale with a max of £200 a year - and I think this is very reasonable. I'd be surprised if you can show me a competitor that undercuts this considerably.

HL is over 1k per year for a 250k SIPP pension pot. From the little research I've done you can easliy half that, or even get as low as £300.

They were my first choice by reputation, but have been excluded on cost alone.

[98elise]

-Pete- said:

I think it depends on your circumstances (ie How much have you got). HL is generally thought to be expensive.

http://www.comparefundplatforms.com/
http://monevator.com/compare-uk-cheapest-online-br...
https://www.theguardian.com/money/2014/aug/23/inve...

It's not easy to compare providers, and little chance of getting impartial advice. I think it's worth taking time to compare the choices and remember "you get what you pay for" only applies if you're taking advice. If you're in control of your investments and drawdown, the only thing that matters is their charges. Imo.

Thats why HL are out of the running. They want twice as much as other providers for a SIPP,

If their charges were reasonable they would be getting my custom

[Simpo Two]

98elise said:

RaymondVanDerDon said:

I have a HL SIPP and their charges for administering the account are on a sliding scale with a max of £200 a year - and I think this is very reasonable.

HL is over 1k per year for a 250k SIPP pension pot. From the little research I've done you can easliy half that, or even get as low as £300.

They were my first choice by reputation, but have been excluded on cost alone.

This is the wondrous thing about the charging structure of the financial services industry. One person is quite sure that they pay no more than £200pa, yet another person is quite sure that in actual fact it's more than 5x that amount. Both cannot be right; who knows how much is actually hoovered out...?

[anonymous-user]

I have just checked their website in relation to SIPP charges. http://www.hl.co.uk/pensions/sipp/charges-and-inte...

Annual management charges are 0.25% for FUNDS valued at £250k to £1 million - which I think the OP must be referring to.

Annual management charges for CASH holdings = no charge.

Annual management charges for SHARES, investment trusts, ETFs, gilts & bonds is 0.45% capped at £200, which is applicable to me.

Edited by anonymous-user on Sunday 16th October 00:58

[AdeTuono]

98elise said:

....and to pay large sums in over the next few years.

You can no longer do this. £40k pa max now IIRC.

[bmwmike]

AJ Bell YouInvest and reasonably happy with the charges and fund choices.

[98elise]

AdeTuono said:

98elise said:

....and to pay large sums in over the next few years.

You can no longer do this. £40k pa max now IIRC.

I've not invested in pensions in the past 5 years so I can use the previous 3 years carry forward allowance.

[98elise]

RaymondVanDerDon said:

I have just checked their website in relation to SIPP charges. http://www.hl.co.uk/pensions/sipp/charges-and-inte...

Annual management charges are 0.25% for FUNDS valued at £250k to £1 million - which I think the OP must be referring to.

Annual management charges for CASH holdings = no charge.

Annual management charges for SHARES, investment trusts, ETFs, gilts & bonds is 0.45% capped at £200, which is applicable to me.

Edited by RaymondVanDerDon on Sunday 16th October 00:58

More importantly the charges are 0.45% below £250k which really pushes the charges up. For that level of pension pot they are one of the most expensive providers.

[-Pete-]

98elise said:

AdeTuono said:

98elise said:

....and to pay large sums in over the next few years.

You can no longer do this. £40k pa max now IIRC.

I've not invested in pensions in the past 5 years so I can use the previous 3 years carry forward allowance.

Yes

[AdeTuono]

98elise said:

AdeTuono said:

98elise said:

....and to pay large sums in over the next few years.

You can no longer do this. £40k pa max now IIRC.

I've not invested in pensions in the past 5 years so I can use the previous 3 years carry forward allowance.

So one payment of £180,000 and that's your allowance used up?

[Ozzie Osmond]

If you and/or your family have other investments with HL you can beat them down to a 0.25% flat charging structure.

This compares reasonably well with Fidelity's flat 0.2% (at the level under discussion here)

[Zigster]

I went with Fidelity for a couple of reasons:
1) I already had some ISAs with them so I can more easily see my total funds all together.
2) The fees others have mentioned. I can't recall the exact amounts but, when I was researching it, Fidelity came out a lot cheaper than HL and I couldn't see what HL did in addition to make it worth the extra cost.

[rotarymazda]

98elise said:

What did you choose and why?

I'm with HL.

I chose them due to the £200 max charge when holding shares and investment trusts. I don't buy unit trusts.

Online and phone support has been very good.

[Ozzie Osmond]

98elise said:

I've not invested in pensions in the past 5 years so I can use the previous 3 years carry forward allowance.

Yes, so long as you have sufficient earned income this year to absorb them. Unearned income doesn't count.

[Jockman]

Ozzie Osmond said:

98elise said:

I've not invested in pensions in the past 5 years so I can use the previous 3 years carry forward allowance.

Yes, so long as you have sufficient earned income this year to absorb them. Unearned income doesn't count.

...or it's a company contribution on your behalf.