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  1. #1

    Searching for SIPP platform for my wife - Thoughts and Experiences?

    Hey Forum,

    Asking for thoughts on and general experience with SIPP platforms -

    I am currently looking into potential SIPP platforms for my wife. She is currently paying into a pension scheme through her employer, but would like to expand into a SIPP, as she has a limited availability of funds to select in her employer scheme. In the SIPP, she would not invest in individual stocks, but only funds, trusts and index trackers.

    I am with Bestinvest (Share & Stock ISA & SIPP) and am quite happy with the charges and service I am getting - have just started last year so the pot is still quite small. However, I don't want to just blindly open the same thing for her at Bestinvest before browsing around and researching a little more.

    Hence I was wondering what your SIPP provider of choice is? I'm reading a lot about Cavendish being a very good low-cost option, any experience with these guys? Or are you with one of the established players like Hargreaves, Fidelity or AJ Bell ..?

    Cheers for the help!

  2. #2
    My wife and I both have SIPPs with HL. OK, their charges can be on the high side, but this depends on what sort of investments you hold, how often you trade and how large your portfolio is. HL actually works out very well for us with our IT/ETF portfolios so we pay less than 0.1% pa in charges.

    Drawdown fees are zero too, unlike some of the supposedly cheaper platforms. And the icing on the cake is that I can manage both SIPPs from a single login and switch between them at will.

  3. #3
    That being said, I don't do funds, and from memory HL was a cheaper option for funds when I looked a few years back.
    If your wife stuck to IT's, they are treated as shares and the charge is a maximum of 25 per quarter depending on pot size.

  4. #4
    It would be a brand new pot, probably starting with 1k and then switch to monthly direct debit, so the pot is for now as small as can be ;-)

    We'd probably buy 4-5 broad index's and IT's in total, throw money at them every month and let them accumulate. So not really any active trading going on.

    Given that is the case, would you still recommend HL due to their offerings and general usability ? AJ Bell might not be that suitable for a small pot? Or is it only a 0.25% charge on the whole portfolio?


    EDIT: My Bestinvest is at 0.3% for under 250k portfolio at the moment, and also no drawdown fees later on afaik.

  5. #5
    ...left field suggestion...

    given you dont seem to be talking very large sums... 1k & then montly dd..

    drip it into a Vanguard ISA (0.15% on everything; max 375 charge a yr; no charge for dealing on funds or ETFs - if non-real time ETF purchases) ...then move it across to their SIPP when it comes in 6months or so
    obviously restricts you to Vanguard funds/ETFs.
    assumes your wife has enough salary to claim the tax relief available when swinging it from ISA->SIPP.

    AJ Bell is 0.25% for stocks/IT/ETF upto a max of 25 a quarter *plus* 0.25% for funds (& steps down on portfolios >250k)

    you mention investing in 4 or 5 elements per month - AJ Bell that would be 1.50 per element a month - soon adds up & could be a highish percentage of smallish monthly subs.

  6. #6
    For comparison I started a SIPP for my daughter with some money she had left for her (forward planning freak ). It is about 1300 now, and the 2nd quarter custody charge was 61 pence if that is cheap enough for you?
    Just 2 IT's for now until it grows. I do top ups on the 1.50 dealing day on the 10th of the month if there are enough funds.

  7. #7
    YouInvest (A J Bell) is good for larger SIPPs (above 200k), since it has a flat fee of 25 per quarter.
    But HL is much better for smaller sums because HL's charges are a percentage of the total value of the SIPP with no minimum (and for the same reason, not so good for larger SIPPs).
    AJB's dealing charges on shares / ITs are lower than HL's, but unlike HL, AJB charges for each transaction in funds.
    I'd go with HL, but make fewer/less frequent purchases to keep transaction costs down.

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