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Thread: Recommend a SIPP provider

  1. #1
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    Recommend a SIPP provider

    Hi folks,

    I opened a SIPP witH Hargreaves Lansdown some months ago, but having read a similar thread on the subject, I'm conscious that HL may not be the most cost effective provider.

    Is there any independent research available to compare charges of providers as I'm considering switching if there are more cost effective providers with lower aggregate charges?


    Grateful for any advice that you have.

    Thanks

  2. #2
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    Quote Originally Posted by klunk View Post
    Hi folks,

    I opened a SIPP witH Hargreaves Lansdown some months ago, but having read a similar thread on the subject, I'm conscious that HL may not be the most cost effective provider.

    Is there any independent research available to compare charges of providers as I'm considering switching if there are more cost effective providers with lower aggregate charges?


    Grateful for any advice that you have.

    Thanks
    My IFA has put me on the Royal London SIPP because he believes it's the best performing and has low costs.

    I've just noticed you're in the West Mids, I could put you in contact with him if you're interested?

  3. #3
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    Quote Originally Posted by dickdutch View Post
    My IFA has put me on the Royal London SIPP because he believes it's the best performing and has low costs.

    I've just noticed you're in the West Mids, I could put you in contact with him if you're interested?
    That's interesting, I've just started a new job and the Employer's workplace pension scheme is managed by RL.

    Thanks - any additional info would be useful.

  4. #4
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    I don't have a comparison site for you I'm afraid but FWIW I was moved to Fidelity from Transact due to low costs, especially of fund switching.

  5. #5
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    Surely it is very dependent on how you will contribute to it and what you are intending to hold inside it.

    My SIPP is with Fidelity because it is capped at £45 per annum on ETFs and that’s all I hold there.
    Funds/OEIC are held elsewhere as it works out cheaper.

    The more you can elaborate then more you can be advised.

    A SIPP is only the wrapper.

  6. #6
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    Anyone got any info on whether Vanguard are any nearer to launching their delayed SIPP?

  7. #7
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    Quote Originally Posted by ~dadam02~ View Post
    Anyone got any info on whether Vanguard are any nearer to launching their delayed SIPP?
    I gave up waiting, pure farce that an organisation that size cannot get it sorted.

    I still have an ISA with them but will soon be moving that to a fixed fee platform.

  8. #8
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    Maybe post over on the PH Finance forum as this topic has been covered a number of times:
    https://www.pistonheads.com/gassing/forum.asp?h=0&f=206

    AJ Bell, Fidelity, Interactive Investor all have low cost options.

  9. #9
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    Comparison spreadsheet available from “snowman” here - https://forums.moneysavingexpert.com....php?t=5583030

    Also another comparison site - http://www.comparefundplatforms.com

    HL are not good for larger funds and their name somewhat tarnished by the close relationship with Neil Woodford.

  10. #10
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    Quote Originally Posted by Mr Pointy View Post
    Maybe post over on the PH Finance forum as this topic has been covered a number of times:
    https://www.pistonheads.com/gassing/forum.asp?h=0&f=206

    AJ Bell, Fidelity, Interactive Investor all have low cost options.
    Thanks very much, I'll take a look at that

    - - - Updated - - -

    Quote Originally Posted by broxie View Post
    Comparison spreadsheet available from “snowman” here - https://forums.moneysavingexpert.com....php?t=5583030

    Also another comparison site - http://www.comparefundplatforms.com

    HL are not good for larger funds and their name somewhat tarnished by the close relationship with Neil Woodford.
    That's very useful, thanks

  11. #11
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    Quote Originally Posted by Benji053 View Post
    Surely it is very dependent on how you will contribute to it and what you are intending to hold inside it.

    My SIPP is with Fidelity because it is capped at £45 per annum on ETFs and that’s all I hold there.
    Funds/OEIC are held elsewhere as it works out cheaper.

    The more you can elaborate then more you can be advised.

    A SIPP is only the wrapper.
    Apologies, maybe should have provide more detail, looking to invest in small number of managed funds as I have a broad range of investment trusts, ETF's/ETC's and individual shares in my ISA.

    I'm looking at funds such as Lindsell Train UK/Global Equity, Vanguard life Strategy, Bailie Gifford Managed etc.

  12. #12
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    Just had an email from Vanguard who are finally launching their SIPP, although they are still vague about the exact date...early 2020.

    0.15% annual account fee capped at £375 annually across all your Vanguard accounts, so if you plan to only hold Vanguard funds this is pretty competitive.

    I was just about to take advantage of the Fidelity cash back offer to move across from HL, but I’ll hold out for this now.

  13. #13
    Quote Originally Posted by PhilT View Post
    Just had an email from Vanguard who are finally launching their SIPP, although they are still vague about the exact date...early 2020.

    0.15% annual account fee capped at £375 annually across all your Vanguard accounts, so if you plan to only hold Vanguard funds this is pretty competitive.

    I was just about to take advantage of the Fidelity cash back offer to move across from HL, but I’ll hold out for this now.
    Was just going to post about this, i’ve been waiting and buying VLS 80 through HL SIPP which i’ll stop and start with Vanguard. Good price and i like the Vanguard platform and general ethos. I might move an ancient Aviva pension in which i’m being done for 1.5%.

  14. #14
    Master ryanb741's Avatar
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    I've got quite a bit in HL in a Vanguard LS 80. Is it possible to move that across to the Vanguard Sipp in isolation?

    Sent from my SM-G950F using Tapatalk

  15. #15
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    Quote Originally Posted by ryanb741 View Post
    I've got quite a bit in HL in a Vanguard LS 80. Is it possible to move that across to the Vanguard Sipp in isolation?

    Sent from my SM-G950F using Tapatalk
    I'll be doing exactly this too, lower fees is definitely worth it.

    I guess just sell the LS80 portion and then transfer the cash to the new SIPP, out of the market while this happens.

    Unless there is a limit on how many SIPPs can be held by a person?

  16. #16
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    Quote Originally Posted by T1ckT0ck View Post
    I guess just sell the LS80 portion and then transfer the cash to the new SIPP, out of the market while this happens.
    Don't do that - see if Vanguard can do an in specie transfer from HL. This keeps you invested in LS80 across the move.

    You can have as many SIPPs as you like as long as you don't contribute more than your allowed maximum each year.

  17. #17
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    Quote Originally Posted by Mr Pointy View Post
    Don't do that - see if Vanguard can do an in specie transfer from HL. This keeps you invested in LS80 across the move.

    You can have as many SIPPs as you like as long as you don't contribute more than your allowed maximum each year.
    Superb! Thanks for the heads up on this.


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  18. #18
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    Quote Originally Posted by PhilT View Post
    Just had an email from Vanguard who are finally launching their SIPP, although they are still vague about the exact date...early 2020.

    0.15% annual account fee capped at £375 annually across all your Vanguard accounts, so if you plan to only hold Vanguard funds this is pretty competitive.

    I was just about to take advantage of the Fidelity cash back offer to move across from HL, but I’ll hold out for this now.
    That's very handy timing for me, thanks for the heads up...

    Cheers,
    Adam.


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  19. #19
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    I expect HL will react to the new Vanguard SIPP with a cut in their fees.

    I can’t for a second imagine HL just sitting back and letting droves of their core “investors” wave goodbye.

    I complained about the fee increase a number of years ago and HL were good and out a few cap on my accounts to keep me as a customer. I’m pretty sure my cap is lower than £375.

  20. #20
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    i Have thought about moving some of my SIPP over to the Vanguard if only to have the pension invested with two different brokers in case one of them ever has a fall from grace.

    I keep meaning to look into what would happen to my SIPP and savings money if HL went pop.

  21. #21
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    Quote Originally Posted by mr noble View Post
    I expect HL will react to the new Vanguard SIPP with a cut in their fees.

    I can’t for a second imagine HL just sitting back and letting droves of their core “investors” wave goodbye.

    I complained about the fee increase a number of years ago and HL were good and out a few cap on my accounts to keep me as a customer. I’m pretty sure my cap is lower than £375.
    Sorry.. Can you expand on you last paragraph? Tia

    Sent from my LYA-L09 using Tapatalk

  22. #22
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    Quote Originally Posted by mr noble View Post
    i Have thought about moving some of my SIPP over to the Vanguard if only to have the pension invested with two different brokers in case one of them ever has a fall from grace.

    I keep meaning to look into what would happen to my SIPP and savings money if HL went pop.
    You funds are kept in a client account so even if HL went under you would not lose your money. Of course if you hold Vanguard with both Vanguard & HL you have no diversity if Vanguard drop the ball so you might want to consider that.

  23. #23
    Master mr noble's Avatar
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    Quote Originally Posted by TAG0001 View Post
    Sorry.. Can you expand on you last paragraph? Tia

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    Sure.

    It was a number of years back when HL changed their fee structure to what it is now. Prior to that, when they were a lot smaller, they were cheaper.

    I got the letter, sent them a snotty message via the secure message portal and they messaged back to say they would cap my annual fee, so that I didn’t see any increase in my costs.

    I think I was one of the lucky ones while they tried to deal with the fall out of the fee hike.

    No idea how you’d get on now, but if you called them and said you’re planning to take your SIPP elsewhere due to their fees being higher, they might well offer you a cap. No different to what we all do with our Sky TV subscription each year.

  24. #24
    Master mr noble's Avatar
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    Quote Originally Posted by Mr Pointy View Post
    You funds are kept in a client account so even if HL went under you would not lose your money. Of course if you hold Vanguard with both Vanguard & HL you have no diversity if Vanguard drop the ball so you might want to consider that.
    Agreed. I’d probably move 60% or 70% onto the Vanguard platform and leave 30-40% in HL but move to another fund. Maybe the Blackrock one which is similar to LifeStrategy.

  25. #25
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    Quote Originally Posted by mr noble View Post
    Sure.

    It was a number of years back when HL changed their fee structure to what it is now. Prior to that, when they were a lot smaller, they were cheaper.

    I got the letter, sent them a snotty message via the secure message portal and they messaged back to say they would cap my annual fee, so that I didn’t see any increase in my costs.

    I think I was one of the lucky ones while they tried to deal with the fall out of the fee hike.

    No idea how you’d get on now, but if you called them and said you’re planning to take your SIPP elsewhere due to their fees being higher, they might well offer you a cap. No different to what we all do with our Sky TV subscription each year.
    Thanks!

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