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Stephan Janes
Posted: 04 October 2017 10:33:47(UTC)
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Joined: 04/10/2017(UTC)
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I have been trying to find a good and reliable Sipp provider to transfer my free standing pensions into mainly to be able to withdraw 25% of my pension pot tax free - quite a few pension schemes do not allow you to do that. I have been doing quite a lot or research, but it seems very difficult to get indipendent advice and, which is rather important, find a provider which shows you a demonstration portfolio

My wish list:

1) Low cost DIY - will do my own investments, primarily in funds and not shares - probably 10 trades per year
2) Easy to use platform with access to research tools etc
3) Does not penalise me for taking 1 off distributions (25% cash tax free)
4) Financialy strong - have not found a site/tool yet which shows the financial strength of SIPP providers
5) Allows me to trade even if one day I become non UK resident (counts Fidelity out)

My short list so far is Trustnet Direct (love their demo portofolio and research, but I am worried about their financial strength) and Interactive Investor.

Grateful for any suggestions - I should add that my pension pot will be reasonably large
Tim D
Posted: 04 October 2017 20:25:44(UTC)
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Joined: 07/06/2017(UTC)
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Stephan Janes;51732 wrote:

My wish list:

1) Low cost DIY - will do my own investments, primarily in funds and not shares - probably 10 trades per year
2) Easy to use platform with access to research tools etc
3) Does not penalise me for taking 1 off distributions (25% cash tax free)
4) Financialy strong - have not found a site/tool yet which shows the financial strength of SIPP providers
5) Allows me to trade even if one day I become non UK resident (counts Fidelity out)


Re 4: the FT do a "wraps and platforms" survey which might give some insight into the industry's giants and minnows. Most interestingly it has a Table 1 containing some interesting numbers for various platforms (number of clients and AUM). Note that the whole report is more aimed at advisors than joe public, so plenty of stuff mentioned there that's not aimed at the likes of you or I.

Re 1: Alliance Trust Savings are cheap if your pot is big enough (flat fee; £23.75+VAT/month once your SIPP is in "income mode". 4 free trades then ~£12 each; loyalty reductions). They have a whole page on taking your 25%.

Re 2: ATS' platform feels a bit old and basic but it does the job; think a new one is coming soon (hopefully with a more cautious roll-out than Barclays). "Research" is no more sophisticated than Morningstar access (zero integration; you can't even click a holding and get to the Morningstar page for it). There's some videos here but they're of the "adviser" version of the platform (all looks pretty similar to the "retail" version though in terms of styling and workflow).

Re 5: I see in the charges schedule here there is mention of a £375+VAT supplementary charge for various cases including "Where you are a non-UK tax resident or your permanent address is not in the UK". So they support it, but it's going to cost you.

Re 3: Again charges here suggests one-off / "very occasional" Uncrystallised Funds Lump Sum Payment’ (UFPLS) payments are ok (won't flip the portfolio into drawdown mode's higher charge); however in the main platform charges doc there's mention of £40 to "Make a one-off ‘uncrystallised funds pension lump sum’ (UFPLS)".
3 users thanked Tim D for this post.
Mike L on 04/10/2017(UTC), Stephan Janes on 05/10/2017(UTC), Peter Sm on 05/10/2017(UTC)
Tyrion Lannister
Posted: 10 October 2017 22:59:00(UTC)
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Joined: 03/03/2017(UTC)
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Stephan Janes;51732 wrote:
I have been trying to find a good and reliable Sipp provider to transfer my free standing pensions into mainly to be able to withdraw 25% of my pension pot tax free - quite a few pension schemes do not allow you to do that. I have been doing quite a lot or research, but it seems very difficult to get indipendent advice and, which is rather important, find a provider which shows you a demonstration portfolio

My wish list:

1) Low cost DIY - will do my own investments, primarily in funds and not shares - probably 10 trades per year
2) Easy to use platform with access to research tools etc
3) Does not penalise me for taking 1 off distributions (25% cash tax free)
4) Financialy strong - have not found a site/tool yet which shows the financial strength of SIPP providers
5) Allows me to trade even if one day I become non UK resident (counts Fidelity out)

My short list so far is Trustnet Direct (love their demo portofolio and research, but I am worried about their financial strength) and Interactive Investor.

Grateful for any suggestions - I should add that my pension pot will be reasonably large


HL covers potentially all of your wish list but it really depends on whether you intend to invest mainly in open ended funds or ITs/ETFs/equities, if the latter I'd have no hesitation recommending HL.

They have a reputation for being expensive but apart from open ended funds (0.45% platform charge), they are very competitive. The platform charge is capped At £200 pa in a SIPP (only £45 pa in an ISA).

Also, unlike most platforms, withdrawing cash from a SIPP is free, whatever the mechanism, apart from account closer.
1 user thanked Tyrion Lannister for this post.
Mickey on 11/10/2017(UTC)
Tim Blaxter
Posted: 06 November 2017 11:37:54(UTC)
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Joined: 07/12/2015(UTC)
Posts: 4

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Was thanked: 3 time(s) in 1 post(s)
Bear in mind that if you want to keep some of your funds in cash, most of the platforms, Hargreaves Lansdown for example, pay almost nothing in interest.

Most of the banks that offer SIPP Deposit Accounts will only take instructions from your pension Administrator. So if your Administrator refuses to help with that, your money is stuck at zero interest. HL are one of the ones that refuse to help: I've tried.
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