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Chris Moore
Posted: 27 May 2018 09:55:51(UTC)
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I'm about to consolidate a number of DC pension pots into a single SIPP - in the region of £600K. I've done a lot of research on costs of platforms and Interactive Investor seems one of the cheapest so I am now seriously considering them for my consolidated SIPP.

Other attraction for me is that my portfolio will have a mix of Funds and IT's and ii charge the same for both i.e. just a quarterly charge of £22.50 which can be off-set against trading costs.

However, I've read a few of the threads on this forum where ii seem to get a hard time following their recent merger and the subsequent migration to a new software platform - which is making me a little nervous.

Most of the threads seem to start in January 2018 and finish (mostly) in March this year so I was wondering if things have settled down with the new ii platform and it is now safe to "go into the water".

Just wondered if anyone still has reservations about ii as I need to make my decision in the next couple of weeks.

Thanks in advance.
Mr Helpful
Posted: 27 May 2018 10:16:06(UTC)
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After the Beaufort scandal, costs are perhaps a lesser issue than security of funds?
Whoever used make sure to check out ownership structure and financial backing?
N.B. : This is general thinking, not a specific comment about any individual broker.

Our own approach is to diversify at every level possible.
5 users thanked Mr Helpful for this post.
Chris Moore on 27/05/2018(UTC), Tim D on 29/05/2018(UTC), I M on 29/05/2018(UTC), Law Man on 29/05/2018(UTC), Sara G on 29/05/2018(UTC)
philip gosling
Posted: 27 May 2018 10:24:17(UTC)
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Well most of the many thousands who moved from ii will have completed their switch despite slow useless transfer team failures at ii. They paid my wife compensation for mistakes in the switch and gave me a fulsome apology for their failures. So after nearly 5 months we got away.
Their administration is still a shambles (up to last week) because when you send a secure message it used to take 24 hours to answer for months it has been up to 10 days.
I would suggest you ring them to ask about support for new incomers and time taken to deal with queries and get a feel for whether they are back on track - prior to the merger & penalising of family linked accounts with massive fee increases they were a good ISP.
1 user thanked philip gosling for this post.
Chris Moore on 27/05/2018(UTC)
Tom Bards
Posted: 27 May 2018 10:26:13(UTC)
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You get what you pay for. Don't put your pension, one of the most important things you have, into a sub par platform just because it's cheaper. Just my opinion.
3 users thanked Tom Bards for this post.
Chris Moore on 27/05/2018(UTC), Law Man on 29/05/2018(UTC), Tyrion Lannister on 30/05/2018(UTC)
FinTech
Posted: 28 May 2018 11:05:18(UTC)
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I had the old TD Direct SIPP which transferred to the new ii SIPP last year. I’ve found it all fine, with no problems or glitches at all. Trading works well and the whole package is great value. Very happy to recommend.
1 user thanked FinTech for this post.
Chris Moore on 29/05/2018(UTC)
MallyGirl
Posted: 29 May 2018 16:17:33(UTC)
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I have transferred a number of old DC pensions to ii over the lat few months. It has been pretty painless - delays were always the fault of the original holders.
They do take an age to respond to secure messages at the moment so I phone if I need something.
I also transferred my ISA and that was very, very slow but the fault was laid at the door of the intermediary (Aegon) since I had specified in specie transfer. No idea if it is true but I didn't lose out since I was never out of the market and was not looking to change my holding in the 4 months it took to move from Halfax Sharedealing to ii

A lot of the complaints were about the merger with TD but I had only just initiated my first transfer in when that was announced so I was a 'clean' ii customer from the start.

I am happy with the interface and the charges (if one can ever really say that) but my holding overall is about 1/5th of yours.
1 user thanked MallyGirl for this post.
Chris Moore on 29/05/2018(UTC)
Philip Davie
Posted: 29 May 2018 16:43:57(UTC)
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I have my ISA with II and no complaints to date. However, re costs, I had thought they also charge £100 (pa?) for a SIPP and a further £100 if you are in drawdown. There is also a £50 charge for UFPLS which other providers (Fidelity and Zurich/Scottish Widows) do for 'free'.

I had been thinking of also doing consolidation onto II platform when I need to access another pension pot where the provider does not offer as flexible access as I would like.
1 user thanked Philip Davie for this post.
Chris Moore on 29/05/2018(UTC)
James Walkden
Posted: 29 May 2018 16:45:31(UTC)
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There are still issues, dividends are credited in anything but a timely manner, I transacted a Bed &ISA which didn't go according to plan, they quoted a completely wrong valuation for one of my funds for several days and when they issued the CTC it only covered the period Dec '17 to April '18, they forgot about transactions prior to the merger. They have since issued a second CTC.
1 user thanked James Walkden for this post.
Chris Moore on 30/05/2018(UTC)
mark senior
Posted: 29 May 2018 17:03:02(UTC)
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Chris Moore;62986 wrote:
I'm about to consolidate a number of DC pension pots into a single SIPP - in the region of £600K. I've done a lot of research on costs of platforms and Interactive Investor seems one of the cheapest so I am now seriously considering them for my consolidated SIPP.

Other attraction for me is that my portfolio will have a mix of Funds and IT's and ii charge the same for both i.e. just a quarterly charge of £22.50 which can be off-set against trading costs.

However, I've read a few of the threads on this forum where ii seem to get a hard time following their recent merger and the subsequent migration to a new software platform - which is making me a little nervous.

Most of the threads seem to start in January 2018 and finish (mostly) in March this year so I was wondering if things have settled down with the new ii platform and it is now safe to "go into the water".

Just wondered if anyone still has reservations about ii as I need to make my decision in the next couple of weeks.

Thanks in advance.

Chris,

I think that you need to re-read the costs of running a SIPP at Interactive, the costs you quote are for an ISA or general trading account not a SIPP.

As a substantial customer of Interactive, I feel that there overall offering is improving but like everyone else found their transfer process to be long winded and frustrating.
1 user thanked mark senior for this post.
Chris Moore on 29/05/2018(UTC)
steve brandom
Posted: 29 May 2018 17:39:47(UTC)
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Joined: 17/01/2018(UTC)
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I've a Fidelity SIPP. They've completely messed up a recent crystallisation (drawdown). Even after more than two weeks have failed to complete the remedy; so II isn't unique having issues.
1 user thanked steve brandom for this post.
Chris Moore on 30/05/2018(UTC)
I M
Posted: 29 May 2018 18:24:10(UTC)
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I agree with the comment from Mr Helpful. It is now clear that our protection is limited to the £50K FSCS limit, and this is shown on the ii website (http://www.iii.co.uk/about-us/your-protection - item 6)

I have most of my ISA with ii (it had been split between TD, ii and iWeb) and was not totally reassured when I investigated their financial status (they are mainly owned by JC Flowers). Though I have no reason to think they are likely to fail, I am looking to move some of my ISA away from them to get closer to the FSCS limit.

The problem is trying to find enough quality affordable brokers. In your case you would need a dozen different ones to stay within the limit, and that is just for the initial investment. I must admit this is one of the main reasons I have left my SIPP with HL despite the high charges (minimised by mainly investing in ITs and ETFs).
2 users thanked I M for this post.
Chris Moore on 29/05/2018(UTC), Sara G on 29/05/2018(UTC)
Rickster
Posted: 29 May 2018 22:10:34(UTC)
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I recently took advantage of the generous defined benefit pension transfer rates to move a small pension to an ii SIPP.It took nearly 6 months involving compulsory financial advice(£2.2k ouch!) and endless repetitive form filling for mainly the original provider and also ii.The SIPP now sits next to my trading and ISA accounts on their platform and is easily accessible.It costs £100 pa and the same again if you start to drawdown.Trading costs are as per the trading/ ISA terms .Once you get familiar with the platform it works well and ii were helpful in the transfer process which I assume will be less hassle for a dc pension.
1 user thanked Rickster for this post.
Chris Moore on 30/05/2018(UTC)
AnthonyL
Posted: 30 May 2018 13:37:27(UTC)
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James Walkden;63091 wrote:
There are still issues, dividends are credited in anything but a timely manner, I transacted a Bed &ISA which didn't go according to plan, they quoted a completely wrong valuation for one of my funds for several days and when they issued the CTC it only covered the period Dec '17 to April '18, they forgot about transactions prior to the merger. They have since issued a second CTC.


I was on the old II platform with certain funds set to "Pay Away" automatically and so every so often I'd get an email saying one had been triggered and I'd have a bit of beer money sitting in my bank.

This stopped once the transfer occured and I've had to go through hoops to try and get it resurrected being told wrong information at times. We are now 5 months in and it is supposed to be sorted but I still have not had one single "Pay Away" though there is dividend cash sitting there from earler.

All of this was information readily available to any systems analyst in the planning stage and why ii chose to ignore some of their better features is mystifying. I want to set up my 2018/19 ISA with them but it is pending them sorting this out and I'll soon lose patience and put it elsewhere.
1 user thanked AnthonyL for this post.
Chris Moore on 01/06/2018(UTC)
AnthonyL
Posted: 30 May 2018 13:41:06(UTC)
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steve brandom;63096 wrote:
I've a Fidelity SIPP. They've completely messed up a recent crystallisation (drawdown). Even after more than two weeks have failed to complete the remedy; so II isn't unique having issues.


Fidelity have messed up a couple of things for me in the past few years but when I've documented and made a written complaint they've re-imbursed any losses and made a goodwill payment for the inconvenience and that has kept me satisfied and my main investments and SIPP are with them at 0.2% all inclusive with the same costs for my wife's ISAs (they aggregate the two to determine the charging level).
Charles Hughes
Posted: 30 May 2018 20:33:16(UTC)
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Joined: 15/12/2011(UTC)
Posts: 2

Sounds as if you have to tread very carefully - or perhaps just stay sat.
Richard Shaw
Posted: 31 May 2018 13:51:44(UTC)
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I have held an ISA account with II since 2010, and have been generally satisfied with them in that time. Following RDR, I transferred my HL and other ISAs to II as they were significantly cheaper. The (in-specie) transfers took several months, but eventually all were completed correctly. The current platform works fine for the dealing that I do, which is restricted to ITs and funds, but I have encountered delays in the past in having dividends from funds credited to my account (this has never been a problem with ITs). Customer service has been less satisfactory than with HL, but not so much so that I would consider transferring elsewhere.

My SIPP, which is now in drawdown, remains with HL. When I last looked at alternative options for my SIPP, other platforms were often cheaper whilst in accumulation but more expensive in drawdown.
1 user thanked Richard Shaw for this post.
Chris Moore on 01/06/2018(UTC)
Chris Moore
Posted: 05 June 2018 08:55:19(UTC)
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Thanks for all of your responses - very much appreciated.

I've decided to split my pension over 2 maybe even 3 SIPPS to reflect the structure of my portfolio.

I intend to have 3 discrete portfolios (+ cash) within my SIPP:-

50K - Cash
200K - IT based - Income
200K - Funds/Equity based - Income
150K - Multi Asset Index fund - Growth.

So I'll probably put the IT portfolio into an HL SIPP to minimise costs and rest into an ii SIPP. May even split the off the index Fund into a third SIPP - not sure yet.

I'll then take the yield from each portfolio on an annual basis and top up with cash if needed in a poor year and replenish the cash in a good year.

Expecting to get about £20 - £25K / year from this which I'll supplement with savings and/or part time work until I draw my state pension in 5 years time.

In the meantime I'll monitor costs, performance as I go along and update the plan if necessary.

Wish me luck guys.
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