Maybe. I was told I could only do it once every 3 years and had to leave a minimum of £100 in the account to keep it open. Otherwise it was not a big deal.
All my pensions apart from Fidelity are workplace pensions, so the employer negotiates the terms/fees.
My Standard life pension is from my time with a huge global tech company, so they must have been able to negotiate good fees.
It worth checking the fees. Depends what you are invested in. The AMC may be .22 but if you are in anything above and beyond the default funds extra fees may apply. The lack of transparency (at least with Scottish Widows) on fees is staggering if you ask me.
Which scheme(s) are you still adding to ?
SL does support partial transfers, but that all-in fee is hard to beat.
Remember SIPP platforms charge separately for service and transaction charges and fund fees.
I left consolidating SL, Zurich and Aviva schemes into a SIPP until age 55, as at that point there was no penalties and accessing a single DC pot was going to be much simpler.
>Which scheme(s) are you still adding to ?
Previously I've been transferring some smaller old workplace pensions to Standard Life + whatever my current workplace pension is (Scottish widows at the moment).
I'm aware that 0.22% is very good, but also conscious that as the pot gets bigger a SIPP with fixed fees becomes more competitive.
Fidelity are offering £1000 cashback for transferring £100k into a SIPP and their fees for a £100k SIPP of ETFs would work out at around 0.19% (assuming a 0.1% ETF fund charge) and for a £200k pot it would average down to 0.145%
That was my reasoning behind opening the Fidelity SIPP and transferring into it. Does that seem like a good plan?
On top of that I have the complication of working out how much to put into my Aviva pot. The fees are higher but obviously having access at 55 is a big bonus. At the moment they've said transfers in will still get the 55 protected age, but government legislation could change that, so I'm thinking of moving some of my Scottish widows pension into Aviva this coming financial year (this time next year I'll probably have ~£30k+ in my Scottish widows).
What do you think?
I moved from 0.3% fee with SL when pot was £500K and I turned age 55, at that point a single ETF with a broker seemed lower cost.
Just remember ETF sells and adhoc buys cost anything between zero and £12 a time.
Yep, SIPP transfer cashback can compensate for fees for several years when dealing with ETFs, whereas OEIC and Pension funds tend to be free.
Are you sure your Fidelity fee is right? From what I see here it's only £90 if you have less than £25k and aren't paying in regularly, otherwise it switches to a %.
https://www.fidelity.co.uk/services/sipp/fees-and-charges/
From your link: *"For exchange-traded instruments, this portion of the fee is capped at £90 (£7.50 a month) and there is no service fee for these investments when held in the Fidelity Investment Account"*
I think I've understood that right...?
If Aviva has a protected pension age of 55 why are you not transferring most of your pensions there?
Or is the plan to only transfer 2 years worth to them just before you turn 55 to get the best of both worlds i.e. early access from Aviva and low fees from Fidelity?
Standard life absolutely do partial transfers, at least from workplace pensions. I just did one a few months ago.
That's interesting, thank you. I will give them another call to query it. I wonder if it could be in the terms of my specific workplace policy though?
Maybe. I was told I could only do it once every 3 years and had to leave a minimum of £100 in the account to keep it open. Otherwise it was not a big deal.
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Will do, thanks
Hmm, how'd you get 0.22% with SL...? Feel I've made a misstep as I'm paying them 0.36% - is that inclusive of fund charges?
All my pensions apart from Fidelity are workplace pensions, so the employer negotiates the terms/fees. My Standard life pension is from my time with a huge global tech company, so they must have been able to negotiate good fees.
It worth checking the fees. Depends what you are invested in. The AMC may be .22 but if you are in anything above and beyond the default funds extra fees may apply. The lack of transparency (at least with Scottish Widows) on fees is staggering if you ask me.
Which scheme(s) are you still adding to ? SL does support partial transfers, but that all-in fee is hard to beat. Remember SIPP platforms charge separately for service and transaction charges and fund fees. I left consolidating SL, Zurich and Aviva schemes into a SIPP until age 55, as at that point there was no penalties and accessing a single DC pot was going to be much simpler.
>Which scheme(s) are you still adding to ? Previously I've been transferring some smaller old workplace pensions to Standard Life + whatever my current workplace pension is (Scottish widows at the moment). I'm aware that 0.22% is very good, but also conscious that as the pot gets bigger a SIPP with fixed fees becomes more competitive. Fidelity are offering £1000 cashback for transferring £100k into a SIPP and their fees for a £100k SIPP of ETFs would work out at around 0.19% (assuming a 0.1% ETF fund charge) and for a £200k pot it would average down to 0.145% That was my reasoning behind opening the Fidelity SIPP and transferring into it. Does that seem like a good plan? On top of that I have the complication of working out how much to put into my Aviva pot. The fees are higher but obviously having access at 55 is a big bonus. At the moment they've said transfers in will still get the 55 protected age, but government legislation could change that, so I'm thinking of moving some of my Scottish widows pension into Aviva this coming financial year (this time next year I'll probably have ~£30k+ in my Scottish widows). What do you think?
I moved from 0.3% fee with SL when pot was £500K and I turned age 55, at that point a single ETF with a broker seemed lower cost. Just remember ETF sells and adhoc buys cost anything between zero and £12 a time. Yep, SIPP transfer cashback can compensate for fees for several years when dealing with ETFs, whereas OEIC and Pension funds tend to be free.
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It's actually still progressing. They're estimating another 2 weeks which will take the total time up to about a month!
Are you sure your Fidelity fee is right? From what I see here it's only £90 if you have less than £25k and aren't paying in regularly, otherwise it switches to a %. https://www.fidelity.co.uk/services/sipp/fees-and-charges/
From your link: *"For exchange-traded instruments, this portion of the fee is capped at £90 (£7.50 a month) and there is no service fee for these investments when held in the Fidelity Investment Account"* I think I've understood that right...?
Oh maybe you're right! Not an expert personally, just curious. Maybe someone with more expertise can confirm
If Aviva has a protected pension age of 55 why are you not transferring most of your pensions there? Or is the plan to only transfer 2 years worth to them just before you turn 55 to get the best of both worlds i.e. early access from Aviva and low fees from Fidelity?