mogish
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Post by mogish on May 17, 2023 16:51:29 GMT
Just recieved my annual Sipp statement. It's with Fidelity, 20 funds incl one Etf.
The platform charges for fidelity are £689. The Ocf are £1908 and transaction costs are £189.
This seems very expensive. Are these costs comparable with other peoples pension pots?
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Post by bernythedolt on May 18, 2023 10:28:42 GMT
My understanding, but I'm no expert:- Fidelity's platform fee is 0.2% on the whole SIPP for pots over £250k. A charge of £689 implies a pot approaching £350k. Your OCF in this case represents around 0.55% of your pot, which would sound about right... moneyweek.com/glossary/ocf-ongoing-charges-figurePersonally, I would step through the 20 funds to check each one's quoted OCF. Any that greatly exceeds 0.55% might deserve closer examination, with a view to possibly switching out of that particular fund unless you like it or it's performed well. On the whole, though, I suspect you are in the right ballpark for fees. Disclaimer: Do your own research, make your own decisions or seek expert advice. Follow my inexpert suggestions at your own risk. |
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macq
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Post by macq on May 18, 2023 12:46:38 GMT
The One ETF is now costing £90 of the platform fee after the fees went up last month unless you have others in an ISA to spread the cost(but assume you had others or traded a lot for the £189 transaction fees).Also depending where you are in your pension journey it could be that Fidelity are One of the better charging platforms in drawdown?
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mogish
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Post by mogish on May 18, 2023 16:10:02 GMT
Thanks to you both. I mailed fidelity today and they advised same. Ie use online tools to compare funds and ultimately reduce charges by buying similar funds with lower ocf.
The statement is only for my Sipp. I also have a small isa with them. Does the fixed £90 per year cover all etf in my portfolio ie across both sipp and isa as I have Vwrp in both.
Sorry should have asked this when I was mailing them today.
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macq
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Post by macq on May 18, 2023 16:41:57 GMT
Thanks to you both. I mailed fidelity today and they advised same. Ie use online tools to compare funds and ultimately reduce charges by buying similar funds with lower ocf. The statement is only for my Sipp. I also have a small isa with them. Does the fixed £90 per year cover all etf in my portfolio ie across both sipp and isa as I have Vwrp in both. Sorry should have asked this when I was mailing them today. Its recently gone up from £45 to £90 for all traded assets (but transaction charges went down) in ETF's,Shares & IT's which is across both Sipps & ISA but free in just an investment account.If any of your funds are trackers it might be worth working out the difference V a ETF maybe?
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benaj
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Post by benaj on May 18, 2023 17:21:45 GMT
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macq
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Post by macq on May 18, 2023 22:01:08 GMT
If you wanted to shop around Monevator do a "Broker comparison:cheap investment platforms" feature which is good for SIPP & ISA etc
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