as of 09/03/2021 at 11:09 am
Halifax’s SIPP is administered by pensions specialist AJ Bell. There is a quarterly admin fee of £22.50 for SIPPs under £50,000 and £45 for SIPPs over £50,000, which works out at £90 and £180 per year respectively depending on your portfolio size.
The website lacks sophistication and user-friendliness, feeling quite old-school and stuffy, especially when navigating through the logged-in sections and dealing journey. However, it must be noted that recent improvements to the ‘research the market’ section are clear and have made a noticeable difference. It almost feels like a different website.
There is a wealth of investment options, with nearly 3000 funds available alongside UK, US and European equities. The choices can be narrowed, with a shortlist of 96 top-rated funds produced by global research house Morningstar clearly presented.
Trading fees are consistent, regardless of funds or shares, with each trade priced at £12.50, falling to £2 a trade if you set up a regular trading plan.
For investors approaching retirement, there are a number of charges to be aware of, including a £180 annual charge for flexi-access drawdown, a £90 charge for one-off income payments or an annuity purchase and a £90 SIPP closure charge (£300 if closed within 12 months of opening).
For those looking to transfer in their pension, Halifax charges £60 but there are no transfer out fees.
A sizeable platform, administering roughly £13bn.
|Minimum amounts:||£0 minimum lump sum contribution
£20 minimum regular contribution (£5 per stock)