Halifax Share Dealing Pension Review

as of 24/02/2021 at 5:34 pm

Our View

This site is for the confident investor who knows what they are doing, and who is looking for a low-cost, no-frills service. Price is the USP and for any less confident investors there is very little help, content, guidance or substance to offer a more rounded experience. Not an obvious choice for pensions which is really not their heritage. But OK for those who don’t want to do anything fancy and to keep costs rock bottom.

Our Pension Rating

Recommended For

Confident Investor

In a nutshell

Cheap option, particularly for larger portfolios

Lack of guidance and help

Website is functional but outdated

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Your overall rating

Based on 31 reviews

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What to Expect

Investment Choice

Products

Stocks and Shares ISA

Junior ISA

Investment Account

Pension

Investments available

Investment help

The 'Geeky' Details

Provider details

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.

Important Facts & Figures

Provider Size:

A sizeable platform, administering roughly £13bn.

Minimum amounts: £0 minimum lump sum contribution
£20 minimum regular contribution (£5 per stock)

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