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Ask Justin

Ask Justin

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View on Sippdealextra with Selftrade?

Retirement | SIPP Helpful? 7

Asked by shinyuk, submitted 15 September 2012.

Open Quote I see your new review on low cost SIPPS but see no mention of Sippdealextra and Selftrade which I use. What is your view on this combination please Justin?

Also what is your opinion on the fiscal safety of this duo?
End Quote

Answered by Justin on 18 September 2012

Sippdealextra allows you to use one of four stockbrokers (Selftrade, Share Centre, Jarvis and Redmayne Bentley) to deal within your SIPP rather than Sippdeal's own broking service.

In contrast to the regular Sippdeal SIPP there's a quarterly admin charge, ranging from £25 to £45 depending on the size of pension fund. And dealing charges will be determined by your choice of stockbroker as opposed to Sippdeal's usual £9.95.

If you're keen to maintain a relationship with a specific stockbroker on the list then Sippdealextra might be worth the extra fees for larger pension funds. Otherwise, I can't see a reason to use it over the regular Sippdeal SIPP, which is excellent value if you only wish to hold shares/bonds/ETFs in your pension.

If you plan to hold funds such as unit trusts then platforms which rebate all commissions and platform fees, e.g. Alliance Trust Savings and Interactive Investor might prove better value, depending on the split between shares and funds in your pension.

I'm assuming you're using Selftrade within Sippdealextra (since Selftrade doesn't offer their own SIPP wrapper) in which case you're probably paying £12.50 per deal with a £8.75 & VAT inactivity charge each quarter if you don't place any deals. There are no annual commission rebates on funds.

Selftrade's charges aren't particularly competitive, which coupled with the Sippdealextra quarterly charge make this one of the less competitive low cost SIPPs. If you really value Selftrade's service and tools then perhaps stay put, else I'd consider more cost effective alternatives.

Both Sippdeal (AJ Bell) and Selftrade are well established and reputable companies so I wouldn't have any particular concerns over their financial stability.

Please note this answer does not constitute a recommendation or financial advice and should not be relied upon when making specific investment or other financial decisions. You should always undertake your own research into whether a product or service is appropriate for your needs and, if necessary, use a qualified professional adviser.

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