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Interactive Investor underpaying dividends on some companies
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Andrew1952
Posted: 30 June 2024 14:42:24(UTC)
#1

Joined: 06/07/2019(UTC)
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I hold PRU and ULVR shares in my SIPP and have noticed that the dividends declared by these companies on their websites, when multiplied by my holdings in each company results in an expected dividend payment that is slightly more than the amounts credited to my account by II.

Eg. I have 605 ULVR and the Unilever website shows the most recent dividend, paid on 7/June/24 to be £0.3674. So I would expect to see a value of £222.277 (rounded) in my SIPP, but I actually see the value £221.54.

Elsewhere on the Unilever page -

https://www.unilever.com...entre/dividend-history/

- is a note that since the company no longer has a dual listing, UK dividends are paid in Sterling, so I interpret this to mean that no currency conversion changes are to blame. If this page of their website shows the dividend to be £0.3674/share then that is what I should receive, surely ?.

A similar but smaller discrepancy of about 13p is apparent with my PRU holding.

I have noticed this before but before I raise a complaint with II, does anyone else hold PRU or ULVR shares ? and if so, could you check your received dividends versus what you should have received.
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3 users thanked Andrew1952 for this post.
Tim D on 30/06/2024(UTC), Guest on 01/07/2024(UTC), William P on 04/07/2024(UTC)
Hyndford
Posted: 30 June 2024 21:00:24(UTC)
#2

Joined: 02/06/2019(UTC)
Posts: 99
I haven't noticed a difference to your extent, but have noticed that in my spreadsheet ii always rounds down to what they pay whereas HL always rounds to nearest
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Tim D
Posted: 30 June 2024 21:43:22(UTC)
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Andrew1952;310296 wrote:
Eg. I have 605 ULVR and the Unilever website shows the most recent dividend, paid on 7/June/24 to be £0.3674. So I would expect to see a value of £222.277 (rounded) in my SIPP, but I actually see the value £221.54.


I note that the amount you've received seems remarkably consistent with ii thinking you actually hold 603 shares: 603x0.3674 = 221.5422, which would then be rounded down to £221.54. Seems unlikely to be coincidence. (Or put another way, the amount received would be what you'd have got from 221.54/0.3674 = 602.9940... shares, so close to 603 it must mean something.)

But unless you've got some regular investing in place that somehow added 2 ULVR shares between the XD and the payment dates... yes, seems very odd and I'd be wanting to know what ii have to say about it.
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William P on 04/07/2024(UTC)
MarkSp
Posted: 06 July 2024 05:10:26(UTC)
#4

Joined: 02/02/2020(UTC)
Posts: 2,199
They both pay foreign currency divis

Is it possible that the XRs are different? And so the Sterling payment announced v received differ?
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Tim D
Posted: 06 July 2024 07:42:13(UTC)
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MarkSp;311125 wrote:
They both pay foreign currency divis

Is it possible that the XRs are different? And so the Sterling payment announced v received differ?


At the OP's link to https://www.unilever.com...entre/dividend-history/ it says
Quote:
On 29 November 2020, the Unilever Group completed the unification of its legal structure under a single parent company, Unilever PLC, and Unilever NV ceased to exist. Holders of PLC shares held in certificated form or traded on the London Stock Exchange receive dividends in GBP. Holders of PLC shares traded on Euronext in Amsterdam receive dividends in EUR.


And the OP says they're in an ii SIPP, which are multi-currency accounts so if EUR divis were still being received they should be received as EUR, not converted.
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JohnW
Posted: 06 July 2024 08:10:18(UTC)
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I've never noticed anything wrong on my ISA. I keep a spreadsheet of dividends paid, entering them on the spreadsheet as declared, then updating when paid, and they always tie in without error.
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Tim D on 06/07/2024(UTC)
Stephen B.
Posted: 07 July 2024 13:20:02(UTC)
#7

Joined: 26/09/2012(UTC)
Posts: 795
I have ULVR in an II SIPP and it seems I got exactly 36.74p per share, so this does indeed look like a problem with the holding
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