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iWeb SIPP: New Administrator
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Joe 90
Posted: 18 February 2025 20:48:44(UTC)
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iWeb are parting company with their SIPP administrator AJ Bell. I have been asked to choose between staying with iWeb with a new administrator, moving to AJ Bell, or instead moving to a third administrator of my choice.

Does anyone currently with iWeb or AJB have thoughts on this?
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Robin B on 20/02/2025(UTC)
bearcub
Posted: 18 February 2025 21:00:43(UTC)
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My SIPP and ISA are with ii, but I have trading accounts with both iWeb and AJ Bell. iWeb are cheap, straightforward, helpful on the rare occasions I've interacted with them, but a limited range of foreign equities which is why I opened an account with AJ Bell.

AJ Bell seem pretty good, low charges, and they were clued up when I asked them re. technicalities on the equity that iWeb didn't offer (Investor AB). I had no issues transferring cash in to AJ Bell. On that basis I'd imagine they would be fine as your SIPP administrator, worth checking ongoing costs of course.
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3 users thanked bearcub for this post.
Joe 90 on 19/02/2025(UTC), Robin B on 20/02/2025(UTC), dlp6666 on 23/02/2025(UTC)
Isaac J
Posted: 18 February 2025 21:25:27(UTC)
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According to the info on their link here: https://www.iweb-sharedealing.co.uk/landing-pages/sipp-changes.html

Quote:
1) Fee-free until 2028: We won’t charge you the administration fee from the date you transfer to us until November 2028. From November 2028, your annual administration charge will be 0.25% of your investment value, capped at £16.50 per month.

2) Immediate tax relief: For every contribution you make, you don't have to wait for weeks for your tax relief (at basic rate), we instantly pay it into your SIPP.


That seems pretty decent to me, tbh. Fee free for 3+ years. And then after the fee free period if you hold funds, potentially cheaper than AJ Bell's SIPP which is uncapped for funds. If you don't hold funds, then AJ Bell cheaper capped at £10 per month for stocks, investment trusts and ETFs.

I note the new administrator, Embark, is owned by Lloyds as well and operates Scottish Widows, so if you have any worries about safety etc I don't think that would be an issue.
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Robin B on 20/02/2025(UTC), dlp6666 on 23/02/2025(UTC)
Keith Cobby
Posted: 18 February 2025 21:49:27(UTC)
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Same situation with Halifax Sharedealing SIPP. Haven't decided whether to stay with them or move to AJ Bell, don't do much dealing so just looking at comparative account charges.
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Robin B on 20/02/2025(UTC)
Robin B
Posted: 20 February 2025 18:34:28(UTC)
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Isaac J;334942 wrote:
According to the info on their link here: https://www.iweb-sharedealing.co.uk/landing-pages/sipp-changes.html

[quote]1) Fee-free until 2028: We won’t charge you the administration fee from the date you transfer to us until November 2028. From November 2028, your annual administration charge will be 0.25% of your investment value, capped at £16.50 per month.

That seems pretty decent to me, tbh. Fee free for 3+ years. And then after the fee free period if you hold funds, potentially cheaper than AJ Bell's SIPP which is uncapped for funds. If you don't hold funds, then AJ Bell cheaper capped at £10 per month for stocks, investment trusts and ETFs.


Would "transferring to us" include those of us in the same situation as Joe, or are we counted as already being with them?

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Robin B
Posted: 20 February 2025 18:35:02(UTC)
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Keith Cobby;334943 wrote:
Same situation with Halifax Sharedealing SIPP. Haven't decided whether to stay with them or move to AJ Bell, don't do much dealing so just looking at comparative account charges.


I'm in the same boat. Reached any conclusions yet? :)
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Keith Cobby
Posted: 20 February 2025 20:02:23(UTC)
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Robin B;335168 wrote:
Keith Cobby;334943 wrote:
Same situation with Halifax Sharedealing SIPP. Haven't decided whether to stay with them or move to AJ Bell, don't do much dealing so just looking at comparative account charges.


I'm in the same boat. Reached any conclusions yet? :)


Yep, moving to AJ
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Joe 90
Posted: 21 February 2025 06:33:25(UTC)
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I've decided to stay with iWeb. I've been happy with them for several years and their offer is pretty compelling.
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ABaron
Posted: 21 February 2025 11:23:11(UTC)
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Joined: 28/02/2023(UTC)
Posts: 29
Got the same letter. I've got a mix of SPXP.L, IUSA.L, XRSG.L and CUKX.L

The iWeb GBP16.50*12 limit per year seems decent, especially if not charged till 2028.

As they're all ETFs then AJ Bell should be cheaper (eventually) at GBP10*12 per year.

Not expecting to do much trading so those costs aren't significant.

Anything else I'm missing?
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Bob Macondale
Posted: 25 February 2025 16:04:55(UTC)
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Joined: 24/03/2018(UTC)
Posts: 60
My SIPP is with the Halifax and just been notified of a change with the default of moving to AJ Bell. The killer for me is their fund fee of 0.25% as a large part of my SIPP is in funds which makes the total fees way too expensive. I will end up moving to Interactive Investor.
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