Choose to pay SIPP fee from the SIPP account

[Raul (Ann Onymuz)]

May be a question to ask on the next AMA…

[Big-g (Gary)]

Good point It would be good to have the option for those who don’t want to pay monthly out of their wages. Also, I would prefer to be able to pay for all options in yearly advance payments as I hate loads of activity in my bank.

[WolfofWS]

LTA: at FT we are talking £900 AUA/account on average, not Interactive Investor £142K AUA/account average. So, what is the point of discussing a use case which occurs only for 0.01% of your clients as justification for a functionality behaviour negatively affecting 99.99% of your client base?

[Cameron]

@WolfofWS

So, what is the point of discussing a use case which occurs only for 0.01% of your clients as justification for a functionality behaviour negatively affecting 99.99% of your client base?

I think you’ve misunderstood my position, apologies for the confusion. I was just making a factual correction, I’m not trying to detract from the importance of this idea. I’m under no illusion about how common the scenario is, just that user choice might be preferable. I’m also not a FT employee.

@Cameron

I agree the default should be in the SIPP and I’m a strong supporter of this idea

@Cameron

I imagine that’s fairly rare among FT users though.

@Cameron

I agree that’s very niche, but for some people it could be relevant.

[fryry]

Just learned a friend didn’t transfer their SIPP to freetrade because of the fee coming out of the bank account every month. They would have definitely transferred if the fee was taken directly from the SIPP. Out of sight out of mind.

[Moose22]

I was going to open a SIPP account but now I am having second thoughts due to not only the monthly fees but not being able to pay them via my SIPP balance (which would make it a business cost in simple terms, no corporate tax paid etc).

As a business owner we always want to be the most tax efficient possible and this is a really simple feature to add.

[Henners21]

That’s why I didn’t switch a couple of pensions over would save me money but just didn’t want to have another bill. When it’s lost in the pension it’s out now f sight out of mind!!

[solanin]

I personally just have my SIPP with vanguard, and have that as the only account in my vanguard account. This allows all the fees to be directly paid from the SIPP, as vanguard doesn’t allow you to have different payment settings for 2 different accounts.

[Moose22]

Now that Freetrade changed SIPP layout - is it possible to pay SIPP fees from LTD company/sipp account? or still the same?