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Does anyone know about SIPPs?

(6 Posts)
paneer Thu 10-Jul-14 09:24:32

I am looking to transfer out my existing workplace pension from a provider into a SIPP.

Looking for a low cost option, I will not be making regular trades, maybe annual rejig at the most.

Can anyone point me in a direction? My pot is just under £140k, so I think fixed rather than percentage, but I really do know. Any help please?

Hereward1332 Thu 10-Jul-14 13:42:59

Sippcentre might be worth a look, as might Hargreaves Lansdown or Charles Stanley, assuming you don't want to go through an IFA. Worth making a spreadsheet detailing average annual costs, as they all have different ways of charging.

Not that it is relevant to your question, but have you looked into any rights you might be giving up by transferring out, even if it is a defined contribution (as opposed to defined benefit) scheme? Are you currently employed, and will you be able to pay by salary sacrifice into the SIPP? Are you looking for any advice on what to invest in? Chances are you have already looked at this, in which case apologies.

paneer Thu 10-Jul-14 22:17:37

Thanks for your comments, will look at those and def do a spreadsheet!

I would rather not go the IFA route, the costs make my eyes water! I work in a financial services company but in a support function. I have a DC pension with no rights. My employer is moving the scheme in-house with low rates (0.25%) but I do a few other investments with them already and it is not SIPP-able. My employer contributions plus AVC will go into the new scheme, it's the 'old' money that I want to look at. I do think I want to set up a new SIPP in case I ever get made redundant, but how important is that?

I am not an active investor, I cannot remember the last time that I changed my pension portfolio.

returnvisit Tue 28-Oct-14 19:35:29

Keep an eye on the costs they charge as they can be very expensive & swallow up a percentage of the fund. Look at fees depending on what you want to use them for.

Greengrow Tue 11-Nov-14 09:42:04

Mine is with James Hay. I manage the shares in the fund. I have not looked at charges recently but they are not very large.

Do make sure you are doing the right thing to move the fund however as sometimes it makes you worse off.

kalidasa Mon 17-Nov-14 14:20:23

I think Hargreaves Lansdowne won a SIPP-provider award recently, if that counts for anything! I don't have a SIPP with them as I have a good pension (currently still DB/final salary, though possibly not for much longer) with my job. I do have have all my other investments with them though. They have expanded a lot recently but I have not yet noticed any reduction in service quality, they are good on the phone as well and the website is very easy to navigate. They were very helpful when I was transferring investments to them - did all the chasing for me.

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