Vanguard to launch UK's cheapest SIPP
Discussion
EddieSteadyGo said:
red_slr said:
Word of warning all.
Vanguard do not allow LTD company contributions by DD.
Must be by debit card only and you have to do it per transaction so log in, load cash, invest into whatever funds.
So you need to load the funds on a company debit card?Vanguard do not allow LTD company contributions by DD.
Must be by debit card only and you have to do it per transaction so log in, load cash, invest into whatever funds.
That payment is a one off. So you cant do a repeating payment say monthly. Well you can but you have to log in and do it manually.
As my company does not have a debit card its a problem. We have applied for one but until then I cant put anything into my SIPP from my LTD.
In other news my old provider said my pension should be fully cashed in by close of play tomorrow and the cash should arrive with Vanguard by middle of next week. So pretty much done in the 30 days vanguard suggested.
red_slr said:
Yes, so they only take payment into Vanguard account by debit card.
That payment is a one off. So you cant do a repeating payment say monthly. Well you can but you have to log in and do it manually.
As my company does not have a debit card its a problem. We have applied for one but until then I cant put anything into my SIPP from my LTD.
In other news my old provider said my pension should be fully cashed in by close of play tomorrow and the cash should arrive with Vanguard by middle of next week. So pretty much done in the 30 days vanguard suggested.
My company doesn't have a debit card either. I have been considering switching to Vanguard so this news makes it a small but inconvenient pita. That payment is a one off. So you cant do a repeating payment say monthly. Well you can but you have to log in and do it manually.
As my company does not have a debit card its a problem. We have applied for one but until then I cant put anything into my SIPP from my LTD.
In other news my old provider said my pension should be fully cashed in by close of play tomorrow and the cash should arrive with Vanguard by middle of next week. So pretty much done in the 30 days vanguard suggested.
I could maybe understand the rule for personal contributions, but it doesn't make sense for LTD company transfers; I would also think most directors would want to do arrange this transfer via bank transfer.
EddieSteadyGo said:
red_slr said:
Yes, so they only take payment into Vanguard account by debit card.
That payment is a one off. So you cant do a repeating payment say monthly. Well you can but you have to log in and do it manually.
As my company does not have a debit card its a problem. We have applied for one but until then I cant put anything into my SIPP from my LTD.
In other news my old provider said my pension should be fully cashed in by close of play tomorrow and the cash should arrive with Vanguard by middle of next week. So pretty much done in the 30 days vanguard suggested.
My company doesn't have a debit card either. I have been considering switching to Vanguard so this news makes it a small but inconvenient pita. That payment is a one off. So you cant do a repeating payment say monthly. Well you can but you have to log in and do it manually.
As my company does not have a debit card its a problem. We have applied for one but until then I cant put anything into my SIPP from my LTD.
In other news my old provider said my pension should be fully cashed in by close of play tomorrow and the cash should arrive with Vanguard by middle of next week. So pretty much done in the 30 days vanguard suggested.
I could maybe understand the rule for personal contributions, but it doesn't make sense for LTD company transfers; I would also think most directors would want to do arrange this transfer via bank transfer.
red_slr said:
When I rang to ask about it the guy I spoke to said they have had a lot of complaints about it. They are planning to try and bring in DD as an option later but no ETA. I guess there are costs involved and also DD regs they would have to sort out.
Interesting. I've (nearly) decided to move to Vanguard. Whilst there are potentially other (slightly) cheaper options I think they probably have the best blend of being both good value and trustworthy/reliable. red_slr said:
EddieSteadyGo said:
red_slr said:
Yes, so they only take payment into Vanguard account by debit card.
That payment is a one off. So you cant do a repeating payment say monthly. Well you can but you have to log in and do it manually.
As my company does not have a debit card its a problem. We have applied for one but until then I cant put anything into my SIPP from my LTD.
In other news my old provider said my pension should be fully cashed in by close of play tomorrow and the cash should arrive with Vanguard by middle of next week. So pretty much done in the 30 days vanguard suggested.
My company doesn't have a debit card either. I have been considering switching to Vanguard so this news makes it a small but inconvenient pita. That payment is a one off. So you cant do a repeating payment say monthly. Well you can but you have to log in and do it manually.
As my company does not have a debit card its a problem. We have applied for one but until then I cant put anything into my SIPP from my LTD.
In other news my old provider said my pension should be fully cashed in by close of play tomorrow and the cash should arrive with Vanguard by middle of next week. So pretty much done in the 30 days vanguard suggested.
I could maybe understand the rule for personal contributions, but it doesn't make sense for LTD company transfers; I would also think most directors would want to do arrange this transfer via bank transfer.
It can basically only take personal contributions into their funds. You cannot take any tax free cash out, enter into income drawdown, hold commercial property or make regular (DD) employer contributions.
I am genuinely surprised they didn't wait to get it right, as in all other aspects they are a great company.
JulianPH said:
They already accept DD payments for personal contributions, this is likely to just be a systems issue as they rolled this SIPP out only half ready.
It can basically only take personal contributions into their funds. You cannot take any tax free cash out, enter into income drawdown, hold commercial property or make regular (DD) employer contributions.
I am genuinely surprised they didn't wait to get it right, as in all other aspects they are a great company.
Is this right? You can't get your 25% tax free at 57? You can't make employer contributions?It can basically only take personal contributions into their funds. You cannot take any tax free cash out, enter into income drawdown, hold commercial property or make regular (DD) employer contributions.
I am genuinely surprised they didn't wait to get it right, as in all other aspects they are a great company.
I think I made one yesterday by debit card, there is an option to select employee or employer.
Or am I getting confused with something else. (probably!)
Sambucket said:
JulianPH said:
They already accept DD payments for personal contributions, this is likely to just be a systems issue as they rolled this SIPP out only half ready.
It can basically only take personal contributions into their funds. You cannot take any tax free cash out, enter into income drawdown, hold commercial property or make regular (DD) employer contributions.
I am genuinely surprised they didn't wait to get it right, as in all other aspects they are a great company.
Is this right? You can't get your 25% tax free at 57? You can't make employer contributions?It can basically only take personal contributions into their funds. You cannot take any tax free cash out, enter into income drawdown, hold commercial property or make regular (DD) employer contributions.
I am genuinely surprised they didn't wait to get it right, as in all other aspects they are a great company.
I think I made one yesterday by debit card, there is an option to select employee or employer.
Or am I getting confused with something else. (probably!)
Maybe!
It is bizarre.....but given they have been woefully slow to bring this out, it smacks to me of a half-arsed effort to get something out.
Other low-cost pensions are available #SeeStickyThread
mikeiow said:
Sambucket said:
JulianPH said:
They already accept DD payments for personal contributions, this is likely to just be a systems issue as they rolled this SIPP out only half ready.
It can basically only take personal contributions into their funds. You cannot take any tax free cash out, enter into income drawdown, hold commercial property or make regular (DD) employer contributions.
I am genuinely surprised they didn't wait to get it right, as in all other aspects they are a great company.
Is this right? You can't get your 25% tax free at 57? You can't make employer contributions?It can basically only take personal contributions into their funds. You cannot take any tax free cash out, enter into income drawdown, hold commercial property or make regular (DD) employer contributions.
I am genuinely surprised they didn't wait to get it right, as in all other aspects they are a great company.
I think I made one yesterday by debit card, there is an option to select employee or employer.
Or am I getting confused with something else. (probably!)
Maybe!
It is bizarre.....but given they have been woefully slow to bring this out, it smacks to me of a half-arsed effort to get something out.
Other low-cost pensions are available #SeeStickyThread
In that respect it is a bit cheeky to call it a SIPP at this stage!
I think Julian might be being a tiny bit mischievous here!
It is a SIPP, regulated like any other. As Vanguard state ( source), it is ready to accept pension contributions but if you're at the stage of drawing down from your pension, it's not for you at the moment - those features will be launched soon. You can make employer contributions, but at the moment they have to be by debit card not by direct debit. Relatively few people hold commercial property in a SIPP (and probably even fewer should be doing so...), so I doubt that will be added.
It won't be for everyone -- other platforms are available -- but if you are in the contributing phase of life then it's a perfectly good option.
It is a SIPP, regulated like any other. As Vanguard state ( source), it is ready to accept pension contributions but if you're at the stage of drawing down from your pension, it's not for you at the moment - those features will be launched soon. You can make employer contributions, but at the moment they have to be by debit card not by direct debit. Relatively few people hold commercial property in a SIPP (and probably even fewer should be doing so...), so I doubt that will be added.
It won't be for everyone -- other platforms are available -- but if you are in the contributing phase of life then it's a perfectly good option.
webstercivet said:
I think Julian might be being a tiny bit mischievous here!
It is a SIPP, regulated like any other. As Vanguard state ( source), it is ready to accept pension contributions but if you're at the stage of drawing down from your pension, it's not for you at the moment - those features will be launched soon. You can make employer contributions, but at the moment they have to be by debit card not by direct debit. Relatively few people hold commercial property in a SIPP (and probably even fewer should be doing so...), so I doubt that will be added.
It won't be for everyone -- other platforms are available -- but if you are in the contributing phase of life then it's a perfectly good option.
I am! It is a SIPP, regulated like any other. As Vanguard state ( source), it is ready to accept pension contributions but if you're at the stage of drawing down from your pension, it's not for you at the moment - those features will be launched soon. You can make employer contributions, but at the moment they have to be by debit card not by direct debit. Relatively few people hold commercial property in a SIPP (and probably even fewer should be doing so...), so I doubt that will be added.
It won't be for everyone -- other platforms are available -- but if you are in the contributing phase of life then it's a perfectly good option.
IM had the lowest cost SIPP in the UK before Vanguard launched (at 0.15% cheaper for LifeStrategy - but without the inclusive free financial planner we provide each client with) so I am quite happy to pull them up on going out half cocked with it!
They are a great company though.
red_slr said:
So... since March my SIPP has been sat in Vanguard in cash.
What are peoples thoughts about what I should do with it, i.e put it back into VLS100?
I’m in the same position after bailing out early. What are peoples thoughts about what I should do with it, i.e put it back into VLS100?
Feel like I missed the bounce and the bounce is unsustainable so not sure when to reenter.
Think I’ll sit it out for a few months now and maybe do a few small single stock trades in another account whilst holding the main pot back.
Mr Pointy said:
Why don't you invest a sum each month instead of trying to time the market? LS80 is up about 6% since the end of March.
Even without timing the market, I just can’t get my head around why we have seen such a big bounce when there is a lot more to play out. I would rather miss out on further gains and re enter in 3/6/9 months when I’m investing rather than gambling on how the virus unfolds.dmahon said:
Even without timing the market, I just can’t get my head around why we have seen such a big bounce when there is a lot more to play out. I would rather miss out on further gains and re enter in 3/6/9 months when I’m investing rather than gambling on how the virus unfolds.
I can see why you might think that way but I'd also ask how will you know when it's "over?With all respect I've read enough reports by fund managers and people who literally eat sleep and breathe markets 24/7 and many will simply say they don't try and time the market because they don't believe they can with any consistency.
Perhaps consider dialling down the risk as risk can be dialled down and up gradually rather than "jumping" in and out of cash?
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