SIPP - how easy to set up

[Sideways Rich]

Evening All, I've moved abroad and would like to move my current pension with Scottish Widows earning the the square root of sweet FA into a SIPP.

How easy is it to do this?

[mx stu]

Very easy. I set up a SIPP with Sipp Deal (www.sippdeal.co.uk) after it was recommended by the Investors Chronicle last year. Transferred two pensions to it in no time at all.

[Sideways Rich]

Thanks, what were the costs involved if you don't mind me asking?

I'm wondering if there are any complications as I've moved abroad.

[Sideways Rich]

Just checked out Hargreaves Lansdown Vantage small print, it looks like I have to set it up whilst living in the UK, does anyone know if its possible to set up a SIPP when you've already moved abroad (outside EEA)?

[dingg]

Do you not have a relative whose address you could use temporarily ??

[J012E]

I can recommend the Hargreaves vantage SIPP however I do not know the rules around residency or domicile.

[technogogo]

I set up a SIPP with iii.co.uk and this was very easy. Was for an old deferred pension from way back. I had no idea what this was invested in or how it was performing. So I got a transfer value of £20k, setup the SIPP and invested one third in funds and two thirds in a handful of blue chips. So far so good. I had losses in the early days but these have turned into gains of around £4k more recently. Divis are re-invested. £30 per quarter fees. A little steep but iii have deals with some funds that remove initial paying in fees. Swings, roundabouts?
Actually getting the transfer done was simple. Got quote for transfer value to confirm it was worthwhile. Got forms from iii. Filled in. Forwarded some to pension provider and some back to iii. Took a couple of weeks for funds to arrive. Now I have twenty years to try and turn £20k into £250k! Yeah right. (This isn't my main pension source by a long way so I am happy with a higher level of risk than may be sensible if this were not the case.)

[Sideways Rich]

Thanks all, going to check out SippDeal, Vantage from HL seemed pricy when comparing total costs.

[The Leaper]

Before making any financial committment always remember the golden rule: it's not how easy it is to set up, it's how easy it is to terminate and get out of.

R.

[Ginge R]

Agreed - would a normal personal pension tick the boxes? Far cheaper.

As to getting out of..

http://www.moneymarketing.co.uk/pensions/govt-urge...

http://www.echelonwealthcare.co.uk/be-careful-of-p...