any SIPP experts on here?

[menousername]

Hi guys

Anybody able to share any advice or cautions about SIPPs.

Been self employed contractor for a while now and starting to think about pension planning.

Apparently, according to fellow contractors, a SIPP is the best route due to flexible choice of investments and lower charges.

The one being recommended is Sippdeal

what do I need to be worried about here? Anything?

I have a small pension pot from a former period of employment which apparently is best left where it is. I cannot contribute to that. Happy to leave that where it is.

Not sure how much longer I will be contracting for - if not very long I could prob dump 5/10k into a SIPP. If I finish out my current 12 month contract I could prob do 15/20k.

Not sure what happens when you go back to employed rather than contracting, assume you can keep the SIPP going alongside that new employee plan, or transfer it in. In the long run not sure it would make any difference having the SIPP running on its own. I am 33 so I have circa 30 years of pension planning here to worry about.

all advice really appreciated, cheers

[contractor]

Are you self employed or ltd co? If ltd co you may find paying in direct from the company is more advantageous. In any event the SIPP is portable and payments in can be made by you, your employer or whoever. You can also transfer other pensions in and consolidate things. Take professional advice if transferring in a defined or final salary pension.


Sippdeal are OK, as is HL.

[menousername]

ltd co. sorry

have run up so surplus in co. account as previously position was uncertain, not I can take care of pension for a while

is there any difference between the various SIPPs in reality?

Biggest concern / uncertainty for me, is how "safe" are your investments. I do not mean, could their value go down etc etc... I mean in terms of ownership, etc. What is the risk if a SIPP provider goes down. I have heard of the usual suspects but "Sippdeal" is new to me

[contractor]

ok, so if ltd co it will most likely make more sense to make the payments as employer payments direct from your ltd co. They will count as a company expense and will reduce your corporation tax exposure.

Sippdeal are well established and are no more likely to go under than any other, as far as I know.

http://www.moneyobserver.com/how-to-invest/your-do...
http://www.pensionsadvisoryservice.org.uk/security...

[ringram]

Also from company you will avoid NI on all payments into your sipp up to the max..
So you would be silly to do it any other way IMO

[2.5pi]

Happy Sippdeal customer here, best and one of the cheapest

Last timeI looked it was Bank of Scotland who guaranteed your money, so I guess its HMG now

[menousername]

Agreed...apologies for previous typos but was trying to say I will be doing it from company account as employer contributions

Is everything "done" online? Do you receive share certificates or anything

[GingerMunky]

Had a SIPP With Hargreaves lansdown, now moved to interactive investor. The online system and service is a bit better with Hargreaves, but you get a cheaper platform and more trailing commission with interactive investor, which is why I moved.

[Ginge R]

GM,

What are the costs with IA?

[whoami]

GingerMunky said:

Had a SIPP With Hargreaves lansdown, now moved to interactive investor. The online system and service is a bit better with Hargreaves, but you get a cheaper platform and more trailing commission with interactive investor, which is why I moved.

How much did it cost to move?

[GingerMunky]

whoami said:

How much did it cost to move?

Transfer are usually free, and since the start of the year new guidelines were introduced to ensure they happen without you having to cash in your investment prior to transfer.

Its is very straightforward now, no need for an advisor or wealth manager.

[whoami]

GingerMunky said:

whoami said:

How much did it cost to move?

Transfer are usually free, and since the start of the year new guidelines were introduced to ensure they happen without you having to cash in your investment prior to transfer.

Its is very straightforward now, no need for an advisor or wealth manager.

Ta.

[jon-]

Just in the process of opening a SIPP with III. Seems to be painless.

[Ginge R]

That's probably why there is a third Regulator review of the SIPP market.

EDIT: http://www.out-law.com/en/articles/2013/October/ne...