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Searching for SIPP platform for my wife - Thoughts and Experiences?
Jon Snow
Posted: 11 August 2017 22:47:49(UTC)
#22

Joined: 02/03/2014(UTC)
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My SIPP is with HL, after consolidating my Equitable Life PPP and a DB transfer.

All transfers were carried out promptly and correctly and at no cost to me.

I can't comment on other providers. All I can say is that for me HL works, I'm mostly ITs (95%) in my SIPP and I don't trade, so my annual charges are about £200.

HL collect the dividends and interest and credit them to my account monthly. I'm in drawdown now and take a fixed amount each month, for which there is no charge. If I wanted to take a one off withdrawal, there is no charge either.

That's the beauty of HL for SIPPs, the charging structure is very transparent.

Off the point rant - still got one DB scheme left, not sure about the viability though, interesting times, oh don't give up your DB scheme ever, so many benefits, inflation linked, guaranteed etc.. etc...indeed, on the other hand, you're trusting your employer to

1. Keep their promise.

2. Keep trading.

TATA
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royalewithcheese on 14/08/2017(UTC)
From yet another cynic
Posted: 13 August 2017 09:55:05(UTC)
#24

Joined: 07/10/2012(UTC)
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This week's Investors chronicle has done most of the research for you I would also try and get SIPP report from Money Management if they have any back copies left.
1 user thanked From yet another cynic for this post.
royalewithcheese on 14/08/2017(UTC)
Redundant (Old Timer?)
Posted: 13 August 2017 11:44:02(UTC)
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Just a couple of thoughts.

I assume that your wife's employer is also contributing to her current pension? Has she had the discussion with them yet on them continuing their contributions (and at the same levels) if she sets her own SIPP up?

If her employer is willing to pay her pension contribution (and theirs?) directly to the SIPP provider (HL will accept this) then tax relief will be immediate and there will be no National Insurance Contributions. If the employer will not do this, i.e she gets the money as part of her pay and then she pays it into the SIPP, NICs will be payable. The tax relief can be claimed via PAYE Coding once HMRC know about the SIPP, but as far as I know not the NIC.

My SIPP is with HL. Expensive yes, but great on payment flexibility.
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royalewithcheese on 14/08/2017(UTC)
xcity
Posted: 14 August 2017 23:21:07(UTC)
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royalewithcheese;49631 wrote:
My Bestinvest is at 0.3% for under 250k portfolio at the moment, and also no drawdown fees later on afaik.

They do have drawdown charges.
https://www.bestinvest.c...eyfacts-non-advised.pdf
Clear as mud about exactly what they mean by some terms, but charges there are.
1 user thanked xcity for this post.
royalewithcheese on 15/08/2017(UTC)
John DB
Posted: 26 September 2017 01:15:10(UTC)
#23

Joined: 24/09/2017(UTC)
Posts: 1

Jon Snow said:

"Off the point rant - still got one DB scheme left, not sure about the viability though, interesting times, oh don't give up your DB scheme ever, so many benefits, inflation linked, guaranteed etc.. etc...indeed, on the other hand, you're trusting your employer to

1. Keep their promise.

2. Keep trading.

TATA"
[/quote]


I agree with Jon Snow's rant and it seems that these risks, as well as a scheme's underfunded position, the historically high transfer values, and the inheritability of a transferred pension pot (in a SIPP), should be given a high weighting in an IFA's decision about whether to recommend transferring out.

But when I put these points to several IFAs while shopping around for the necessary transfer advice, they seemed to downplay them. And instead they indicated that their recommendation would rely mainly on the standard TVAS report and factors such as the critical yield and hurdle rate.

Does anyone know of any IFAs who have an open-minded attitude to DB transfers (unlike the ones I found via the Unbiased website)?
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