sipp question
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sonicman
Posts: 2 Newbie
hi newbie so sorry if this goes over old ground,
have a stakeholder pension with aviva, not my main one as I have an occupational pension and am still working
Stakeholder was set up thru financial advisor who still services it but I have come to time where I think I should cut costs and maximise growth.So am thinking in terms of a sipp.
However changing to drawdown from stakeholder product will entail no costs when I drawingdown at retirement age.
my question is do all sipp providers charge for regular/ lump sum payments at drawdown?
(something to take into consideration for transfering to a sipp)
seem to me you cannot win as there are charges to consider whichever way you go.
ta in advance.
have a stakeholder pension with aviva, not my main one as I have an occupational pension and am still working
Stakeholder was set up thru financial advisor who still services it but I have come to time where I think I should cut costs and maximise growth.So am thinking in terms of a sipp.
However changing to drawdown from stakeholder product will entail no costs when I drawingdown at retirement age.
my question is do all sipp providers charge for regular/ lump sum payments at drawdown?
(something to take into consideration for transfering to a sipp)
seem to me you cannot win as there are charges to consider whichever way you go.
ta in advance.
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Comments
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my question is do all sipp providers charge for regular/ lump sum payments at drawdown?
No.................0 -
Stakeholder was set up thru financial advisor who still services it but I have come to time where I think I should cut costs and maximise growth.So am thinking in terms of a sipp.
And the SIPP is cheaper?
Stakeholders have become niche but charges are around 0.45% p.a. at the moment (fund and product). How does that compare with your potential SIPP and investment choice? (and remember not to compare pension fund AMCs with UT/OEIC AMCs. You have to compare pension AMCs with UT/OEIC OCFs).my question is do all sipp providers charge for regular/ lump sum payments at drawdown?
No. Some do. Some don't. It really depends on their charging models. Some providers target different types of customer and price accordingly.seem to me you cannot win as there are charges to consider whichever way you go.
You surely were not expecting it for free?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Some do, some don't. HL for instance don't.hi newbie so sorry if this goes over old ground,
have a stakeholder pension with aviva, not my main one as I have an occupational pension and am still working
Stakeholder was set up thru financial advisor who still services it but I have come to time where I think I should cut costs and maximise growth.So am thinking in terms of a sipp.
However changing to drawdown from stakeholder product will entail no costs when I drawingdown at retirement age.
my question is do all sipp providers charge for regular/ lump sum payments at drawdown?
(something to take into consideration for transfering to a sipp)
seem to me you cannot win as there are charges to consider whichever way you go.
ta in advance.
Download Snowman's spreadsheet to compare platforms, he's got a section for drawdown charges:
http://forums.moneysavingexpert.com/showthread.php?t=55830300
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