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  • FIRST POST
    • maia_evo
    • By maia_evo 11th Jun 17, 6:12 PM
    • 55Posts
    • 118Thanks
    maia_evo
    SIPP charges are more than return on investment
    • #1
    • 11th Jun 17, 6:12 PM
    SIPP charges are more than return on investment 11th Jun 17 at 6:12 PM
    Can you change SIPP providers easily?

    I moved my company pension 5 years ago to a SIPP to hold a property investment abroad (whole other story that I am still yet to get my head around what I bought!). Part of the set up was that a SIPP company was appointed.

    The fund is worth approx £40K property and £6K cash, it returns about £600pa. Problem is the fees from the SIPP provider are circa £600pa too.

    I wanted to buy some share with the extra cash but they want to add another £200pa subscription to hold those shares too! So the investment is never going to grown and has only ever funded the SIPP provider charges for sending me a statement every so often.

    There is no other dealing going through the account.

    After reading up, I think I can move this to another SIPP provider for significantly lower fees.

    I have contacted the currently company and asked what I need to do to move the account.

    My question, is there anything I should be aware of when doing this?

    Thank you in advance.
Page 1
    • dunstonh
    • By dunstonh 11th Jun 17, 7:42 PM
    • 89,435 Posts
    • 54,896 Thanks
    dunstonh
    • #2
    • 11th Jun 17, 7:42 PM
    • #2
    • 11th Jun 17, 7:42 PM
    Can you change SIPP providers easily?
    yes.

    I moved my company pension 5 years ago to a SIPP to hold a property investment abroad (whole other story that I am still yet to get my head around what I bought!). Part of the set up was that a SIPP company was appointed.
    This changes the answer somewhat as the issue isnt the SIPP. it is the assets within the SIPP.

    Were you scammed or is this a genuine overseas property purchase?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • AnotherJoe
    • By AnotherJoe 11th Jun 17, 8:55 PM
    • 7,220 Posts
    • 7,721 Thanks
    AnotherJoe
    • #3
    • 11th Jun 17, 8:55 PM
    • #3
    • 11th Jun 17, 8:55 PM
    Why are you concerned about the costs when it's such a lousy investment? Why not fix the investment rather than focus on the costs ? why did you invest your whole company pension in such a poor investment ?
    • atush
    • By atush 12th Jun 17, 12:57 PM
    • 16,236 Posts
    • 9,909 Thanks
    atush
    • #4
    • 12th Jun 17, 12:57 PM
    • #4
    • 12th Jun 17, 12:57 PM
    I would move this to the pensions forum.

    And then

    A- did you get cold called?
    B- is this an unregulated property investment?
    C- do name the investment and company as from what you have said, it could very well be a scam.
    • Audaxer
    • By Audaxer 12th Jun 17, 3:36 PM
    • 404 Posts
    • 166 Thanks
    Audaxer
    • #5
    • 12th Jun 17, 3:36 PM
    • #5
    • 12th Jun 17, 3:36 PM
    why did you invest your whole company pension in such a poor investment ?
    Originally posted by AnotherJoe
    I'm sure the OP didn't realise that it was a poor investment when he did it.
    • AnotherJoe
    • By AnotherJoe 12th Jun 17, 4:38 PM
    • 7,220 Posts
    • 7,721 Thanks
    AnotherJoe
    • #6
    • 12th Jun 17, 4:38 PM
    • #6
    • 12th Jun 17, 4:38 PM
    I'm sure the OP didn't realise that it was a poor investment when he did it.
    Originally posted by Audaxer
    What about 5 years later? Still hanging on and worrying about a few hundred quid when the investment (if it is a real one) is the problem.
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