Sipp Cash Funds / Warning

gabrielseyes

How Can The Regulator Allow Sipp Fund Managers To Charge You Twice For The Same Service, Eg If You Have A Cash Fund In A Nominated Sipp, They Charge You A Management Fee, Im Ok With That.

They Then Place Your Cash In A Bank Account Of Their Choosing And You Are Charged A Proportion Of The Bank Base Rate, Eg Bbr Is 4% And The Bank Discounts The Bbr By 1.25% And This Is Paid To Your Sipp Manager As Well.

The Point I Make Is That No Investing Is Taking Place, The Money Is In A Cash Account Secured By The Bank And We Are Paying A Massive Chunk Of Our Pension Fund For Doing Nothing But Leaving It With The Sipp Managers Nominated Bank.

I Have Just Experienced This First Hand And It Is Immoral, Move Your Money Now To A Bank Of Your Choosing And Save Your Self Thousands Of Pounds A Year.

If Anyone Else Has Had A Similar Problem Please Infrom The Forum, It Is Truly Immoral What Is Happening.

The Sipp Manager In Question Is A Well Known Northern Based Company, "does It Ring For You".

dunstonh

I'm not sure what your problem is here. You have a choice and the company is allowed to retail products at their chosen price. If you dont like it you dont buy it.