Standard Life Cash SIPP

anafurn

I have £135K in a cash savings account within a Standard Life SIPP (held by Standard Life Bank plc), I converted to cash from equities last November. My IFA is away and I have 3 questions:
How much if any of this is protected?
Can I move sums of £35,000 to other banks?
How safe is Standard Life?
Thanks for any info.

EdInvestor

anafurn wrote: »

How much if any of this is protected?

35k, if it is all in the SIPP's cash account (is this at Standard Life Bank?)

Can I move sums of £35,000 to other banks?

It depends on what the SIPP allows you to do.Ask what other cash investments they offer. You could also buy gilts.

How safe is Standard Life?

So far, the UK insurance sector seems to have managed to steer relatively clear of the sub prime problem, but none of us has a crystal ball.Insurers are not subject to "runs" like banks - Std Life Bank has no branches for people to queue outside of, for a start - so they are less vulnerable to consumer panic.

Hence they are less likely to suffer the fate of B&B - closed down in advance of a problem by regulators scared there would be one. :rolleyes:

anafurn

EdInvestor wrote: »

35k, if it is all in the SIPP's cash account (is this at Standard Life Bank?)



It depends on what the SIPP allows you to do.Ask what other cash investments they offer. You could also buy gilts.



So far, the UK insurance sector seems to have managed to steer relatively clear of the sub prime problem, but none of us has a crystal ball.Insurers are not subject to "runs" like banks - Std Life Bank has no branches for people to queue outside of, for a start - so they are less vulnerable to consumer panic.

Hence they are less likely to suffer the fate of B&B - closed down in advance of a problem by regulators scared there would be one. :rolleyes:

Many thanks for that, pretty much what I expected. I have emailed Std Life asking if I can transfer £100K into gilts

EdInvestor

You can buy gilts within the SIPP, that's what SIPPs are for, direct investments