From April, you can pay in 100% of income. That would make quite a large contribution for most people. So, to use last years allowance, this years allowance and then next years 100% allowance would involve very large amounts. Of course, if its a large amount, then fair enough.
However, if it isn't, then surely its better to see what comes on to the market in the coming months. No point going into one product only to pay charges/fees to move into another 6 months later.
I doubt the new ones coming are going to add much: they appear to be SIPPs in name only with virtually no self investment functionality, just leaping on the SIPP publicity bandwagon.
I would suggest that investing now, rather than waiting, has two big advantages. Firstly, regardless of what has been leaked/surmised, we do not yet *know* any details of the new "simplified" pensions regime. It may turn out that it would have been better for some reason to start a pension now, under existing, known rules; the situation can always be reviewed a few years down the line.
Secondly, starting the pension now gives you the extra time advantage. After all, how long would you suggest waiting?
Running a Self-Invested Personal Pension is a complex area of financial planning; it needs careful attention and regular maintenance.
Don't be so pompous ocean blue, a SIPP is only a tax wrapper like any other pension.How easy or hard it is to run depends on how you invest the money you put in it.
Some people keep their SIPP money in cash.How complex is that?
Would you need to monitor and maintain a SIPP invested in an index tracker fund/ I-share , another popular choice?
A typical asset allocation for an older person probably looks quite like one of those investment bonds you love so much ( but without the horrific commission of course).:)
They're not very complex are they? You'd never suggest an investor had to spend any time maintaining one of those. And nor would you be bothering to do it for him, would you?
Yeh How hard is it ?
If the market goes up and your portfolio goes down then you need to take a look to see why and make changes.
If the market goes down and your portfolio goes up then you don't need to bother with anything.
If the market goes up and your port goes up similar amount or more then do nothing.
If the market goes down and your port goes down similar or less then do nothing.
Not rocket science.
I would not say I was untypical of sipp holders.
Afterall it does mean Self Invested Personal Pension.
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