Pension fund interest rates

farrfalina

Hi, I am a first time user so be gentle with me :rolleyes:

Through our SAPP my wife and I have quite a reasonable amount of money that has been with HBOS for many years, unfortunately I have just discovered that 18 months ago the interest rate was cut to 0.1% and the Pensioner Trustee company did not inform us as I quote " they are not allowed to offer advise", so does anyone know of banks which will take Pension/Trust money at a reasonable interest rate, even if it has to be locked up for a year or two.

Also anyone any advise re good Pensioner Trustee's we currently pay £1600 per year with no advise, we have money on deposit and a commercial premises in the fund, hence why I have not transferred it to a SIPP with H&L.

Many thanks

EdInvestor

Wow very expensive SIPP.

Try https://www.ajbell.co.uk

Full service SIPP, property and outside bank accounts, much cheaper but very experienced provider.

farrfalina

Hi, its not a SIPP, its a SAPP Self Administered Pension Plan, we considered changing to a SIPP but have not seen one that enables commercial property.
Regards

bendix

Edinvestor makes mistake shocker! Read all about it. Read all about it!

farrfalina

sorry I didn't mean to appear rude,
it was just information in case anyone else answered my question and thought it was a SIPP that i needed information on, and also to hopefully explaign why the charges were higher than a normal SIPP.
I should have thanked you for your post, the web site of the company that you mention looks very good.

EdInvestor

farrfalina wrote: »

Hi, its not a SIPP, its a SAPP Self Administered Pension Plan,

Do you mean SSAS? Is it an occupational/company pension?

SSAS

SIPP

we considered changing to a SIPP but have not seen one that enables commercial property.
Regards

The vast majority do.

farrfalina

HELP, I'm not sure what its called, on the original cover of the scheme it says self administered pension plan, hence I thought it was a SAPP, it was originally for myself plus the companies employees, but as we sold the business the other members took their pensions elsewhere leaving just my wife and I as sole members, I then produced a spread sheet that showed me the scientific benifits of a pension, something that previosly no FSA had been able to do, so for the last few years I have funded it with every spare penny that I have been able to get 40% tax relief on, but I am now in the position where it has a commercial premises, plus a reasonable amount of cash, and a limited amount of equities, and it would be great to reduce the annual fees, plus improve the return on the cash before we go into income drawdown.

I have just called the Pensioner trusteees who inform me that it is a SSAS that we operate.
regards

EdInvestor

AJ Bell also does SSASs.

http://www.ajbell.co.uk/OurService/AJBellPlatinum/AJBellPlatinumSSAS

There's a lot of info about them above you may wish to read.It could be beneficial for you to stick with the SSAS - or to move to a SIPP. AFAIK AJ Bell doesn't offer advice, but you could ask them for guidance on where to find some at the right level, it's a pretty specialised area.

petejones76

Hi Farrfalina

In terms of providing benefits (drawing down) a SIPP and a SSAS provide the same level of pension/Tax Free Cash etc. There are a range of charges out there from various SSAS/SIPP providers, a lot of the larger providers such as AJ Bell, Rowanmoor etc tend to be more pricey.

One key benefit a SSAS has over a SIPP is the ability to lend money, or 'loanback', to the Principal Employer; should your company require finance this is a very tax efficient option.

Most of the high street banks will provide current/deposit accounts for SSASs, a few specialise in the provision of SSAS bank accounts and term deposits for larger sums.

I have a wealth of experience in SSAS pensions, let me know if you need any more info.

greenal

Your right there are lots of SIPPs and SSASs out their with some carrying high charges. Although insurance companies do have SIPPs, they are sometimes not what they seem. There are different types of SIPPs, a deferred SIPP, which is basically a Personal Pension Plan, a SIPP, which may not necesserily allow investments such as property and other SIPPs which you can invest more or less anything into (as long as its legal).

I would suggest that you contact an Independent Financial Advisor to help you. They don't always cost the earth, and if you get a well qualified and experienced advisor in this field you will get all the answers you are looking for.

Have you tried searching for advisors on the web, or even pension comparison websites. Sometimes you get answers to your questions with a quick phone call. Plus don't forget some insurance companies have SIPPs, which only let you invest if you have a financial advisor, plus they may be able to provide you with unic investments. try www . gomypensioncompare . com or pensioncompare . com.

jem16

greenal wrote: »

or even pension comparison websites.

Your own site by any chance???

Stop spamming!