Cheapest Sipp: build yourself a low cost DIY pension article

Gatser

EdInvestor wrote: »

I'm a happy Sippdeal customer, excellent admin and cheaper charges now they have taken their broking inhouse.

HL is better if you mainly want to make regular investments into funds as they provide this free of transaction charges. But for shares/ETFs/ITs, Sippdeal is the cheapest.

....anyone tried / used the BESTINVEST SIPP ?
Seems to be good value.

Gatser

EdGasket wrote: »

I would still like an answer to my question if anyone can i.e.
If I invest with both H-L and SippDeal as you suggest, wouldn't I end up paying double the fees on any drawdown arrangement? Isn't it better just to have the one pension when it comes to drawdown?

From what I understand of their charges on Drawdown:
HL charge £75(+vat) to set up (inc 25% TFA?)
then nothing after that
SIPPDEAL charge £150 (+vat) set up then £75 (+vat) annual USP admin fee.

I suppose you are "doubling up" on fees, but you will have gained by splitting the SIPP monies in the first place to get lower costs.
Also, if the funds total (say) £200,000 additional annual fees of £75 only represent 0.0375% .... insignificant on the scale of things.

I am looking to do just this....split my SIPP monies. Also good to compare one provider against another.

dave-_3-2

Can anyone with experience of using a online SIPP tell me how equity trading works with the popular providers mentioned on this board (HL & Sippdeal).

For example, say all my paid-up pension was invested in funds (Managed pension or fixed interest which are usually valued once a day) and one morning I wanted to buy some FTSE 100 company Mega Corp plc shares. What’s involved ? What offer price is used ? What if the novelty wore off in the afternoon and I wanted to sell the Mega Corp plc shares ?

Ta!

tocsin

Buying shares during market open hours is an instant process (at least in H-L...) - say how much/how many and you'll get a quoted price that you have to accept within (ISTR) 15 seconds. Out of hours you are advised to put a limit price on (e.g. buy, as long as the price is not more than £x.xx).

Funds are normally a next working day transaction.

Hope that helps.

Paul_Mullins_2

What happens to a SIPP if one moves abroad?

dunstonh

Paul_Mullins wrote: »

What happens to a SIPP if one moves abroad?

Nothing different from a paid up pension point of view.

GTG

Paul_Mullins wrote: »

What happens to a SIPP if one moves abroad?

Transfering into a QROPS may be an option. Just google QROPS and you'll find an abundance of info.

Treesie

I am looking to open an account with Sippdeal. I have a pension pot I want to then move over. My problem is its in an executive pension plan with Pheonix Life (was Scottish Provident). The original poicy was missold and the IFA struck off. The plan is in my Ltd company but on closer inspection the performance is poor. There isn't a problem minuting an agreement to move the funds into a 'regular' pension. Should I try and get the fund held in the pension transferred and sort them out from there or for PL to convert to cash and then move that to Sippdeal? What would be the quickest route to achieve this? Many thanks in anticipation

sacherlover

I have a variety of frozen pension policies (all unit linked). I would like to move them to a SIPP and use part of it to buy commercial property that I understand is considered a hotel room.

The company that I want to buy from only work with around a dozen SIPP providers. I have further established that only some of that 12 or so providers offer the option that I want, where the SIPP pays the 30% deposit and I can pay the remaining 70% using an individual mortgage.

Is it possible to deal with the administration of this myself?

If yes, what sort of comparisons should I make when I am looking at which SIPP provider to choose?

Thanks in advance,

dunstonh

Is it possible to deal with the administration of this myself?

yes

If yes, what sort of comparisons should I make when I am looking at which SIPP provider to choose?

I got involved in a commercial property purchase in a SIPP some years back and vowed never again. Leave it with someone who knows what they are doing. I may have been unlucky but I would use a specialist now.