Cheapest Sipp: build yourself a low cost DIY pension article

jamesd

No explicit charges unless you close the account in the first year. They just keep most of the interest that is earned on the cash.

bowlhead99

mahatma_andy wrote: »

I'm thinking of doing the same as the cousin for my wife. Is HL the best way to hold a sipp held in cash only? I think I read somewhere that if the funds are held in cash, then there are effectively no charges?

Correct

Unfortunately I can't find a definitive reference to this.

You could start with http://www.hl.co.uk/pensions/sipp/charges-and-interest-rates which says among other things, cost for an ongoing holding of "Cash - no charge".

Interest rate is tiered so currently 0.03% on up to £4999, 0.04% on £5000 to £24,999

hogweed

Thanks so much for the helpful replies


So what are the rules for withdrawing my cash once it’s in? Or is there somewhere I can look all this up, without having to bother you guys every time I don’t know something basic?

NoMore

The Hargreaves Lansdown website, has a good explanation for how Sipps work, from contributions and tax relief to drawdown and tax free lump sums.

Just work your way thru the explanations, any questions come back and ask.

Sipowicz

https://forums.moneysavingexpert.com/discussion/5616496

OXFORD_SMOGGY

Any reccomendations for company I choose for my SIPP, I have a small pension of 2k Im happy to write off and have a bit of a gamble with. Should I be choosing a blue chip company with high dividend return or another strategy?

dunstonh

OXFORD_SMOGGY wrote: »

Any reccomendations for company I choose for my SIPP, I have a small pension of 2k Im happy to write off and have a bit of a gamble with. Should I be choosing a blue chip company with high dividend return or another strategy?

When you DIY it is your choice. With just £2000 you probably shouldnt bother with shares due to dealing costs. Plus, the cost of a SIPP is likely to be heavy unless you plan to add to it.

What is wrong with the pension you have?

jonon

Anyone recommend a cheap SIPP for regular monthly payments £500 ish, to buy index funds, ETF's, S&P 500 etc. Lots seem to have high fees per trade. Thanks

jamesperrett

For the best deal considering your circumstances, take a look at Snowman's spreadsheet linked from the thread at

https://forums.moneysavingexpert.com/discussion/5583030

jonon

thanks James