Cheapest Sipp: build yourself a low cost DIY pension article

cancunia

It's true there are a lot of variables to weigh. HL have just confirmed that there are no charges for Drawdown so while Bestinvest may be cheaper upfront, they will cost £100 per year or more to get your money back out.

richjdavies

Following the article I tried to get an III SIPP months and months ago, but kept getting the run around.

Has anyone actually been able to open an III SIPP - I'm starting to believe it's just a big 'beagles-about' honey pot.

I've had three secure messages tell me "yes we've opened your SIPP now"; but they haven't... the account has shown SIPP closed since August.

Anyway - would be good to get some reassurance that I will eventually be able to move my SIPP from HL to III... as Im petrified that the transfer experience will take until I am RETIRED :mad:

MallyGirl

yes - I opened one just before the merger with TD. I managed one transfer in before they put a hold on them in December and I have managed one further transfer in January with 2 more still in progress.
So far all has been well. I did have to make one trade by phone but they applied the web commission rate so that was OK

johnD17

Interesting reading

I'm new to real investment both from a stocks and shares ISA and a Pension point of view.

The main reason I am wanting to chuck any spare income I have at a SIPP (rather than ISA) is that I am a self employed contractor, therefore I get the tax break from investing 'from the company'

Just wanted to confirm that in my position, the SIPP should win hands down vs ISA on the tax savings (for an ISA i would need to draw out as dividends and invest as a person, not as the company)?

atilla

johnD17 wrote: »

Interesting reading

I'm new to real investment both from a stocks and shares ISA and a Pension point of view.

The main reason I am wanting to chuck any spare income I have at a SIPP (rather than ISA) is that I am a self employed contractor, therefore I get the tax break from investing 'from the company'

Just wanted to confirm that in my position, the SIPP should win hands down vs ISA on the tax savings (for an ISA i would need to draw out as dividends and invest as a person, not as the company)?

If you are self employed you don't have a company.

Prism

johnD17 wrote: »

Just wanted to confirm that in my position, the SIPP should win hands down vs ISA on the tax savings (for an ISA i would need to draw out as dividends and invest as a person, not as the company)?

Assuming your position is you are a director for your own limited company then yes the best option for a SIPP is to pay directly from the business. This saves on corporation tax and dividend tax. You are not self employed if you have a company btw.

ducatidemon100

Having run a SIPP with Bestinvest (or Worstinvest as I ilke to call them) since 2013, I am a little surprised to see them at the top of the leader board. I have also used several other platforms and find that HL has a superior website: not only can you easily access all transactions for a particular holding (rather than having to plough through all transactions), but more importantly I have have never 1. logged on to find half my invests missing from the screen (at least twice); 2. had the same share purchase actioned twice (on one occasion making me overdrawn); 3. regularly been told that the back-room team need to get this in sync. So far as I can tell, I am charged a monthly fee for funds held only, not for shares. II are also better the Worstinvest as you can also see transaction history for each shareholding and I don't recall one instance of investments not appearing on screen. Sadly, II has changed it's platform recently and is not only suffering bugs (errors in presentation) but also, without warning, ceased to use automatic dividend investment if the dividend is not paid in sterling and also does not convert the foreign currency dividends to sterling automatically. HL wins EXCEPT on fees. I'm about to open a child SIPP with either A J Bell or Alliance Trust, based on ETF use and DRIP using all currencies.

maureenbulman

Could anybody please tell me how to post a question on here.Thanking you in advance

ducatidemon100

Hi richjdavies - I would call II (be prepared for a long wait). It seems that when they switched platforms in December, all SIPP users were required to complete new SIPP contribution forms. You will probably need to re-submit forms. Somewhere a little way down the list of posts is one by me pointing out other changes which I believe are steps back rather than improvements. (IMNSHO they did not adequately flag this need; certainly I missed secure messages and failed to fully read the "New platform transfer complete" email as it did not occur to me they might hide something important in it). Good luck.

Lungboy

Is the lack of drawdown ability in the Cavendish pension anything to worry about, or just a minor inconvenience to remember in 16+ years time? Also, does the fact they don't label it a SIPP matter?