Is there such a thing as a 'group SIPP'

Loopgames

My husband is looking to transfer his 2 small pension pots to a SIPP and I already have a SIPP.

Is there a way we can pool our funds together? We're both trying to look into it but can't find anything concrete so assume that not possible!

I would like to get some clarification though if poss.

Thanks

Iancfp

Its a yes and no answer

You can pool your SIPPs to buy an asset for example this is often used where people club together to buy a property so your SIPP may own 60% and your husbands 40%

As you both have to have separate distinct SIPPs you cannot directly combine and run as one account

Loopgames

Just found out that there is a Family SIPP.

But costs seems to be equivalent to having separate accounts. What's the cheapest sipp out there?

Velcro_Hotdog

My old man used to have a SIPP and wanted to shop around for a new one (not sure why) he was advised to shop around for a personal pension intead. He got the funds he wished to invest in and got lower charges than the SIPP. The only explication he gave was that SIPPs are great if you use the functionality such as property purchase but if you never use it, why pay for it. So if you are shopping around it may pay to consider a PP.

thenudeone

Yes. Here is one: http://www.curtisbanks.co.uk/group-sipp.html
But they are high-end bespoke products so expect to pay for the privilege.
They are probably more suitable for a group of employees who want to pool their funds to make investments which might not be available in other pension types, such as commercial property.

dunstonh

Group/family SIPP and cheap are not things that go hand in hand.

Loopgames

Velcro_Hotdog wrote: »

My old man used to have a SIPP and wanted to shop around for a new one (not sure why) he was advised to shop around for a personal pension intead. He got the funds he wished to invest in and got lower charges than the SIPP. The only explication he gave was that SIPPs are great if you use the functionality such as property purchase but if you never use it, why pay for it. So if you are shopping around it may pay to consider a PP.

That's a good point.

Wonder why they are expensive considering the fact that you are doing all the hard work of finding the investment.

For example I paid about £500 to set it up (plus £600 for an adviser I didn't need) when I did all the paperwork for it and all they did was move it to the account I wanted it to go to. I also set up the other account it had to go to.

The annual fee is slightly less to £400 but again it's a bit pointless since they don't do anything more than maintain it.

It seems like SIPPS are independently overseen to 'police' indivdiual investors from doing 'something else' with their own funds god forbid we should exercise our own individual ideas on investing our money..lol Although that can be said for any pension.

Loopgames

dunstonh wrote: »

Group/family SIPP and cheap are not things that go hand in hand.

See post #7

Loopgames

I think having it in the form of cash is best at the moment so opening a HL Vantage Sipp for now.

CannySaver_2

Loopgames wrote: »

I think having it in the form of cash is best at the moment so opening a HL Vantage Sipp for now.

If you are having it in cash why on earth are you opening the HL Vantage SIPP? It provides almost zero flexibility on deposit accounts.

HL do not have a strong cash / deposit offering, there is the usual SIPP deposit account run by them, paying significantly less than 1% and occasionally they offer a fixed rate, but their range of cash accounts is pretty poor.

If you are looking for a cheap and cheerful SIPP which can hold an number of deposit accounts take a look at the European Pensions Management Cash SIPP (awful website but decent product in my experience).

For information on a range of deposit accounts which can be held in a SIPP google Investment Sense Accounts for Pensions they provide a best buy table for pension deposit accounts, long list, not seen it elsewhere on the web.

I hope this helps.

The Canny Saver

Loopgames

Hi Thanks for your useful message.

I want to get out of stocks asap really. So while we're deciding what to do (ie. next investment) find the most efficient way to hold it quickly and efficiently.

I travel a lot at the moment and found that HL will do all the leg work for you if you pass on the details for all pension providers and seems ok - maybe not the best- but I don't have time to search other than something 'adequate' and 'economical'

I'm leaving at some point in the next few days - have no idea which yet! things are really rushed at the mo hence way I'm doing this.

I hope to take it out of cash in 2 to 4 months time. So it's just a short term home for the time being.