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SIPP Fees
Chris_Justice
Posts: 32 Forumite
Hi,
Google has failed me on this one so hopefully someone here can help!
2 things. Firstly are annual SIPP fees deducted from the fund or would I have to pay from my disposable income? Secondly what would happen in the hypothetical situation that bad investments reduced a SIPP fund to zero/almost zero? In the case of almost zero presumably I'd still be liable for any fees until I switched over to a no fee SIPP. If zero then would the account be closed?
Cheers,
Chris
Google has failed me on this one so hopefully someone here can help!
2 things. Firstly are annual SIPP fees deducted from the fund or would I have to pay from my disposable income? Secondly what would happen in the hypothetical situation that bad investments reduced a SIPP fund to zero/almost zero? In the case of almost zero presumably I'd still be liable for any fees until I switched over to a no fee SIPP. If zero then would the account be closed?
Cheers,
Chris
0
Comments
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Firstly are annual SIPP fees deducted from the fund or would I have to pay from my disposable income?
Either from the cash account within the SIPP or from the investments in the SIPP.Secondly what would happen in the hypothetical situation that bad investments reduced a SIPP fund to zero/almost zero?
You would expect to be asked to pay the money you owe. It depends on the contract you have though.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You would expect to be asked to pay the money you owe. It depends on the contract you have though.
I certainly wouldn't want to get into a situation where I owe! I guess what I really want to know is if you slipped up and lost it all could you just close the account - in essence having no SIPP at all.0 -
Chris_Justice wrote: »I certainly wouldn't want to get into a situation where I owe! I guess what I really want to know is if you slipped up and lost it all could you just close the account - in essence having no SIPP at all.
With most, yes as they charge monthly. So, they would likely write off the few pounds. However, if it is a full platform then they may not.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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