Possible uses of my SIPP??

philipc_2

Hi all,
I've an existing SIPP with Barclays for about £15k. I'd like to be able to buy a small plot of agricultural land with this money but Barclays state this is not a service they provide. I've been told that as far as the SIPP guidelines are concerned this should be permissable but can anyone recommend a company that can arrange for this type of investment?
One other possible thought was to transfer my SIPP to a retired family member? Is this acceptable and, if so, can they withdraw all the money as a lump sum?
Thanks,
Philip.

Aegis

Most full SIPPs are likely to at least entertain this concept, but I can't see many of them being happy with the specifics, as the SIPP is too small to make this a cost effective investment. For example, if the SIPP provider charges £500 per year for their admin services and to set up and monitor this bespoke investment for you, that's an annual charge of over 3%.

You can't transfer your SIPP to another person, so the other option is a non starter.

thenudeone

Full SIPP charges usually come into the four figure category per annum so it needs to be a sizeable investment to be worthwhile.