Imterest on cash within a mainly shares SIPP

gadgetmind

DRSMITH wrote: »

Bonds imply longer period (if holding until maturity), so wouldn't work for my shorter term need. Do you concur?

Do you really intend to have a portfolio of just equities and some ephemeral cash without any allocation to fixed interest?

coastline

I have a S&S ISA ...again very little interest to hold cash...
Might not be what you want but if you think the market is overbought then maybe going short could be the answer with a part of your deposit..
The chart is an ETF...I would guess theres plenty to choose from.

DRSMITH

gadgetmind wrote: »

Do you really intend to have a portfolio of just equities and some ephemeral cash without any allocation to fixed interest?

I'm at stage of picking SIPP provider.
So yes, I will have wide choice of assets to select at that time.
I first need to choose a suitable SIPP provider.
SIPPdeal look OK, but only offer near zero interest.

ManAtHome

DRSMITH wrote: »

I believe it's because it's whats known as 'final salary scheme' that it means applicant are forced to take pro' advice.
I'm ex-Nat west employee with Royal Bank of Scotland pension scheme.
I understand this a HL requirement not a Gov't or legal requirement.

I'd be surprised if any SIPP provider (or PP provider) would undertake a transfer from a final salary scheme without you taking advice due to the potential for miss-selling claims later (so yes it is a bit of back-covering, but not unreasonable).

DRSMITH

coastline wrote: »

I have a S&S ISA ...again very little interest to hold cash...
Might not be what you want but if you think the market is overbought then maybe going short could be the answer with a part of your deposit..
The chart is an ETF...I would guess theres plenty to choose from.

Thank-you Coastline, but that doesn't sound like the right tool for me.

DRSMITH

ManAtHome wrote: »

I'd be surprised if any SIPP provider (or PP provider) would undertake a transfer from a final salary scheme without you taking advice due to the potential for miss-selling claims later (so yes it is a bit of back-covering, but not unreasonable).

I beg to differ. If advice is for their needs, they can pay.
They are free to insist on it and I am free to decline to spend £500+vat for a service for which I get no return. If I did pay to cover HL's back, then that proves I'm not fit to make financial decisions....IMO. :-)

fiesta04

You will need to pay an IFA to sign off a Final Salary Pension for a transfer to SIPP. It is normally considered unwise to move from a FSP.

Saying that I did the same earlier this year and bought an annuity with it and I am only 55. Many people will say I was unwise to do it, but I considered it to be the correct move for me.

F4

ManAtHome

DRSMITH wrote: »

I beg to differ. If advice is for their needs, they can pay.

Not quite - if you don't pay up to to get a 'not HLs fault' sign-off they decline your business.

Anyway, best of luck with your search, but I'd still be surprised if you get a 'no fuss' transfer.

DRSMITH

ManAtHome wrote: »

Not quite - if you don't pay up to to get a 'not HLs fault' sign-off they decline your business.

Anyway, best of luck with your search, but I'd still be surprised if you get a 'no fuss' transfer.

SIPPdeal have confirmed they are happy for me to exercise my free-will..for free.

I appreciate your input never the less. Mustn't shoot the messenger who is trying to help.

DRSMITH

fiesta04 wrote: »

You will need to pay an IFA to sign off a Final Salary Pension for a transfer to SIPP. It is normally considered unwise to move from a FSP.

Saying that I did the same earlier this year and bought an annuity with it and I am only 55. Many people will say I was unwise to do it, but I considered it to be the correct move for me.

F4

Thank-you Fiesta. See my previous reply, which crossed re IFA.
For my reason to tf to SIPP:
In short, the small print means my current pension fund won't keep pace with inflation and there are no options to how fund is administered.
By transferring to a SIPP I retain control, can buy equities or annuity or etc etc..
Everyone circumstances and pension rules differ, and there is a mass of small detail which needs to be gone through to make an informed choice, so IFA's do have their role for those that need it.
For sake of others reading this, the move to SIPP isn't something I'm doing lightly, but after much checking of facts of 'what is' and soul searching on risk and 'what could be' including worst case scenario.