2015 Pension Strategy

Sikenb55

I've been looking at my existing private pension savings over the last couple of weeks and am planning to put some more money in before the tax year end.

Realistically I don’t think I have time to fully research all my options (I have other things to do as well) before April 5 so I am looking for a reasonable strategy for this tax year rather than an absolutely optimal one. I assume that the only way I am going to make the most out of my savings and investments is to review them regularly (constantly might be even better). I also like the idea of taking a more active role in how my money is invested.

On that basis I am quite drawn to the idea of a SIPP but think I could very easily get carried away with the idea now and then lose interest after April 5.

I have a number of existing pension plans including one with Standard Life which I think has probably performed adequately if not brilliantly. I have not really looked into it so I may not be doing them justice.

Given all of the above I am considering adding half of whatever I ultimately decide to invest to my existing pot with Standard Life and the rest into a HL SIPP. The thinking here is let’s test the water and review the options going forward.

Does anybody have any comments or am I breaching forum etiquette by being so specific about the companies concerned?
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bundly

Hi Siken I visited today to post a similar question and am a bit concerned that nobody has replied in two days...

232607

Sikenb55 wrote: »

I've been looking at my existing private pension savings over the last couple of weeks and am planning to put some more money in before the tax year end.

Realistically I don’t think I have time to fully research all my options (I have other things to do as well) before April 5 so I am looking for a reasonable strategy for this tax year rather than an absolutely optimal one. I assume that the only way I am going to make the most out of my savings and investments is to review them regularly (constantly might be even better).
Reviewing investments regularly can be a recipe for disaster. This tends to make people jump in & out of funds too often & they invariably get it wrong, IE buy at the top and sell at the bottom.
A better strategy would be to have a solid mix of low cost funds that cover multiple sectors preferably on a global basis.
You could then let the funds run over time with minimal management other than periodic re-balancing.

I also like the idea of taking a more active role in how my money is invested.
Sounds like a good idea.

On that basis I am quite drawn to the idea of a SIPP but think I could very easily get carried away with the idea now and then lose interest after April 5.
A SIPP is generally regarded as a product for a knowlegable invester hence I wouldn't consider this until you consider yourself knowlegable. Even then you may not need it as it is likely everything you would need could be got from a PP.

I have a number of existing pension plans including one with Standard Life which I think has probably performed adequately if not brilliantly. I have not really looked into it so I may not be doing them justice.
It's the choice of funds within S/Life that either perform well or not, nothing to do with S/Life. If you make the wrong choice of funds you'll do poorly who ever you're with.

Given all of the above I am considering adding half of whatever I ultimately decide to invest to my existing pot with Standard Life and the rest into a HL SIPP. The thinking here is let’s test the water and review the options going forward.
Can I suggest you "park" the idea of a HL SIPP for the time being and just use S/Life. They are a big old lumbering company but they are rock solid and it's a good place to be whilst you're leaning more.

Can I also suggest a good read to enlighted you, may be the best £20 you ever spend:-
Smarter investing by Tim Hale.

Good luck.

Does anybody have any comments or am I breaching forum etiquette by being so specific about the companies concerned?

Good luck.

atush

I agree about why you want a Sipp. Do you want to trade in single shares? This is risky esp for an uninformed investor. If you use funds, you can use a Personal pension instead.

TBH, you should really look at what your SL pension is invested in, and the costs. But if you just want to be fast, look at Cavendish online and open a new cheap PP and put in the money as cash. You can invest it after april 5th once you have had time to do some research.