Which SIPP provider to chose

Hardke

Hi,

I am about to retire and will be 55 in July. I wish to transfer into a SIPP money from my current pension provider. I currently have two pensions, and have to decide if I should transfer both.

If I transfer one then it will be about £200,000, with both will be £350,000.

My question is what is overall the best SIPP provider and should I go for a fully managed provider?

I have been looking at fisher investments and the salesman does a good job, but the costs seem to be very high compared with other providers and I don't know if it is good value you money?

Regards

Keith Harding

Chickereeeee

To get started:

Why transfer?
Why a SIPP?
What type of pensions are they?

C

kidmugsy

Chickereeeee wrote: »

To get started:

Why transfer?
Why a SIPP?
What type of pensions are they?

C

Indeed. Also why not continue with two providers, albeit different ones? A bit of diversification would help me sleep at night. If one website were down, the other might be up. Etc etc.

For providers' costs, look at two blogs: monevator, and The Lang Cat.

sandsy

Hardke wrote: »

Hi,

... and the salesman does a good job, but the costs seem to be very high compared with other providers

Suggest you take advice from an independent adviser, rather than a salesman affiliated to one company. An IFA will be able to find you something suitable from the whole of the market, at a cost you're comfortable with.

stubtoe

Hardke wrote: »

My question is what is overall the best SIPP provider and should I go for a fully managed provider?

Keith Harding

Difficult question to answer as depends on what you're looking for your pension to do and how involved you want to be in terms of administration and investment selection etc - most SIPPS will vary in terms of the product features/funds/charges they offer. Generally SIPPs come in two flavours:

• Full SIPP - offer all sorts of weird and wonderful investment options such as commercial property purchase, discretionary fund managers, ability to hold UCIS etc BUT at a cost (hint: if you don't need these options why pay for them?)
  
• Light SIPP - these are the very similar to personal and stakeholder pensions, with the only difference being that they usually offer a greater fund choice. Charges these days tend to be very similar to personal pensions of the past.

You might be perfectly happy with a personal or stakeholder pension rather than a SIPP, although most pension companies tend to offer SIPPs these days at personal pension prices so why not use a SIPP...

Personally, I use HL's SIPP even though I know there are cheaper SIPPs out there (Cavendish for example), yet I'm kinda lazy and HL's user interface is simple to use and customer service is v.good IMO.

I second recommendation to check out Monevator and The Lang Cat - good sites/info.

If you have any doubt in your own ability, then I would seriously consider seeking advice from an Independent Financial Adviser, preferably one who is 'Chartered' and 'Certified' - ask around your friends as personal referrals are a good place to start.