Help regarding SIPPS

mhoc

Apologies for the string of stupid questions about to follow.

I have been investigating SIPPs - cash based ones.

Initially I thought that I could put in £2800 per year into a cash SIPP (as I am a non earner) and HMRC would top it up by £700 in June/July - the amount would be stable as its not stocks and shares. just a cash SIPP.
And then if some sort of crisis came up I could withdraw my money, although I had not figured that bit out.
Also not figured out the fees and where they come in.

I had a look at Virgin Money but theirs only seem to be stocks and shares ones so I don't know where else to look.

I am a non earner in my late 50s. My state pension might kick in at 67 unless they move the gaol posts again which I am convinced they will so I am quite prepared for it to move to 68 or 69 even.

Apart from that I have a bit of inherited money which I have invested in numerous places including ISAs, bonds and monthly savings accounts so my only true personal income is from savings interest.

(OH is older and still working and his future pensions etc are sorted out as much as they can be).

any advice would be helpfully. I've been reading various threads on this forum but I am getting more confused than ever.

Snowbelle

mhoc wrote: »

Apologies for the string of stupid questions about to follow.

I have been investigating SIPPs - cash based ones.

Initially I thought that I could put in £2800 per year into a cash SIPP (as I am a non earner) and HMRC would top it up by £700 in June/July - the amount would be stable as its not stocks and shares. just a cash SIPP.
And then if some sort of crisis came up I could withdraw my money, although I had not figured that bit out.
Also not figured out the fees and where they come in.

I had a look at Virgin Money but theirs only seem to be stocks and shares ones so I don't know where else to look.

I am a non earner in my late 50s. My state pension might kick in at 67 unless they move the gaol posts again which I am convinced they will so I am quite prepared for it to move to 68 or 69 even.

Apart from that I have a bit of inherited money which I have invested in numerous places including ISAs, bonds and monthly savings accounts so my only true personal income is from savings interest.

(OH is older and still working and his future pensions etc are sorted out as much as they can be).

any advice would be helpfully. I've been reading various threads on this forum but I am getting more confused than ever.

Reading through the various threads on SIPP's it would seem most are either using Hargreaves Lansdown or Virgin. It has been mentioned that HL is free if you keep the funds in cash and when you withdraw you leave £1000 in the account in the first year. Note the amount you can pay in each tax year is £2880 and £720 will be added by HMRC. You can only withdraw if you are 55 or over.

Chrisv

Have a read HERE mhoc, might answer one or two of your questions

AnotherJoe

Just because its a stocks and shares SIPP doesn't mean you cant hold cash in it !

Otherwise as soon as you sold some shares you'd have to buy some other ones and if you put cash in it you couldn't keep it there a while whilst you considered what to buy, you'd have to buy something immediately and if you got a dividend paid you have tp spend it on shares straight away.

So, fill your boots.

LHW99

You mention your OH is older - do you mean he is already past state pension age (but still working)? If he reached 65 before April 2016, you may be able to inherit some of his state pension.