Sipp newbie, can you pay in v small amounts

LHW99

Not absolutely sure, but when I was talking to Interactive Investor over something, I mentioned small amounts, and got an answer that "it could probably be £1 a time if you wanted".

You would need to check that, as it would have been a couple of years ago, I spoke to them. Also be aware that if that's the case, you would still need to post them a new filled in form for each deposit, although you can make the payment by bank transfer.

Asghar

p00hsticks wrote: »

I can't comment on Standard LIfe, but it's certainly possible for an individual to set up and invest monthly into a SIPP directly with AVIVA - I do.

That's true for an Aviva SIPP but they have a much higher minimum balance and payment amounts and is not suitable for the OP.

My post was with regard to a Stakeholder pension because it allows you to keep a very low minimum balance with very small payments.

Asghar

cloud_dog wrote: »

Going direct to stakeholder pension providers, for example L&G, you are likely to need to make the minimum payment / investment amount, i.e. £20.

The minimum balance and to open a Stakeholder pension is £20 gross, with the added tax relief. So all you need to contribute to open one if £16.

bigadaj

Asghar wrote: »

You cannot invest direct with Aviva or Standard Life, have to go through an advisor to invest with them.
Virgin Money and Legal & General allow you to start a Stakeholder Pension online direct but they are not good value for what you get.

You are better off looking at Hargreaves Lansdown.
http://www.hl.co.uk

They are the only SIPP provider that I know off that allow you to invest a minimum of £20 per month via Direct Debit. Have a browse on this forum for a suitable low cost fund (low management fees) to invest in.
They charge a platform fee of 0.45% but if you are only investing £20 per month then it should be less than a pound for the first year.

Both aviva and standard life advertise genie stakeholders with no mention of a need to use intermediaries.