How to open a SIPP with HL?

WorldCitizen

TrustyOven wrote: »

Nope, my HL SIPP opened online with no issues.
Perhaps they are failing to validate your identity because of some weird edge case - like not on electoral roll or maybe a US citizen?

I have dual citizenship including UK and am on electoral roll.

PotentialEnergy

Appreciate it doesn't answer OP's question, but it may help by diverting to an alternative platform.
On a 25K portfolio HL are indeed cheaper but as things grow they become expensive relative to others. Difficult to know what OP's portfolio size is for the SIPP.

WorldCitizen

My portfolio iz Zero
I just want to start the SIPP with minimal investments (£30-50),
however I have 1-2 K to make an overpayment on mortgage or to put into SIPP (or LISA or ISA).... I am thinking what to do better...

TrustyOven

PotentialEnergy wrote: »

Appreciate it doesn't answer OP's question, but it may help by diverting to an alternative platform.
On a 25K portfolio HL are indeed cheaper but as things grow they become expensive relative to others. Difficult to know what OP's portfolio size is for the SIPP.

True. And you can always transfer later.

A_T

PotentialEnergy wrote: »

Can I ask what draws you to HL? They seem very expensive once your savings build up as they charge on a %ge basis.
Interactive Investor[II] and AJBell and X-O seem far more cost-effective. X-O don't facilitate Unit Trust/OEIC investment but the other 2 do. II charge a flat fee for investing in OEICs and that is it.
Yesterday's Telegraph money showed how with a £100K portfolio an Interactive ISA would cost £100 and a SIPP £220. An HL ISA would cost £465 whilst a SIPP would be £510.

At £10 per trade with II you'll struggle ever to get to £100K.

Also with HL ISA is capped at £45 pa and SIPP at £200 pa if your holdings are shares, ETFs or ITs.

Alexland

Have you considered a Stakeholder pension from Aviva setup via Cavendish? After paying the £35 setup fee it would be simpler and cheaper than HL with a multi-asset fund on low values and regular contributions and there are no exit charges for when the pension gets big enough to transfer into a fixed fee platform. You do have to complete 2 paper forms and post ID to setup though.

WorldCitizen

Hmmm, I need to think about it...
Is it hassle free to transfer pension later for drawdown option? Or will I have to search an IFA and pay for the advice? I just wanted to open one which definitely has drawdown option.

Alexland

A stakeholder is similar to a SIPP in that it is defined contribution so you wouldn't have to pay an IFA for advice. Stakeholders tend to be offered by insurance companies so will offer an annuity unless you transfer it elsewhere for drawdown. HL will get expensive so you would probably want to transfer it to a fixed fee provider anyway once the value has accumulated. Alternatively you might find it beneficial to transfer it into an employer scheme in future.

WorldCitizen

Thank you.
It seems I need to spend more time to read about these things, however there is a temptation to open something sooner than later.