FSCS Limit on SIPP

kidmugsy

westv wrote: »

hopefully most of us won't ever have to care.

"When the tide goes out you find out who has not been wearing swimming trunks."

Was that Uncle Warren?

westv

kidmugsy wrote: »

"When the tide goes out you find out who has not been wearing swimming trunks."

Was that Uncle Warren?

I see you more as skinny dipper.

gibbo888

dunstonh wrote: »

There are multiple FSCS layers.

For the best protection, use a stakeholder pension or personal pension. These get 100% FSCS protection on internal insured funds.

Could you clarify this a bit more for me DunstonH?

I currently hold a SIPP As stated above but i am about to add a significant 6 figure sum to this, from a DB transfer.

The investment funds to be 100% protected would need to be with an insurance company is that correct? someone like Old Mutual or L&G?
have i got this correct? as currently i am self invested with Halifax?

Alexland

Your SIPP platform protection will be capped at £50k (going up to £85k next year) even if you buy funds from insurance companies.

Stakeholders are fully covered but the fees are better for small pots. If you are releasing a large DB scheme then you should have an IFA advising you. For a six figure sum you might want to consider a low cost personal pension.

Alex

gibbo888

I agree i am looking into the personal pension aspect.
I would like to have as much protection as possible, i dont mind paying slightly over the odds in fees to get this?
Could you recommend a company or link to appropiate reading

Thanks

grey_gym_sock

insurance-based personal pensions are more often used by people using advisors. they may not be available directly, but can also be accessed via a discount broker, e.g. cavendish online: see https://www.cavendishonline.co.uk/pensions/personal-pensions/ (they currently offer aegon and aviva)

Alexland

gibbo888 wrote: »

I agree i am looking into the personal pension aspect. I would like to have as much protection as possible, i dont mind paying slightly over the odds in fees to get this? Could you recommend a company or link to appropiate reading

I am not allowed to recommend for your circumstances but if you have a large sum you may wish to consider an Aviva personal pension (which is not available direct but you can get via Cavendish with an ongoing charge of 0.4%). Check the fund guide as some funds incur additional charges. You may wish to get Aviva to confirm that you are investing in one of their insured fund as some may not be.

https://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/aviva1/
https://www.aviva.co.uk/retirement/pensions/personal-pension/

Alex.