More than one sipp

mick08

I have £85,000 in isa/sipp savings with HL, can i open another sipp with another provider and are there any disadvantages to doing this?

Thanks

AnotherJoe

Yes you can have two or three or thirty. if you are going to starta new SIPP every time you hit the FCS limit* you could end up with quite a few ! And what happens if the limit is reduced or your HL investments grow do you plan to move some out?

The main disadvantage is inability to rebalance between SIPPs. Slightly more admin obviously. And a need to keep track of what money you are putting into each But no real harm in having two or three. I have two both roughly equal (but considerably above the £85k limit) . I'm not adding to them apart from the £3600 annual amount though which I just put in one. (HL as it happens)

* the limit is of limited utility, realistically it's only going to protect you against a fraud of massive proportions.

dunstonh

mick08 wrote: »

I have £85,000 in isa/sipp savings with HL, can i open another sipp with another provider and are there any disadvantages to doing this?

Thanks

Why would you want to?

Platorms allow you consolidate your tax wrappers and holdings under one administration platform. Having multiple platforms takes away a lot of the advantages.