HL Sipp-isa

stehouk

Hi

I have already posted this in the wrong area,

Quick question, i have recently opened a sipp with a regular contribution of £250 per mth
i only have £2500 in cash and i was looking to invest it monthly into a vanguard fund but this doesn't seem possible as there was no link just a deal link and an amount to invest but there was a link to monthly investments into it via an isa, can i use the cash funds in my sipp to fund the isa within the HL platform and set up regular payments into the fund.

Does it have to be funded from another source ie a bank account i suspect it does.

Berkshire_Beancounter

Once money goes into a SIPP you can't access it until you're 55 at the earliest so I'm afraid no, you can't use the cash funds in your SIPP unless you're 55 or over. Even if you are over 55 did there would be tax implications of withdrawing money from your pension which would need to be factored in.

You can set up an ISA with HL and once it's open, there is a 'monthly savings' tab where you can set up a monthly amount into a fund / funds of your choice. And yes, this would need to come from a bank account, via direct debit.

stehouk

Thanks for the information, I don't understand why HL don't allow regular payments into the fund via a sipp but they do if it is via an is a.

Dazed_and_confused

You can make regular payments into a fund in a HL SIPP. Definitely for ongoing deposits if not the money already paid in.

Berkshire_Beancounter

Yes, as Dazed and Confused has said, you can save monthly into an HL SIPP - assuming you have online access to your account, when you go to your SIPP account the view defaults to the investments you have in it (the 'stocks' tab). Further along is a 'monthly savings' tab where you can set up a regular instruction to invest in the fund(s) of your choice.

stehouk

Berkshire_Beancounter wrote: »

Yes, as Dazed and Confused has said, you can save monthly into an HL SIPP - assuming you have online access to your account, when you go to your SIPP account the view defaults to the investments you have in it (the 'stocks' tab). Further along is a 'monthly savings' tab where you can set up a regular instruction to invest in the fund(s) of your choice.

Thanks for the advice, really helpful :T