Is a SIPP one basket?

Twointhebush

I've put almost all my savings into my SIPP. Is this a case of putting all my eggs into one basket? Even though the money is spread between an ISA, pension and other investments. Due to the protection from tax, I can't think of a reason not to do this other than the money's all in one place?

Thanks,

BobQ

A SIPP is a personal pension so I not sure how you can have an ISA in a SIPP. I suspect you have an account that includes an ISA and a SIPP?

But a SIPP and an ISA are just a wrapper. The protection applies to the investments within it which each carry their own protection if the supplier is part of the scheme.

So if your SIPP/ISA was invested in a Fidelity Moneybuilder Income fund and an HSBC Index fund they would have their own protections. Of course the protection does not save you from the funds performing badly. If you post the names of the funds, others will be able to give you an opinion of their risks.

tacpot12

The only other reason to consider splitting money between SIPPs is in case of systems problems or mal-administration that means income you rely on arriving on time does not.

If you rely on income from your SIPP, rather than splitting it between to SIPP providers, I would recommend that you have some savings, perhaps a couple of months of living expenses, in a savings account with a high street bank so that you are reliant on income arriving reliably.

AnotherJoe

You seem a bit confused.
A SIPP is one thing, an ISA another, and if you have investments in a fund and share account, that's a third. You may have both or all three with the same supplier, but the tax treatment and access to the money of them Is very different.
It makes no sense to say you've put all your money in your SIPP and then say it's spread across a SIPP an ISA and other investments !
There are pros and cons to having them all with one supplier and when you get to larger amounts you may wish to split across a couple of suppliers but that depends how much money we are looking at. No point splitting £10k, for a million, probably.
Who is the supplier that you are holding these different products with ? One if the usual suspects like Halifax, HL, AJ Bell?

Twointhebush

That's what I meant to say, the money is with AVIVA via a IFA. As I'm self-employed I only match my net profit when placing in the SIPP. I plan to move the other investment into the ISA as I'm unlikely to have enough spare for the ISA this year, but there'll still be a bit spare. I intend to use the ISA to top up my pension as and when I make profit over the years (I won't always have the windfalls I've had recently). Maybe placing money in the other investment via my IFA was a mistake?

maxkins

Twointhebush wrote: »

I've put almost all my savings into my SIPP. Is this a case of putting all my eggs into one basket? Even though the money is spread between an ISA, pension and other investments. Due to the protection from tax, I can't think of a reason not to do this other than the money's all in one place?

Thanks,

the only thing i would say is how much is 'almost all'? have you got a six month emergency fund in place? what other saving provision do you have? how close to retirement are you?