Where to start

xylophone

Do you wish to consider a JISA for your child?

https://www.gov.uk/junior-individual-savings-accounts

norsefox

I fear my main objective has been lost slightly. Does anyone have advice on the next steps to make? Is a SIPP, personal, or stakeholder pension the best option? Or am I best simply to increase my contribution to the People’s Pension the best option?

Marcon

norsefox wrote: »

I fear my main objective has been lost slightly. Does anyone have advice on the next steps to make? Is a SIPP, personal, or stakeholder pension the best option? Or am I best simply to increase my contribution to the People’s Pension the best option?

What are you trying to achieve? Simplicity, flexibility, more investment choice...? Not all objectives are compatible, so without knowing your priorities, it's impossible to give you any truly helpful thoughts.

cobson

norsefox wrote: »

This is the question I’m pondering over. The People’s Pension charges haven’t been super competitive previously, but they are introducing a tiered system depending on fund values shortly.

I was just wondering if you had a source for this - can't see anything on their website.

norsefox

cobson wrote: »

I was just wondering if you had a source for this - can't see anything on their website.

My source is the annual update from our pensions account manager - I have a pdf report that they’ve been sharing with the companies whose staff they manage funds for. I didn’t realise it wasn’t available more widely.

norsefox

Marcon wrote: »

What are you trying to achieve? Simplicity, flexibility, more investment choice...? Not all objectives are compatible, so without knowing your priorities, it's impossible to give you any truly helpful thoughts.

My objectives are probably simplicity, transparency (I like to be able to see how things are going), a degree of flexibility, and competitive charges.

I’m more than happy to manage a SIPP, though my question related to this is whether a SIPP can sensibly invest in only a couple of balanced funds and be left alone for perhaps a year at a time?

cobson

Thanks Norsefox, I found it here:

https://thepeoplespension.co.uk/changes-to-our-annual-management-charge/

Dox

norsefox wrote: »

I’m more than happy to manage a SIPP, though my question related to this is whether a SIPP can sensibly invest in only a couple of balanced funds and be left alone for perhaps a year at a time?

Yes, but it rather defeats the object of having a SIPP in the first place if you want a 'hands off' approach.

norsefox

Dox wrote: »

Yes, but it rather defeats the object of having a SIPP in the first place if you want a 'hands off' approach.

That’s a fair point, though from discussions with IFAs, they seem to commit to an annual review of the funds in which they invest and reallocate accordingly. Is that really all that different from a SIPP where I’d invest in the funds directly, and then re-evaluate on a semi-regular basis?

If anyone can point me in the direction of a blog or website that explores the different options that would be really handy.

If the ultimate advice is meet with an IFA then I’m happy to do so, but I’d have thought (and it seems to be in my experience) than an IFA has a vested interest in me opening a personal pension given that would make me a customer whilst a SIPP would not.

If the best option is simply to start a personal pension with Aviva (or whoever) where best to compare? I’ve tried various websites but none of them have IFAs in Scotland who can help.

Dox

You'd need to be a customer before an IFA could give any advice, regardless of whether you take out any sort of pension or other investment.

A SIPP is a personal pension - that's what the PP stands for.

If you open a vanilla personal pension/stakeholder pension which doesn't require an IFA as intermediary, you could then take advice as and when you need it, rather than on an ongoing basis. Do remember, though, that the provider charges you get if arranged via an IFA may be much better than you can get if you 'go direct'.

The questions you are asking makes me wonder if you've had a look at this: https://www.moneysavingexpert.com/pensions/