Aviva Fund advice &/or switch to SIPP

Fifty_Miles_East

Hi,
I'm looking for a little bit of advice on fund choice and whether switching to a sipp might be an improvement.

I have a s&s ISA and s&s LISA with AJ Bell, I know they also offer sipps.
I have a small amount (2k) in the ISA and am yet to fund the LISA.

I am nearly 40 and self employed. I have an Aviva pension (ex friends life) currently worth 14k.
I recently upped my monthly payment to £400. (£500 total with tax relief)

I am concerned the funds I am in are not ideal, there are only a small amount available with this ex friends life policy.
I am in these three -

45% Aviva Pension Global Equity FP
35% Aviva Pension Stewardship Managed FP
20% Aviva Pension Property FP

They seem to have gained reasonably well but slowed down recently.

I am happy to and would rather have an active hand in fund selection etc rather than a lifestyle plan.

I am happy with higher risk but just want to be sensible higher risk not reckless!
I'm certainly scared of making a poor choice and not growing my pot.

I would love to find some resources I can research on balancing and distributing the fund choices.
I am keen to learn and be in control of it.
Anyone have any recommended reading?

I like the idea of the sipp but that looks like it would be costly if I pay into numerous funds on a monthly basis. However the returns could of course be far better with much more choice.

I am also unsure whether making more use of the LISA for retirement might be wise as I have no employer contributions. I am intending to try to fund that to the max each year if I can but have reservations that the money would be better going into the pension pot instead.

I hope that all makes sense.
Thanks in advance for any input, it's much appreciated.

AlanP_2

For reading take a look at the monevator website, Tim Hales Smarter Investing book and DIY Pensions by Edwards are good starting points.

Overall you don't have much of a pot given your age but you haven't given much detail about your overall financial situation.

Self employed - Ltd company director or sole trader? You have different options if Ltd.

Albermarle

I like the idea of the sipp but that looks like it would be costly if I pay into numerous funds on a monthly basis. However the returns could of course be far better with much more choice.

Regarding the first sentence . Most SIPPS do not charge for investing monthly in any number of funds . They all have different charging structures so you need to pick one that suits your needs

Regarding the second sentence - I wouldn't bet on that prediction....

Fifty_Miles_East

Thanks very much for the replies.


Alan - thanks for the reading tips, I'll get into those.


To answer your questions - I am a sole trader currently, I turnover 70-80k.
No mortgage or rent. no debt.


I am interested in the benefits of becoming a limited company but have not explored it fully yet.


Mainly I am wanting to build up the fund for future and am not sure my Aviva choice is the best one.


Albermarle - I can do regular payments into funds with AJ Bell at £1.50 per fund per deal so not too bad i spose.
And of course I appreciate what your saying regarding my second sentence!

Albermarle

I can do regular payments into funds with AJ Bell at £1.50 per fund per deal

Some platforms offer free dealing for funds . Have a look at this comparison tool
http://www.comparefundplatforms.com/