SIPP without SIPP provider?

AnotherJoe

Barney683 wrote: »

Thank you for the responses. I'm not "pulling anyone's plonker" and if I seem belligerent it's because I'm genuinely upset that a SIPP isn't what I has imagined it to be - a way for me to mark a holding in any fund I wish to invest in, listed on any exchange and denominated in any currency, as part of my pension, without absurd charges.


Its "absurd" to believe you can do that without paying for it. You wish to invest across all stock markets and funds for peanuts? Dream on, irrespective of whether its in a SIPP or not.



To the poster who (very belligerently!) insisted I should do some research as to what SIPPs actually are, what am I doing posting here if not research? And as to your suggestion that paying at least £500 pounds is warranted for the legal duties performed by the SIPP provider - I don't believe you. I'm quite sure this is all done electronically, without being seen by human eyes, with negligible cost.

LOL. How much do you think it costs to rent the servers, program the apps (Or buy them in), manage the apps, keep up with regulatory changes?

Barney683

Thanks for the many constructive answers. Especially to midlandsim for mentioning "SIPP Lite" offerings - perhaps a "SIPP Lite" may fit the bill for me. I will do some Googling.

For the record, what I found initially enraging about the level of SIPP charges was that not only were the charges for management high, but that most of the providers I looked into actually then insist on charging for drawing the pension down!. That, in my book, is daylight robbery.

Fortunately I have now found that a handful of providers have 0 draw-down charges, and intend to go with one of these options.

whatsup7

What drawdown provider is free?

SonOf

whatsup7 wrote: »

What drawdown provider is free?

Most of the intermediary providers charge nothing extra for drawdown. I think several DIY providers do.

Dox

Barney683 wrote: »

What are you in about, SonOf? What knowledge?


It is abundantly clear that asking a question about how SIPPs work on a pensions forum is research.

No - it's letting other people do the legwork for you. Our fee notes will follow!

Linton

Barney683 wrote: »

Thanks for the many constructive answers. Especially to midlandsim for mentioning "SIPP Lite" offerings - perhaps a "SIPP Lite" may fit the bill for me. I will do some Googling.

For the record, what I found initially enraging about the level of SIPP charges was that not only were the charges for management high, but that most of the providers I looked into actually then insist on charging for drawing the pension down!. That, in my book, is daylight robbery.

Running a PAYE system doesn’t come for free. Someone has to pay the clerical and computer staff. Either the people wanting drawdown pay for it explicitly or it is bundled into the other fees, so people who aren’t drawing down pay for it.

Fortunately I have now found that a handful of providers have 0 draw-down charges, and intend to go with one of these options.

Glad you are now happy.