How to choose a SIPP/Pension provider

oscarpaterson

My partner and I have a SIPP each as we are self employed but i also have a couple of small pension pots that I have got through employment over the years. 
We got our SIPPs through an IFA and when i have asked him what to do with my small pension pots he has always recommended that I put the pensions into my SIPP. Do I have to trust him on this one? How do I know that he has given me the right SIPP - could there be better ones out there and how do you compare? 
Thank you for any advice 

Andrew31

You are paying him to compare.  If you dont trust him, then find a new IFA. 

SonOf

Do I have to trust him on this one?
Why would you not trust him?   After all, advisers are required to do an analysis of the pensions and follow a process that the FCA have defined and issue a report to you showing the positives and the negatives.    It can't be much of a business relationship if you don't believe the adviser.  There is consumer protection with recommendations made.

How do I know that he has given me the right SIPP - could there be better ones out there and how do you compare? 
The IFA pays for research software and will have experience to make those decisions.    Alternatively, you could carry out that research yourself.

Thank you for any advice 
How do you know you can trust us.

Audaxer

oscarpaterson said:

How do I know that he has given me the right SIPP - could there be better ones out there and how do you compare? 

The SIPP itself is just a wrapper for the investments it holds in it. Do you know what investments are in your SIPP and whether the portfolio is classed as cautious, medium or high risk? If you don't know what is in your SIPP, you should ask your adviser. Once you know that and what the costs are for the funds, platform and adviser, you could share that info on here and people may be able to comment more. 

Sailtheworld

oscarpaterson said:

My partner and I have a SIPP each as we are self employed but i also have a couple of small pension pots that I have got through employment over the years. 
We got our SIPPs through an IFA and when i have asked him what to do with my small pension pots he has always recommended that I put the pensions into my SIPP. Do I have to trust him on this one? How do I know that he has given me the right SIPP - could there be better ones out there and how do you compare? 
Thank you for any advice 

You could ask him why he recommended the SIPP he did?

You work backwards to find a SIPP. Think about what the investments inside might be and what activity you might be doing (number of trades / drawdown) and then workout the cheapest SIPP. You might ask around to see if the service is any good but, in general, the cheapest will probably be more than adequate.
Even if you're paying for an IFA to suggest a SIPP it's still worth doing this exercise as that will give you an idea about whether his advice is good. If an IFA can't even work out the best SIPP for your circumstances then alarm bells should be ringing.