SIPP advice please.

[Deleted User]

If anything this crisis has given me time to have a think about finances etc.
A bit of background.
Small company pension but do not expect to be there longer than a year so limited in adding to that.
Have £70k in an old pension but am unable to add but can transfer to another pension.
Mortgage paid off.
No debts.
Savings £55k.
I'm presuming this SERP would be acceptable? Are there fees ok? Any better options (I've gone for 60%equities/40%bonds-medium risk)
https://www.hl.co.uk/pensions/sipp/investment-ideas-for-your-sipp/portfolio-plus
Age 48
Thanks in advance!

dunstonh

I'm presuming this SERP would be acceptable?

Assuming SERP was a typo for SIPP.

 Are there fees ok?

They are one of the highest charged platforms available.  However, it very much depends on the amounts involved and what you are investing in.  

Any better options (I've gone for 60%equities/40%bonds-medium risk)

As for ongoing charges, you are paying more than a typical IFA portfolio but not actually getting any advice.     

The whole aim of DIY is to reduce charges.  Not pay more.

[Deleted User]

Correct that was a typo.
Any idea what would be my next best move as my pension needs upping and time is against me (48 years old)?
For instance if I put £10,000 in a SIPP and £500 a month to begin with?
Any advice with lowest charges etc?
Thanks

macman

I'd look at Vanguard for that level of investment. You can't just put £10K in, you are subject to an annual limit depending on your current salary. However any existing funds can be transferred in full (but check for any exit fees first).
Vanguard offer a range of blended funds in various ratios of equities to bonds, but these do have a US rather than UK bias.

[Deleted User]

macman said:

I'd look at Vanguard for that level of investment. You can't just put £10K in, you are subject to an annual limit depending on your current salary. However any existing funds can be transferred in full (but check for any exit fees first).
Vanguard offer a range of blended funds in various ratios of equities to bonds, but these do have a US rather than UK bias.

Thanks for the info. Its appreciated. I notice they have the 'Target Retirement funds' but don't have a SIPP up and running yet. Would that be correct?

digbydog

I'm sure they do have a SIPP, started in Feb this year as I recall. 

[Deleted User]

Would this be right? I believe its delayed.
https://www.vanguardinvestor.co.uk/articles/latest-thoughts/retirement/an-update-on-the-vanguard-personal-pension

eskbanker

Deleted_User said:

Would this be right? I believe its delayed.
https://www.vanguardinvestor.co.uk/articles/latest-thoughts/retirement/an-update-on-the-vanguard-personal-pension

That article was from February 2019!  A better one would be https://www.vanguardinvestor.co.uk/articles/latest-thoughts/retirement/vanguard-personal-pension-is-here

[Deleted User]

eskbanker said:

Deleted_User said:

Would this be right? I believe its delayed.
https://www.vanguardinvestor.co.uk/articles/latest-thoughts/retirement/an-update-on-the-vanguard-personal-pension

That article was from February 2019!  A better one would be https://www.vanguardinvestor.co.uk/articles/latest-thoughts/retirement/vanguard-personal-pension-is-here

Aah yes thanks I'll take a look now!

[Deleted User]

I'm a little confused how much I can pay into this on a yearly basis.
I'm presuming there are limits and the taxman tops up 20% tax relief yes?

eskbanker

Deleted_User said:

I'm a little confused how much I can pay into this on a yearly basis.
I'm presuming there are limits and the taxman tops up 20% tax relief yes?

https://www.gov.uk/tax-on-your-private-pension