How do I set up a SIPP for someone who does not speak English and can’t use a computer

macman

Fine, so why not tell us that from the outset? So, you can set up the SIPP online with whoever you wish (Aviva if you must) and, once an account is created, advise Aviva where the funds are to go. All your mum has to do is sign the paperwork. 
Once the provider receives that back, they will sell the investments and advise a transfer value. This  process usually takes a few weeks, during which the funds are 'out of market'. Once they arrive at Aviva, you can choose to invest them in your preferred funds, take the 25% tax free, or whatever you wish.

sj15

Deleted_User said:

Brynsam said:

Deleted_User said:

xylophone said:

IFA would be a very good idea in this particular case. 

The amount in question is only £70,000 and the OP's mother wants to access around £40,000 of that  as soon as possible.

Exactly. She is clueless and the OP isn’t in a position to help. Money spent on advice will be well spent. 

Why? Setting up an online SIPP isn't rocket science and few providers are likely to want to ring up and start chatting to mum. 

OP, good explanation here (ignore the bits about specialist SIPPs such as property SIPPS and scroll down towards the bit about setting one up): https://www.onlinemoneyadvisor.co.uk/pensions/sipps/set-up-sipp/

Setting up a SIPP isn’t rocket science, but they still couldn’t do it. That’s not the advice OP’s mother needs. She is close to retirement and clueless about money, as is the OP. He is not prepared to act on her behalf. She has no language to learn about risks and options she has. 

In most cases people go to IFAs because they are too lazy to learn and take responsibility. In this case a good IFA who can speak her language  would earn his money. 

I am not "clueless" about money. That's a incorrect assumption.

Are you saying an IFA will do everything for my mum? Speak to her in her own language, give her advice. Then let's say he decides to set us up with Aviva, will he physically set up the pension for her online or with Aviva directly? And Aviva not needing to speak to my mum, because they will deal with the IFA instead as the middle man?

If that's the case then the IFA would earn his money. If all he is going to do is say - here are your 3 options. Pick one. But now you (my mum) needs to go set it up with Aviva - then we're in the same situation as per my original post.

So if you can elaborate on if an IFA will do everything end-to-end then I'd go with that option for the sake of getting this done. 

sj15

macman said:

Fine, so why not tell us that from the outset? So, you can set up the SIPP online with whoever you wish (Aviva if you must) and, once an account is created, advise Aviva where the funds are to go. All your mum has to do is sign the paperwork. 
Once the provider receives that back, they will sell the investments and advise a transfer value. This  process usually takes a few weeks, during which the funds are 'out of market'. Once they arrive at Aviva, you can choose to invest them in your preferred funds, take the 25% tax free, or whatever you wish.

Sorry, the original post was about how I can set up a pension without it being online only as language barrier/computer skills are an issue.  The thread then prompted more discussion so went in to more detail and I wasn't sure how much to provide. Kinda got lost in it.

Thank you, do you know if it's any more complicated because it's coming from a defined benefit pension from her ex husband? The ex-husbands pension provider are asking us where to put the money (along with some consent forms for my mum and the new pension advisor), so in it's simplest form, this is a pension transfer. 

Would Aviva make this process any more complicated due to the above circumstance, and keep ringing my mum up for more information? I can speak on her behalf but just concerned that they wont accept that and want to speak to her, which is where language barrier becomes and issue.

[Deleted User]

sj15 said:

Deleted_User said:

Brynsam said:

Deleted_User said:

xylophone said:

IFA would be a very good idea in this particular case. 

The amount in question is only £70,000 and the OP's mother wants to access around £40,000 of that  as soon as possible.

Exactly. She is clueless and the OP isn’t in a position to help. Money spent on advice will be well spent. 

Why? Setting up an online SIPP isn't rocket science and few providers are likely to want to ring up and start chatting to mum. 

OP, good explanation here (ignore the bits about specialist SIPPs such as property SIPPS and scroll down towards the bit about setting one up): https://www.onlinemoneyadvisor.co.uk/pensions/sipps/set-up-sipp/

Setting up a SIPP isn’t rocket science, but they still couldn’t do it. That’s not the advice OP’s mother needs. She is close to retirement and clueless about money, as is the OP. He is not prepared to act on her behalf. She has no language to learn about risks and options she has. 

In most cases people go to IFAs because they are too lazy to learn and take responsibility. In this case a good IFA who can speak her language  would earn his money. 

I am not "clueless" about money. That's a incorrect assumption.

Are you saying an IFA will do everything for my mum? Speak to her in her own language, give her advice. Then let's say he decides to set us up with Aviva, will he physically set up the pension for her online or with Aviva directly? And Aviva not needing to speak to my mum, because they will deal with the IFA instead as the middle man?

If that's the case then the IFA would earn his money. If all he is going to do is say - here are your 3 options. Pick one. But now you (my mum) needs to go set it up with Aviva - then we're in the same situation as per my original post.

So if you can elaborate on if an IFA will do everything end-to-end then I'd go with that option for the sake of getting this done. 

Yes, you just need to pick an IFA who can speak her language. 

Don’t limit his scope. Get him to review her financial affairs and advise what is the best financial choice in her circumstances. And help her to understand her risks. And how to minimize taxes, but thats a secondary issue. 

Get hum to set up a simple low cost portfolio for her, the one that does not require ongoing “advice” and further advisory charges. 

She needs a good IFA.

sj15

Deleted_User said:

sj15 said:

Deleted_User said:

Brynsam said:

Deleted_User said:

xylophone said:

IFA would be a very good idea in this particular case. 

The amount in question is only £70,000 and the OP's mother wants to access around £40,000 of that  as soon as possible.

Exactly. She is clueless and the OP isn’t in a position to help. Money spent on advice will be well spent. 

Why? Setting up an online SIPP isn't rocket science and few providers are likely to want to ring up and start chatting to mum. 

OP, good explanation here (ignore the bits about specialist SIPPs such as property SIPPS and scroll down towards the bit about setting one up): https://www.onlinemoneyadvisor.co.uk/pensions/sipps/set-up-sipp/

Setting up a SIPP isn’t rocket science, but they still couldn’t do it. That’s not the advice OP’s mother needs. She is close to retirement and clueless about money, as is the OP. He is not prepared to act on her behalf. She has no language to learn about risks and options she has. 

In most cases people go to IFAs because they are too lazy to learn and take responsibility. In this case a good IFA who can speak her language  would earn his money. 

I am not "clueless" about money. That's a incorrect assumption.

Are you saying an IFA will do everything for my mum? Speak to her in her own language, give her advice. Then let's say he decides to set us up with Aviva, will he physically set up the pension for her online or with Aviva directly? And Aviva not needing to speak to my mum, because they will deal with the IFA instead as the middle man?

If that's the case then the IFA would earn his money. If all he is going to do is say - here are your 3 options. Pick one. But now you (my mum) needs to go set it up with Aviva - then we're in the same situation as per my original post.

So if you can elaborate on if an IFA will do everything end-to-end then I'd go with that option for the sake of getting this done. 

Yes, you just need to pick an IFA who can speak her language. 

Don’t limit his scope. Get him to review her financial affairs and advise what is the best financial choice in her circumstances. And help her to understand her risks. And how to minimize taxes, but thats a secondary issue. 

Get hum to set up a simple low cost portfolio for her, the one that does not require ongoing “advice” and further advisory charges. 

She needs a good IFA.

Will an IFA actually physically set up the portfolio for her? With the chosen provider.

As in my mum does not need to be involved in any away apart from her interactions with the IFA? 

Do IFA's just go up to Aviva or HL or AJ Bell and created accounts and applications on a clients behalf?

dunstonh

Will an IFA actually physically set up the portfolio for her? With the chosen provider.

Yes. The IFA does everything.

Do IFA's just go up to Aviva or HL or AJ Bell and created accounts and applications on a clients behalf?

An IFA would not use HL as IFAs can get cheaper than that.   Aviva is a possibility but not the Aviva product you are looking at.  The IFA Aviva product is likely to be cheaper than the direct to public one.

Is your mum in a community where there are many others that speak her language?  If so, then its likely there is an IFA that speaks the same language in that community.

Your mum also needs to be wary if she is on means tested benefits.  Accessing the pension can reduce means tested benefits.

bigadaj

Won't taking the money from the pension affect the income related esa?

sj15

dunstonh said:

Will an IFA actually physically set up the portfolio for her? With the chosen provider.

Yes. The IFA does everything.

Do IFA's just go up to Aviva or HL or AJ Bell and created accounts and applications on a clients behalf?

An IFA would not use HL as IFAs can get cheaper than that.   Aviva is a possibility but not the Aviva product you are looking at.  The IFA Aviva product is likely to be cheaper than the direct to public one.

Is your mum in a community where there are many others that speak her language?  If so, then its likely there is an IFA that speaks the same language in that community.

Your mum also needs to be wary if she is on means tested benefits.  Accessing the pension can reduce means tested benefits.

She is not in any community sadly. She's pretty isolated. We've had initial consultations with an IFA but they didn't have anyone who spoke her language. There isn't a huge amount of choice on unbiased.co.uk for my area. Which is surprising. Distance wouldn't be too much of an issue except ideally we'd need to speak face to face. 

It's a difficult one.

Regarding means tested benefits - yes we are aware it will reduce her benefits. Her benefits are likely to be cut soon as she received money from the marriage house sale and although there is a discretionary period of 26 weeks, she's exceeded that due to Covid. It may continue but we are expected a dreaded letter soon to say it's been stopped.

Regardless of that, all her benefits are being spent on her share of the rent with me supplementing her extra cash. She will eventually start eating in to the house sale funds and therefore it's best we use the pension to get a property for her owned outright. We can then reapply for benefits if it's cut off - if we can. 
We'll have to inform DWP once the pension funds land in to her account anyways so we'll see what we can do at that point.

sj15

bigadaj said:

Won't taking the money from the pension affect the income related esa?

please see response above this that i posted shortly

xylophone

https://www.gov.uk/government/publications/pension-freedoms-and-dwp-benefits/pension-freedoms-and-dwp-benefits