SIPP

curtis122

My situation just in case it matters - several Work Place pensions over the years from different jobs, no longer paying into any. Work as a contractor now through an umbrella company and got pension through the auto enrollment. This only gets paid into when I'm working/earning, a % of my pay gets taken out an moved to it. I don't hold a lot in my pensions. I try and diversify as much of my money as possible, I have a S&S ISA spilt between individual shares and funds and have nearly all of the regular savers that are out there and have a rental property.  
As my pensions are not that much I've been looking into maybe opening a Sipp, my Santander regular saver is coming to an end soon and the rate of the new regular saver with them is so low its not worth it so want to put the £200 a month elsewhere which is why I have considered a Sipp which will then help possibly boost my pension when I retire.
Are there any restrictions on opening a Sipp? Does opening one depened on anything else I've opened or been paying into in the current tax year? 
I would be prepared to pay in £200 a month and choose a high risk managed Sipp if possible. I'm new to Sipps, have read the guide on MSE and from reading the information on Sipps it seems you can get managed ones in the same way you can get manged fund's that I have in my ISA.

Joey_Soap

Just a hint, "high risk managed SIPP". The "SI" in SIPP stands for "self invested ". I think you need to understand a bit more about what investing in a SIPP really means. There are excellent free guides you can download at all the main investment platforms. They will explain exactly how a SIPP works.

xylophone

several Work Place pensions over the years from different jobs, no longer paying into any.

Are any of them Defined Benefit/Defined Contribution with safeguarded benefits (Guaranteed Annuity Rate etc)?

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

AlanP_2

SIPP and IS are tax wrappers, you choose what is held inside those wrappers.

If you want a managed fund as opposed to a passive fund then that is what you choose to hold inside your wrapper.

jamesd

curtis122 said:

...got pension through the auto enrollment. This only gets paid into when I'm working/earning, a % of my pay gets taken out an moved to it. ... Are there any restrictions on opening a Sipp? Does opening one depened on anything else I've opened or been paying into in the current tax year? 
I would be prepared to pay in £200 a month and choose a high risk managed Sipp if possible. I'm new to Sipps, have read the guide on MSE and from reading the information on Sipps it seems you can get managed ones in the same way you can get manged fund's that I have in my ISA.

Doesn't depend on  what you've done.

Why not add the money to the work-related one instead?

Most personal pensions - work or SIPP - have a range of fund choices that includes balanced managed as well as other managed funds.

Albermarle

Can you say which is your workplace pension provider ? as said above it might well be the best bet and simpler than opening a new pension.
The main reason to open a SIPP is to have bigger range of possible investments compared to a standard workplace pension. However for most people he vast range of investments some SIPPs offer is unnecessary and potentially confusing.