Early retirement-funding the gap

Redsox64

Ok so if I’ve understood correctly if I open a SIPP it has to be funded from my current account. To do so I would move some of my savings across to replace lost income. Is there a minimum investment below which it wouldn’t be worth doing?

cloud_dog

Redsox64 said:

Ok so if I’ve understood correctly if I open a SIPP it has to be funded from my current account. To do so I would move some of my savings across to replace lost income. Is there a minimum investment below which it wouldn’t be worth doing?

The only consideration here is if the SIPP you go with charges on a per transaction basis, i.e. to buy (or sell) each month.  If so, then depending on that cost you may want to ensure a proportional amount is invested each time so as to ensure the transaction cost doesn't eat too much of the monthly money.  If no transactional charges then, no.

Secret2ndAccount

Think of the SIPP like a savings account that you don't plan to withdraw from for a while. So you would pay in money, once, once a month, once a year, or whenever you want to. Probably wouldn't bother opening one for less than 500 quid, though many providers would be happy to take less, particularly if you set up a regular payment.

The provider will likely want the money to come from an account in your name, but it doesn't have to be your current account. You might be able to go from savings account to SIPP and save a step if that's what you want to do. Some will take money via a debit card, so paying by debit card, then dipping into your savings account when you need some money might be the easiest way.

Redsox64

Thank you that’s all helpful advice. I have looked at AJBell whom I have a S&S Isa with. Any thoughts on them?

Redsox64

Is there somewhere that reviews SIPP providers in general terms?

sevenhills

Redsox64 said:

Is there somewhere that reviews SIPP providers in general terms?

https://goodmoneyguide.com/best-sipp-providers/?gclid=Cj0KCQiApY6BBhCsARIsAOI_GjaGMWSfm8X7WsQ-P4Ub3SWwZ1qEGGz0AuE-cIrpKpAR96CzkOZZTxMaAj3hEALw_wcB

https://www.thisismoney.co.uk/money/pensions/article-5937747/How-pick-best-cheapest-Sipp-build-pension-investments.html

Toucan13

There is one here which does SIPP / ISA / GIA
Investment Fees Calculator - Boring Money

RetSol

Redsox64 said:

Thank you that’s all helpful advice. I have looked at AJBell whom I have a S&S Isa with. Any thoughts on them?

I have recently opened a SIPP with them.  They have just abolished fees for drawdown - handy especially if you are not drawing down large sums. 
See https://forums.moneysavingexpert.com/discussion/6240490/sipp-providers#latest. 

westv

https://www.youtube.com/watch?v=UOPyGKDQuRk

Redsox64

 Westv.....Vey funny 🤣🤣