Funding a SIPP with Interactive Investor - So confused!

NYorks_

Hello All, hope someone who holds a SIPP with II is able to help me here.
Spent hours with their customer support but I'm still ever so confused as it seems I'm given contrasting info each time I speak to one of their support staff - very frustrating!

I opened last week a SIPP with II and would like to start contributing to this SIPP on a monthly base. I have a 'basic account' which, as I understand it, would allow me to make one trade per month for free. This is OK, I understand that, although it's a bit annoying that the trade can only occur at a fixed/given date each month (I'm told it is the 3rd Wed of each month).

My confusion is how do I transfer cash to the SIPP?? To set up a direct debit seems quite cumbersome, as not only you have to fill in and send by post the direct debit form, but also the SIPP contribution form, which I'm told needs to have a wet signature and is only valid for 30 days. Hence if I wish to make a monthly contribution I need to print, sign and send a form every month! This seems to me quite absurd and very inefficient.

Perhaps a better option would be to pay by debit card on a monthly base, which is a method that I'd prefer as I can vary the amount of money I contribute (for instance paying a bit more into the SIPP the months I receive a bonus).

Does anyone know whether I can add cash monthly by debit card to the SIPP, and then have the cash invested as directed in my II SIPP account without incurring in the 7.99 Pounds trade fee? I understand that I can choose one fund only per month if I wanted to avoid the 7.99 charge, which is fine, as I can 'rotate' the funds I want the cash to go into on a monthly-by-monthly basis.  If I can pay by debit card every month, I understand that the cash needs to be available in the SIPP by the 3rd Wed of each month.

I really wish things would be easier. I have another SIPP with Vanguard and I found that processes are really smooth with them in term how I want to add cash and there is no constrain in the date I want to buy funds. I guess I'm a bit disappointed that I have discovered how cumbersome some of the processes with II are after I have opened the account and not before.
Thanks in advance

TVAS

Complain to the CEO google CEO email address. Close the II SIPP they don't seem to understand the point of online business. One should be able to make a debit card payment online why not google that specific question as well?  Vanguard the yanks as per usual know how to do it.

Linton

According to https://www.ii.co.uk/ii-accounts/sipp/making-contributions you can use a debit card.

Debit card (one-off): log in and select 'add cash' from the 'cash & transfers'

LHW99

The SIPP contribution form has a DD form at the back. At the moment, it states on the form:

"Once completed, please print the whole form, scan it, and send via secure message from your online account"

I have never done the DD bit, but the signature on the contribution form can be "wet signed, then scanned and uploaded onto a secure message as per the instructions - probably the DD bit will be accepted that way too. If you try it, they will let you know if they need a posted copy of the DD as well.

There are no fees for regular investing

https://www.ii.co.uk/ii-accounts/sipp/sipp-charges

dunstonh

TVAS said:

Complain to the CEO google CEO email address. Close the II SIPP they don't seem to understand the point of online business. One should be able to make a debit card payment online why not google that specific question as well?  Vanguard the yanks as per usual know how to do it.

Or read the instructions II give?

jaybeetoo

Regular monthly trades (which can be in one or more investments) are free.  They take place on the 3rd Wednesday of each month.

In addition, you get one free trade a month to be used outside of the regular monthly trades.  In reality the free trade is a £7.99 credit against trades.  For example, if you had an automatic dividend reinvestment, the 99p charge could be taken out of the £7.99 credit leaving you £7 against other trades.

As already mentioned, you can send the completed forms by secure message.

You can add money by direct debit (usually the best option as regular monthly trades are free) or by debit card.  ii will need to know if your SIPP contributions are eligible for tax relief (automatically added to your account each month).

IvanOpinion

I think you are conflating multiple issues.  There is an option on the trading menu that allows you to set up a regular investment - that is what I did and have had no issues.  The DD is taken on a specific date (like any other DD). 

Your free trade (each month) can be used anytime - until it expires.

IvanOpinion

TVAS said:

Complain to the CEO google CEO email address. Close the II SIPP they don't seem to understand the point of online business. One should be able to make a debit card payment online why not google that specific question as well?  Vanguard the yanks as per usual know how to do it.

I think there are several steps open to the OP before throwing toys about.

coyrls

https://www.ii.co.uk/ii-accounts/sipp/making-contributions seems clear to me:

Ways to pay in to your SIPP

The quickest and easiest way to make personal contributions is via your online account. No contribution form is required for the following:

• Debit card (one-off): log in and select 'add cash' from the 'cash & transfers' menu.
• Direct debit (regular, monthly) personal contribution: log in and from the ‘account’ menu select ‘add an account’. Make sure your SIPP is selected then click on ‘Account upgrades’ from the section menu and choose ‘Regular Payments’ to set-up your personal, regular, contribution.
• Internal transfer (one-off and regular, monthly): log in and select 'withdraw/transfer cash' from the 'cash & transfers' menu, choose the 'Internal Transfer' option and follow the simple instructions

To make a personal contribution by bank transfer and arrange contributions from your employer or another person, complete an ii SIPP Contribution Form

Steve182

My company pays my monthly pension contribution to my II SIPP by direct debit. I've never received any complaints from our accounts dept. about it being overly difficult.

Certainly I've found buying/selling shares/funds straightforward. 

squash18

I’m with ii, add funds with a debit card, find them great to use