Stakeholder/personal pension/SIPP providers

marc.faulkner

Hi,

As part of my financial restructuring, I am keen to make sure that I am getting the most out of my retirement savings.

I'm only 19, so my savings aren't very large at all, however I am in a relatively well paid, steady job and want to make sure I am putting something away towards retirement. My current stakeholder is with Friends provident, but I'm not sure how they fare against others in terms of charges, fund performance etc?

The HL SIPP seems to receive very good reviews, as it's charges seem especially competitive. I also like the idea of being able to choose al of my own investments, as I like to think that I am relatively financially savvy. Given my youth, I reckon I can go for an adventurous, higher risk investment portfolio to begin with - if it comes good then all very well, a welcome boost to my pension fund. If it gots pear shaped, lesson learned and I've got another 40+ years to put it right...

The balance of my stakeholder is very low (less than £1,000 currently) therefore it's probably not worth my transferring it.

Thoughts?

Thanks,

purch

The HL SIPP seems to receive very good reviews, as it's charges seem especially competitive.

Actually I think it gets one good review as regards being cheap...........that one from Tony Hazell of the Mail on Sunday, which they manage to include on all their literature

Their SIPP is low cost in as much as they do not charge a set-up fee, discount initial fees often to zero on OEIC/Unit Trust Funds, and charge no annual fee if all your money is invested in OEIC/Unit Trust Funds that they receive a trailing commission on

However it is possible to set up a similar arrangement with other providers even cheaper

PS. In the interests of full disclosure...I have a SIPP with HL, with about 30% of it invested in Funds

dunstonh

The HL SIPP is low cost as far as buying unit trusts go but you can get cheaper if you get a decent personal pension and mix and match the best stakeholder and external funds. If you are not buying funds and intend to self invest (which after all is what SIPPs were meant for) then you can do better.

Actually I think it gets one good review as regards being cheap...........that one from Tony Hazell of the Mail on Sunday, which they manage to include on all their literature

Mail on Sunday supporting it's advertisers again...

If we are giving disclosure on what we have, I dont have a SIPP but a personal pension but use Unit Trust/OEIC/SICAVs and its cheaper than a SIPP (cheaper than HLs thats for sure).

EdInvestor

HL is a better deal for your ISA where it additionally discounts 0.25% on funds AMC.

If you are a basic rate taxpayer and have no employers' contribution and don't yet have a home, it may be unwise to tie up all your savings in an inflexible pension where you can never get them out.

An ISA might be a better idea.The investment choices are the same.

Retired_I.F.A.

Starting a pension plan at 19 makes sense but is it a priority amongst all the financial financial products available? I very much doubt 10% of financially aware 19 year olds have even heard of the most valuable product of all.... P.H.I.