Best SIPP with no regular payment requirements?

pluto2010

Hi,

Ive finally got to a financial situation where I can start looking to invest into a SIPP.

I pay into a company pension and getting the max company contribution with that. It’s a ok pension but want something additional that I can put in overtime payments when I get some.

I’ve looked at vanguard but the initial deposit plus regular minimum monthly deposit isn’t something I can afford to loose on non overtime months.

is there a SIPP product that has a minimal initial deposit and no monthly requirements?

I would like something with 100%stocks or 80%stock 20%bonds. I haven’t got the skill for individual stock investments so would like to invest in the ftse and s and p 500 for example or a all world product.

many thanks

AlanP_2

Most of them will have some kind of minimum I expect, although some of the newer Robo / App type offerings that are trying to actively grow may be more relaxed.

Bear in mind there is a "cost" at their end to set things up and process payments / purchases etc. and these need to be covered.

Two options spring to mind to get round the issue:

1) Add the extra in to your work scheme if you can adjust the deduction amount up and down each month as required. May not be allowed as a pain the *** for payroll to be fair.

This would make the most sense if Salary Sacrifice was being used for the contributions.

2) Save the extra OT money up until you have £1k or whatever the minimum lump sum is for your chosen SIPP and then pay that in.

dunstonh

is there a SIPP product that has a minimal initial deposit and no monthly requirements?

Pretty much all of them.

sevenhills

I just transfer £100 per month into my HL SIPP, it does contain over £10K which I think is important.

Nurse2047

Moneybox has a sipp with no monthly payment and can pay as and when so doesn’t have to be monthly. Can be a few £ also only 

https://www.moneyboxapp.com/pension

Albermarle

You can also pay by debit card into many of them .

I would like something with 100%stocks or 80%stock 20%bonds. I haven’t got the skill for individual stock investments so would like to invest in the ftse and s and p 500 for example or a all world product.

Only a minority invest in individual shares . Apart from not having the skill, it is a lot more risky than investing in funds holding thousands of shares.

Be clear that the pension provider is only really administering the payments, buying/selling the investments , dealing with tax etc .
Your money is actually in the investments within the pension. So as well as finding a provider that suits your contributions pattern , you need one that offers the investment funds you require. However the types you mention are very commonplace, so should not be a problem.
Personally I would not invest just in FTSE 100/UK or just in S&P 500/US.
A global index tracker is what is usually recommended if you want to be 100% equities , or a low cost multi asset fund if you want something a bit less volatile with a mix of equities and bonds.

MallyGirl

I have a SIPP with Interactive Investor that I pay nothing into ongoing. I transferred all my old pensions into it but I don't contribute further as I have a sal sac pension with my employer

Albermarle

MallyGirl said:

I have a SIPP with Interactive Investor that I pay nothing into ongoing. I transferred all my old pensions into it but I don't contribute further as I have a sal sac pension with my employer

That's a good point . I have three pensions I do not pay into anymore and does not cause any issues.

NSG666

You can open a SIPP with Hargreaves Lansdown with £100 and either make ad-hoc contributions or a regular DD £25/month minimum. If you are interested in Vanguard Funds etc you can still invest in them via HL or many other platform SIPP providers.

HL not cheap but once the SIPP has built up you could research and move it to a cheaper platform.

jim8888

I've a SIPP with Fidelity with all the money going into a Vanguard LifeStrategy 80% equities 20% bonds fund. I could make random payments into this via debit card as and when I wanted to buy a bit more of the fund (with a couple of clicks I could easily buy another fund that took my fancy, which I sometimes also did). It's a bit daunting when you start with this investing stuff, but soon becomes quite simple as your confidence in buying and selling funds increases. Fidelity are also very helpful with any advice you might need in managing your way through the site.

pluto2010

Thanks for replies.

Will do some research into fiedilty an HL. 

I can afford £25 a month minimum, any more and il be a bit worried about the commitment.