A "guinea pig" SIPP recommendation pls

RNV

Hi all, I'm after a collective wisdom of this forum again please. 

I'm in a work pension with Scottish Widows, in a default Pension Portfolio Two (GB00B09CD637). Very heavily salary sacrificing (subsidised by savings) at the moment with an aim/hope to retire early (at 55, in 5+ years time). I do not have any confidence/expertise/time to properly educate myself at the moment to start fiddling with fund changes etc on this entire pension. 

However,  I'm thinking of opening a  "guinea pig" SIPP, where I can learn by "try and see what happens" mistakes.  I will not be putting anything substantial into this SIPP (£50-£100/months initially, then  (after I use all my currently available carry forward) may be more aiming to reach 10k for an option of a small pension pot).   

The desired features are :
- cheap platform (I do understand that for the amounts involved this will not have any difference, however I would like to have an option of possibly transferring into this SIPP from the SW in future)
- offering all drawdown options  (as above, for an option of potential use as the main one in future)
- offering an option of £2,800/year  transfer/withdrawal  for 55-75 years
- pls add any other features that I haven' learned yet about

Could you recommend (a) SIPP(s) that would match above?

Many thanks for your time !

dunstonh

 I will not be putting anything substantial into this SIPP (£50-£100/months initially, then  (after I use all my currently available carry forward) may be more aiming to reach 10k for an option of a small pension pot).   

Let's say your chosen investment strategy has all allocation to Japan of 3%.     At £50pm that means £1.50 being allocated to Japan out of that £50.

What are you hoping to achieve by doing all this work and faff?    especially as you say you don't have the knowledge or time to get it.

- offering all drawdown options  (as above, for an option of potential use as the main one in future)

As it stands, there doesn't appear to be any DIY platform that offers all options.   However, all SIPPs will offer the most you can get.

- offering an option of £2,800/year  transfer/withdrawal  for 55-75 years

In or out?   Regardless of which it is, either is routine for all SIPPs.

RNV

Hmm, not a good idea then... I thought this way I could at least try some typical transactions (move funds, see how long the transaction take, what admin steps involved etc) on amounts that I can afford to lose....

Audaxer

RNV said:

Hmm, not a good idea then... I thought this way I could at least try some typical transactions (move funds, see how long the transaction take, what admin steps involved etc) on amounts that I can afford to lose....

If you are wanting to experiment and learn about investing with small amounts in different funds, why don't you just create a small portfolio in an S&S ISA? 

dunstonh

RNV said:

Hmm, not a good idea then... I thought this way I could at least try some typical transactions (move funds, see how long the transaction take, what admin steps involved etc) on amounts that I can afford to lose....

Why?

If it's for fun then find something better to do.  Investing is not fun.  Indeed, it can be quite monotonous and is really an administration task.   Investing should not be fun.  

RNV

Hint taken - bad idea.   Will concentrate on SS-ing and avoiding wasting money for the moment. 

Thanks for comments!

[Deleted User]

Since other posters seem reluctant to recommend a provider - I'm an experienced investor and very happy with AJBell.
Good platform, lots of resources, reasonable costs, easy to check transactions/when divis are paid/hmrc tax relief applied and so on. Works for me!

Albermarle

RNV said:

Hmm, not a good idea then... I thought this way I could at least try some typical transactions (move funds, see how long the transaction take, what admin steps involved etc) on amounts that I can afford to lose....

If you want to learn more about monitoring and comparing  investment performance etc it would be easier to set up a virtual portfolio on Trustnet or Morningstar. I have never done it but I believe it is quite easy and free at a basic level.

Joey_Soap

I seriously suggest that the OP creates a wholly theoretical portfolio at one of the many finance websites out there. The portfolio can be used to try buy and sell or buy and hold strategies, tracker funds, or whatever investments take the OPs fancy. All for zero cost and zero risk. If, in a few years time the OP feels his "portfolio" has performed well and feels confident enough, the real portfolio can be created. Until the OP tries it, he/she will never know whether he/she has the aptitude or interest in running an investment portfolio. I urge the OP to give it a go. Nothing to lose here except a few hours of time.

RNV

Thanks  @Albermarle & @Joey_Soap.  A "virtual portfolio" is an angle I never though about (tells how "green" I am).

Joey_Soap

RNV said:

Thanks  @Albermarle & @Joey_Soap.  A "virtual portfolio" is an angle I never though about (tells how "green" I am).

Very happy to help. It's the obvious way to see how you get on! You'll know for sure whether you want to spend the time learning or if it's a chore. I enjoy running my investments. It's kind of a hobby in a way. But it's not for everyone.

In your shoes, I think I would be tempted to join another forum that's a bit more focused just on the investment aspects too. Good luck.