Platform for Non-earner SIPP

Expotter

I'm looking into opening a Non-earner SIPP, to contribute the maximum amount of £2880 per year, but I'm unsure about which platform to use. Could anyone suggest which ones have the lowest charges and are easy and straightforward to open and operate? I have been looking at Vanguard or AJ Bell, but could do with some extra feedback.

In terms of funds to invest in, I've been considering an 80/20 style fund or a Global index passive tracker. I'm not looking at it to provide a retirement income, but rather an investment for at least the next 10 years. I have a reasonable knowledge of pensions and how they work, but when it comes to investing, I'm a complete newbie. 

MallyGirl

Take a look at Snowman's helpful spreadsheet for comparison. It doesn't cover every one and it might be slightly out of date but it is good starting point.

https://forums.moneysavingexpert.com/discussion/5583030/coolly-comparing-investment-platform-charges-snowmans-spreadsheet/p1

If you are only putting the £3600 pa in here you'll want one with %age based fees to keep costs down

[Deleted User]

Can’t go wrong with Vanguard for the amounts you are talking about (and for the type of investment you have in mind).  If you play it right, your overall costs would be noticeably lower than with AJ Bell.  The downside of Van is that they limit the vendors of funds you can buy, but Van’s own 80/20 global fund would meet your needs very well. 

cloud_dog

Deleted_User said:

Can’t go wrong with Vanguard for the amounts you are talking about (and for the type of investment you have in mind).  If you play it right, your overall costs would be noticeably lower than with AJ Bell.  The downside of Van is that they limit the vendors of funds you can buy, but Van’s own 80/20 global fund would meet your needs very well. 

Or, AJ Bells new low cost platform Dodl; same 0.15% charge (although it does have a minimum £1pm, which makes it a little more expensive than Vanguard for balances less than £8000.)

dealyboy

Monevator has a great blog and the platform comparison has just been updated:

https://monevator.com/find-the-best-online-broker/

[Deleted User]

cloud_dog said:

Deleted_User said:

Can’t go wrong with Vanguard for the amounts you are talking about (and for the type of investment you have in mind).  If you play it right, your overall costs would be noticeably lower than with AJ Bell.  The downside of Van is that they limit the vendors of funds you can buy, but Van’s own 80/20 global fund would meet your needs very well. 

Or, AJ Bells new low cost platform Dodl; same 0.15% charge (although it does have a minimum £1pm, which makes it a little more expensive than Vanguard for balances less than £8000.)

What about all the other “little” charges the platforms have, eg relating to drawdown, trading in ETFs, transfer to another broker, etc? When I last looked, Vanguard was (for the most part) free for these things and AJ Bell wasn’t. No idea about Dodl. 

Albermarle

Holthxu said:

Can you contribute to a pension if you are not working?

Even if you're not in paid employment you can pay into a personal pension and still get tax relief. You can even save into a pension scheme for your children or grandchildren.

Can you contribute to a pension if you are not working?

I think you just answered your own question.

Even if you're not in paid employment you can pay into a personal pension and still get tax relief