cheap SIPP which accepts funds from employer (salary sacrifice)

happypie

I am looking to open a SIPP (personal pension) which can accept ad-hoc gross payment from employer (salary sacrifice money).
I believe Vangaurd is cheapest option out there, however checked with them and they won't accept money from employer.
I am only going to invest in some ready made portfolios (for example if it was vanguard, i would have chosen life strategy, if it was nutmeg, I would have chosen unmanaged portfolio which has 0.45% magament fee), so you probably get the idea. lowest fees, least involvement are my preference, plus must accept ad-hoc payments (direct debit won't do) from employer.

Please let me know which ones I should look into.

Cheers.

MX5huggy

Vanguard funds are available on all the main platforms. 

Try HL if you don’t like their 0.45% platform fee transfer to Vanguard once you have the funds. https://www.hl.co.uk/help/sipp,-drawdown-and-annuity/sipp/contributions/can-my-employer-make-contributions

EthicsGradient

Would this work, from YouInvest?

Your employer can pay into your SIPP by cheque, Direct Debit or BACS.

Each time your employer makes a single contribution to your SIPP, you'll need to send us a completed SIPP additional contribution form. If you want your employer to make a payment by BACS, please send us a secure message asking for our bank details.

https://www.youinvest.co.uk/faq/can-my-employer-contribute-my-sipp

cloud_dog

happypie said:

I am looking to open a SIPP (personal pension) which can accept ad-hoc gross payment from employer (salary sacrifice money).
I believe Vangaurd is cheapest option out there, however checked with them and they won't accept money from employer.
I am only going to invest in some ready made portfolios (for example if it was vanguard, i would have chosen life strategy, if it was nutmeg, I would have chosen unmanaged portfolio which has 0.45% magament fee), so you probably get the idea. lowest fees, least involvement are my preference, plus must accept ad-hoc payments (direct debit won't do) from employer.

Please let me know which ones I should look into.

Cheers.

Why not consider a periodic partial transfer out of an amount from the workplace scheme in to Vanguard, for example?  This assumes that you are allowed to execute a partial transfer out whilst remaining an active member of the workplace scheme?

happypie

EthicsGradient said:

Would this work, from YouInvest?

Your employer can pay into your SIPP by cheque, Direct Debit or BACS.

Each time your employer makes a single contribution to your SIPP, you'll need to send us a completed SIPP additional contribution form. If you want your employer to make a payment by BACS, please send us a secure message asking for our bank details.

https://www.youinvest.co.uk/faq/can-my-employer-contribute-my-sipp

I think I will go for this.
Looks good for my requirment if I invest in AJ Bell fund.
managment fee 0.25% and any of the growth fund is 0.31% so total chage is 0.56% which is highly competitive in my view.

thanks.

happypie

cloud_dog said:

happypie said:

I am looking to open a SIPP (personal pension) which can accept ad-hoc gross payment from employer (salary sacrifice money).
I believe Vangaurd is cheapest option out there, however checked with them and they won't accept money from employer.
I am only going to invest in some ready made portfolios (for example if it was vanguard, i would have chosen life strategy, if it was nutmeg, I would have chosen unmanaged portfolio which has 0.45% magament fee), so you probably get the idea. lowest fees, least involvement are my preference, plus must accept ad-hoc payments (direct debit won't do) from employer.

Please let me know which ones I should look into.

Cheers.

Why not consider a periodic partial transfer out of an amount from the workplace scheme in to Vanguard, for example?  This assumes that you are allowed to execute a partial transfer out whilst remaining an active member of the workplace scheme?

Vanguard with life stratagy fund is coming to:
management fee: 0.15%
fund fee: 0.22%

total: 0.37%

so yes much cheaper than AJ Bell you invest, however transferring from the people's pension to vanguard each time seems lot of work and may incurr charges.

I think AJ Bell you invest is best option for me.

Exodi

It's interesting as you're in loosely similar circumstances to me (but for different reasons).

The most economical method (though probably not the cleanest), would be finding a SIPP platform which accepts ad hoc employer contributions as you require, then routinely performing in-specie partial transfers of your VLS holdings to Vanguard.

Are you a director of the business? Vanguard could be an option if you are.

dunstonh

I believe Vangaurd is cheapest option out there

I don't believe it is but its there or thereabouts that makes no difference.

 however checked with them and they won't accept money from employer.

That costs money and the cheap ones don't want to do niche options that cost money.

 least involvement are my preference, plus must accept ad-hoc payments (direct debit won't do) from employer.

You also need one that will accept you as an opt out.  Many schemes will not accept opt-outs without an IFA signing off on it.

What does your employer say about the level of work they will have to do.   e.g. some pension providers will need an employer payer form completed with each non-regular payment.

managment fee 0.25% and any of the growth fund is 0.31% so total chage is 0.56% which is highly competitive in my view.

Its competitive.  but the cheapest ones on a percentage basis, for small values, are around 0.28-0.32% all in.  Although some of those may only be available via intermediaries. 

LHW99

II will also accept ad hoc employer contributions, but again you have to send a form in (electronically) for each one.

Albermarle

happypie said:

cloud_dog said:

happypie said:

I am looking to open a SIPP (personal pension) which can accept ad-hoc gross payment from employer (salary sacrifice money).
I believe Vangaurd is cheapest option out there, however checked with them and they won't accept money from employer.
I am only going to invest in some ready made portfolios (for example if it was vanguard, i would have chosen life strategy, if it was nutmeg, I would have chosen unmanaged portfolio which has 0.45% magament fee), so you probably get the idea. lowest fees, least involvement are my preference, plus must accept ad-hoc payments (direct debit won't do) from employer.

Please let me know which ones I should look into.

Cheers.

Why not consider a periodic partial transfer out of an amount from the workplace scheme in to Vanguard, for example?  This assumes that you are allowed to execute a partial transfer out whilst remaining an active member of the workplace scheme?

Vanguard with life stratagy fund is coming to:
management fee: 0.15%
fund fee: 0.22%

total: 0.37%

so yes much cheaper than AJ Bell you invest, however transferring from the people's pension to vanguard each time seems lot of work and may incurr charges.

I think AJ Bell you invest is best option for me.

It is good to have lower charges, but always be aware that your fund could change by 0.15% in a matter of minutes.
IN recent times A J Bells in house low cost funds have performed rather well ( past performance is no guarantee of the future ) 
Robo performance: January 2020 - June 2022 | Boring Money

Grumpy_chap

happypie said:

I am looking to open a SIPP (personal pension) which can accept ad-hoc gross payment from employer (salary sacrifice money).
I believe Vangaurd is cheapest option out there, however checked with them and they won't accept money from employer.
I am only going to invest in some ready made portfolios (for example if it was vanguard, i would have chosen life strategy, if it was nutmeg, I would have chosen unmanaged portfolio which has 0.45% magament fee), so you probably get the idea. lowest fees, least involvement are my preference, plus must accept ad-hoc payments (direct debit won't do) from employer.

Please let me know which ones I should look into.

Cheers.

Does your employer offer their own scheme?  Not all employers will make contributions to schemes other than the employer's own.  

Are you a Director of own Ltd Co?
Are you an Umbrella Company employee?

Your situation of wanting to make payments from employer on ad-hoc basis (or even regular) is one I was in a while back.  My pension fund was (and still is) held within a NOVIA wrapper but, AIUI, NOVIA will only deal via an Adviser and you cannot work direct.  My original Advisor would not facilitate the employer contributions so I changed to an Advisor who would.  Not had any issues with the way it all operates, get regular updates from the Advisor and the fees are lower through this Advisor than the former one.

Not recommending the NOVIA, nor can I say whether they are "low cost" or not, but just sharing my experience as this is one option that exists.