Interactive Investor SIPP Help

dharm999

I believe so.  I have made frequent changes, sometimes monthly, as I changed the value and the investment, and there was no fee to pay

handful

My SIPP is with II. I have been making a regular contribution into this for a couple of years now and I have some regular investments set up. My contribution generally goes in on or around 12th of the month. The tax relief is paid automatically around the 23rd of the month. My regular transactions occur around the 12th of the following month but I did this to make sure the transactions also invested the tax relief so deliberately had a bit of a delay. Any cash held in a SIPP attracts a minimum of 3% interest and that goes up to 3.75% for over £10k and 4% for over £100k.

I will shortly be finding out how good they are with drawdown/UFPLS but no complaints with them so far and always responsive to any queries that I've made. Also good with chasing transfers. To answer another of the questions above, There are no charges or transaction fees for regular investing.

Troxy

I believe ii add tax relief approx 5 to 6 weeks later

j_netprofit

Very interesting deamypuma, I guess have some of the same/similar questions.

My assumption was that I was only entitled to one 'free regular investment' but providing the cash is there in the account and the investments are requested accordingly I suppose multiples can work?

Layman example...

If add £1000 cash, and instruct £950 to invest in the S&P500, and £50 to invest into the FTSE100, would that work?

Another one is the added tax relief, 20% for basic tax payer? So in theory my investment would be £1,200. So should the example be £1140 and £60 respectivly?

j_netprofit

handful said:

The tax relief is paid automatically around the 23rd of the month. 

Troxy said:

I believe ii add tax relief approx 5 to 6 weeks later

Hmmm any help with some accuracy here? Struggling to find info online 

Albermarle

jay_ftw said:

Very interesting deamypuma, I guess have some of the same/similar questions.

My assumption was that I was only entitled to one 'free regular investment' but providing the cash is there in the account and the investments are requested accordingly I suppose multiples can work?

Layman example...

If add £1000 cash, and instruct £950 to invest in the S&P500, and £50 to invest into the FTSE100, would that work?

Another one is the added tax relief, 20% for basic tax payer? So in theory my investment would be £1,200. So should the example be £1140 and £60 respectivly?

If you add £1000, the tax relief is 25% = £250 .
That is because to have £1000 after basic rate tax you need to earn £1250, not £1200

With most SIPP providers the tax relief appears around 6 to 8 weeks after the contribution is made.

MallyGirl

I am sure I used to have multiple regular investments running at the same time. There is an 'investment priority' field to prioritise which one is made if you don't have enough cash in there so it stands to reason that you can have more than one.
If it was me I would set up the regular investment for what you are contributing, then track for a couple of months to see when the tax relief arrives and set up further regular investments to match that arrival date.

ColdIron

In my experience over the last seven years it's always been 6 - 11 weeks after the contribution depending on it's exact date. All platforms are constrained by HMRC time frames

dreamypuma

jay_ftw said:

Very interesting deamypuma, I guess have some of the same/similar questions.

My assumption was that I was only entitled to one 'free regular investment' but providing the cash is there in the account and the investments are requested accordingly I suppose multiples can work?

Layman example...

If add £1000 cash, and instruct £950 to invest in the S&P500, and £50 to invest into the FTSE100, would that work?

Another one is the added tax relief, 20% for basic tax payer? So in theory my investment would be £1,200. So should the example be £1140 and £60 respectivly?

From my discussions with them this morning, I believe this should work. The Free Regular Trade element, should allow you to fund multiple funds in your portfolio - The agent mentioned up to 25 but couldn't explain or direct me to the mechanics of doing so without incurring trade fees.

It's this level of ambiguity that is causing me some inertia around transferring. I've had it good with Vanguard with ad-hoc free trades, but I guess this comes at a cost.

I expect re-investing the tax relief would have around an 8 week delay, and then be included (if instructed) on the next cycle of dates they place orders (I believe 12th of each month). So no more getting smart and trying to time the market.

Ultimately I guess were in it for the long run, so requires a new mindset or paying a small and infrequent fee.

I'm still undecided after this mornings experience.

j_netprofit

Albermarle said:

jay_ftw said:

Very interesting deamypuma, I guess have some of the same/similar questions.

My assumption was that I was only entitled to one 'free regular investment' but providing the cash is there in the account and the investments are requested accordingly I suppose multiples can work?

Layman example...

If add £1000 cash, and instruct £950 to invest in the S&P500, and £50 to invest into the FTSE100, would that work?

Another one is the added tax relief, 20% for basic tax payer? So in theory my investment would be £1,200. So should the example be £1140 and £60 respectivly?

If you add £1000, the tax relief is 25% = £250 .
That is because to have £1000 after basic rate tax you need to earn £1250, not £1200

Yes I knew that…my mistake! Doh! 

ColdIron said:

In my experience over the last seven years it's always been 6 - 11 weeks after the contribution depending on its exact date. All platforms are constrained by HMRC time frames

Makes sense, but going back to dreamypumas point, can that mo ey then get invested into the free regular saver option. Seems a waste to pay £3.99 per trade to invest it each time.