DIY SIPP's with safeguarding

Cus

Hi - Looking for a SIPP provider that is essentially DIY, allowing you to fully decide on the initial set up, except that it also offers 'safeguarding' functions, to help the owner not succumb to rash decisions, a bit like how with gambling sites, you can opt out, block yourself etc etc.

For example, overtly trying to time the markets, or selling funds to go buy bitcoin etc, or any other rushed decisions that are not really part of the overall risk profile and proper plan etc etc.

With an IFA run SIPP, you don't have the ability to exercise silly spur of the moment choices - great, but you have to pay 0.5% or similar.

With a true DIY SIPP, you have the ability to make silly choices.

I suppose you could use a very limited SIPP provider that has only basic portfolios, but I don't want to be restricted in initial choice.

Cus

dunstonh

Perhaps don't use a SIPP then.
SIPPs are whole of market (ignoring those that marketed as SIPPs when they are not).   So, by default, a SIPP gives you whole of market access.

So, if you need protection, then stick with a stakeholder pension, personal pension, auto-enrolment scheme or robo.  Or those SIPPs that are not SIPPs.

I suppose you could use a very limited SIPP provider that has only basic portfolios, but I don't want to be restricted in initial choice.

You need to resolve your inner conflict.   You want to restrict but you don't want to restrict.  Something needs to give.

Marcon

Cus said:

Hi - Looking for a SIPP provider that is essentially DIY, allowing you to fully decide on the initial set up, except that it also offers 'safeguarding' functions, to help the owner not succumb to rash decisions, a bit like how with gambling sites, you can opt out, block yourself etc etc.

For example, overtly trying to time the markets, or selling funds to go buy bitcoin etc, or any other rushed decisions that are not really part of the overall risk profile and proper plan etc etc.

With an IFA run SIPP, you don't have the ability to exercise silly spur of the moment choices - great, but you have to pay 0.5% or similar.

With a true DIY SIPP, you have the ability to make silly choices.

I suppose you could use a very limited SIPP provider that has only basic portfolios, but I don't want to be restricted in initial choice.

Cus

You don't sound the ideal bedfellow for a SIPP. Maybe a straightforward personal pension with a good range of fund choices?

sandsy

DIY SIPP providers don't interfere in your investment decisions. They don't want to get involved in giving investment advice as it's not what they do. If they give investment advice when they shouldn't, it could be quite costly for them, in terms of compensation payments and regulatory sanctions.

LHW99

To be fair SIPP = SELF invested personal pension. You are expected to DIY to some extent, even with robo-providers, where you choose a portfolio (sometimes with a software process to help).