SIPP Pensions

hockeyfan500

Thank you for all comments - v. helpful. I am 60 years old and am lucky to have a few pensions from over the years. I moved two of them to W@W a few years ago with a pot of circa £110K and a S&S ISA £20K.  With hindsight I feel that I was sucked in by W@W via seminars at my job. My fault entirely. I by no means blame IFA's or indeed W@W. I blame myself for not being canny enough and it is that which makes it difficult for me to trust. I'm a professional individual but not in Finance. Consequently, I personally have found trying to pick and trust an IFA difficult. That isn't their fault, its mine. I am though trying to sort myself out which is why I joined the forum...to ask and try to educate myself.  

zagfles

The choice isn't just between choosing all your investments yourself or paying for expensive individually tailored advice. You can easily get charges well under 1% even if you don't want to make active decisions, eg using robo advisers (nutmeg, moneyfarm etc), see Best SIPP: Build a low cost DIY pension - MoneySavingExpert 

Even HL have a reasonable value "ready made" pension plan at 0.75% total charges: HL Ready-Made Pension Plan | HL

BoxerfanUK

Albermarle said:

BoxerfanUK said:

My OH opened her first SIPP with Interactive investor in February.  She transferred in 3x DC workplace pensions.  So far very pleased with ii, great customer service, very responsive both via secure messages and telephone guidance if required.  You can manage your account online and they also have a phone app which works quite well.  No regrets so far.

I would say to look at the platform charges in relation to how much your pension pot is with all providers.  ii charge a flat £12.99 per month fee for amounts over 50K whereas some charge a percentage, which for larger pots can be costly.

The larger modern SIPP providers , like II, but others as well, tend to be quite responsive and have modern IT systems that work pretty smoothly. You are also right about the fact that fixed fee providers are cheaper for larger pots, although some % chargers have a low fees cap on certain types of investments.

However savings in platform fees, can be easily overwhelmed by paying too much for investment fees, and/or poor performance of the investments chosen, and/or the wrong type of investments chosen, so they are really only a minor factor. 

That is not to say that keeping platform costs down is not a good thing, but it is only a small part of a bigger picture.

Completely agree

Xenon

W@W

Who is that ?

Roger175

Xenon said:

W@W

Who is that ?

presumably Wealth at work

Somebody

Interactive Investor currently have a cashback offer until 31st August.

Linton

Nurse2047 said:

Vanguard are low fee and easy to set up, invest in a global fund like this and relax 
https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-global-all-cap-index-fund-gbp-acc/overview

Would you have relaxed in the decade from 2000?  Or would you have panicked and sold out in June 2002?

 This is actually the FTSE World Index with dividends re-invested but had the Vanguard fund been around at the time it would have shown much the same returns: