SIPP Platforms

Kabakov

Hi Fellow Forum Members,

I've been researching SIPP Platforms for several weeks now but struggling to find websites that are truly unbiased and comparative.

Context

- I am a single 55 year old and have a defined benefit LGPS (Local Government Pension Scheme) with 8 years contribution and hope to work within this scheme until retirement age of 67 - c. 13 years

- I have £30K of savings from Self Employment activity and want to take advantage of tax relief and invest this into a SIPP

- As I have an LGPS I am able to take a higher risk on this investment

My initial ask:

- Can anyone in a similar situation give me some practical advice?

- Costs and Investment options are complicated across the market - Can anyone with knowledge of SIPP platforms give me advice on real /actual costs for this size of investment?

- Most importantly, if I make a mistake or have better options later and wish to move to another platform what are the costs involved and how easy is it to transfer to another provider?

- Investment Options (Risk /Reward) - this is perhaps a separate post but would be good to hear any thoughts?

I very much thank you for any advice in advance.

Kind Regards,
Robert.

 

Sarahspangles

I used the Monevator tables to select a SIPP provider who would be cost effective for the range of values my SIPP might need to hold. By definition you will be making your own decisions about the funds to purchase, so there’s not a lot of difference. If you posted a shortlist people might suggest pros and cons of these?

https://monevator.com/compare-uk-cheapest-online-brokers/

dunstonh

I've been researching SIPP Platforms for several weeks now but struggling to find websites that are truly unbiased and comparative.

By default, a proper SIPP should not have any bias.  By proper, I mean one that meets traditional SIPP criteria, in particular being whole of market for investments.   Some pensions refer to themselves as SIPPs but are not whole of market and don't offer other SIPP functionality. 

My initial ask:

- Can anyone in a similar situation give me some practical advice?

- Costs and Investment options are complicated across the market - Can anyone with knowledge of SIPP platforms give me advice on real /actual costs for this size of investment?

Advice is a regulated activity.  What you see here is just discussion and opinion. Not advice.

You haven't given enough detail on your investment choices and activity.  That is important as some SIPPs will be priced with direct assets being their primary investment style and others will be priced with OEICs/UTs as their primary investment style.

- Most importantly, if I make a mistake or have better options later and wish to move to another platform what are the costs involved and how easy is it to transfer to another provider?

Nowadays, rarely any cost involved bar return of any incentives within a certain period.

As proper SIPPs are whole of market, the investment selection should be the same (bar some exotic investments that some platforms wont let you use, which you are likely best avoiding anyway).

- Investment Options (Risk /Reward) - this is perhaps a separate post but would be good to hear any thoughts?

SIPPs have around 30,000 investment options.  So, you are going to need to give more info to help narrow the options.

AlanP_2

Given your LGPS membership I would consider opening an AVC alongside your main scheme as the tax break is much greater than with a separate SIPP.

See https://www.lgpsmember.org/your-pension/paying-in/paying-more/overview/ for more info and / or your local scheme website.