Choosing a pension provider for a new SIPP - help!

MeteredOut

What_time_is_it said:

poseidon1 said:

AJB have a number of incentives running at the moment - see below

https://www.ajbell.co.uk/our-services/special-offers

By contrast, very little from HL, and then only payable after the 1 year qualification period.

Thanks. Looks like AJ Bell will give a £150 Amazon voucher for new accounts with over £10k in by 30th April 2025.

And they also have have a £100\£100 recommend a friend scheme where each get a £100 Amazon voucher. Any AJ Bell customers want to DM me about this?!

@What_time_is_it  Asking to refer people is against MSE's T&Cs - best delete before your post gets reported (then I'll delete this too).

Qyburn

A critical point, given the date, is how quickly any of these providers will open an account and accept the contribution. You might end up going with what you can, with a view to transferring out.

GenieLBH

How long does it typically take a pension provider to open a pension?

I am in a similar boat to the OP but even less knowledgeable.

Would it be feasible to do some research over the weekend and open a personal pension next week, or do you think I have missed the boat on opening and adding funds to a pension this tax year.

What_time_is_it

GenieLBH said:

How long does it typically take a pension provider to open a pension?

I am in a similar boat to the OP but even less knowledgeable.

Would it be feasible to do some research over the weekend and open a personal pension next week, or do you think I have missed the boat on opening and adding funds to a pension this tax year.

@GenieLBH
if it’s any use, I opened my SIPP with AJ Bell yesterday. The money was transferred straight away and is currently sitting in “cash” while I decide which fund to invest it in. I can make this investment via the app which I will do by the end of Monday at the latest. I called them and they confirmed that the tax relief element will not show up for a few weeks but WILL be aligned to when I make my investment, so as long as I invest into a fund before the end of the tax year the tax relief will also count as within that same tax year.

AJ Bell also give you £200 Amazon vouchers if you open a new SIPP (or S&S ISA) at the moment. And they have another Refer A Friend offer running which gives both the newbie and the referrer £100 Amazon vouchers too.

I’m really not sure if I’ve done “the right” thing, but I know that it’s better than doing nothing and I am now in a position where I can learn more and make changes.

Albermarle

GenieLBH said:

How long does it typically take a pension provider to open a pension?

I am in a similar boat to the OP but even less knowledgeable.

Would it be feasible to do some research over the weekend and open a personal pension next week, or do you think I have missed the boat on opening and adding funds to a pension this tax year.

It can take as little as a few minutes, if you pass the background identity checks.
If not, that will delay things as they will want more info from you to prove who you are.
I think some companies need to send you account numbers and passwords in the post before you can activate the account.
From the previous poster, it seems quick with AJ Bell and it seems you get a £200 Amazon voucher.  Two points to note;
The choice of pension provider is less important than what investments you choose in the pension.
It is very easy to transfer pensions if you become dissatisfied with the provider at a later date.

GenieLBH

Thanks for the replies.

 I will give it some thought over the weekend.

YellowCarBlueCar

I also opened a new SIPP with A J Bell this week, and again it only took minutes to have cash in the account.

That's all you need to do before the end of the FY, so you aren't then under time pressure to select your funds before FY end.

What_time_is_it

YellowCarBlueCar said:

I also opened a new SIPP with A J Bell this week, and again it only took minutes to have cash in the account.

That's all you need to do before the end of the FY, so you aren't then under time pressure to select your funds before FY end.

Ah, thanks. I thought that I had to also select my fund before the end of the FY?

YellowCarBlueCar

Someone please correct me if I'm wrong, but my understanding is that the SIPP is the wrapper for whatever form your savings/investment might take, and the end of FY deadline is only to get the funds inside the wrapper.
Once inside you can buy/sell investments as you wish (or as the platform rules allow), or transfer from one provider to another.

MeteredOut

YellowCarBlueCar said:

Someone please correct me if I'm wrong, but my understanding is that the SIPP is the wrapper for whatever form your savings/investment might take, and the end of FY deadline is only to get the funds inside the wrapper.
Once inside you can buy/sell investments as you wish (or as the platform rules allow), or transfer from one provider to another.

Correct, accepting that some platforms are more restrictive on what investments they offer.