Santander private pension

dunstonh

PoGee said:

Marcon said:

PoGee said:

I went onto my Santander Investment Hub and clicked 'add/transfer'. It then gives a brief outline of their private pension and asks when I want to retire. If I click anything less than age 69, I get the following message 
Please note we are currently unable to accept applications where you are intending to retire in the next 10 years.
I called them and they said that was correct, that I couldn't access the money until age 69.

So they don't want the faff of dealing with short term investors. Just pick another provider!

Santander platform fees are 0.35%. I'll read through the MSE page on best SIPPs and see if another one looks like a good choice. 

0.35% is at the higher end.  Not so much on small amounts but nowadays you are looking at 0.15-0.20% at the lower end. 

Plus, Santander is 0.35% plus fund charges.  plus a further 0.25% if you use their MPS service.

Marcon

PoGee said:

Marcon said:

PoGee said:

I went onto my Santander Investment Hub and clicked 'add/transfer'. It then gives a brief outline of their private pension and asks when I want to retire. If I click anything less than age 69, I get the following message 
Please note we are currently unable to accept applications where you are intending to retire in the next 10 years.
I called them and they said that was correct, that I couldn't access the money until age 69.

So they don't want the faff of dealing with short term investors. Just pick another provider!

Santander platform fees are 0.35%. I'll read through the MSE page on best SIPPs and see if another one looks like a good choice. 

There are some useful comparison sites eg https://www.money.co.uk/pensions/personal-pension-plans/pm-1?track=885118&inset-cookie-banner&utm_accountid=3115971200&utm_source=google&utm_medium=cpc&utm_term=personal%20pension&utm_cmpid=11661682012&utm_adgid=112076440023&utm_tgtid=kwd-27284611&utm_mt=p&utm_adid=494033438594&utm_dvc=c&utm_ntwk=g&utm_plcmnt=&utm_locphysid=9045969&utm_locintid=&utm_feeditemid=&utm_devicemdl=&utm_plcmnttgt=&gad_source=1&gad_campaignid=11661682012&gbraid=0AAAAAD_WA_gZdLkwparpE_1NfNZ8Nc5zr&gclid=CjwKCAjwwNbEBhBpEiwAFYLtGH-T3rKXGmalGEFbxtw6BXANhNwW63mB0j7IXKbjGJLL6birRcaIihoC2LsQAvD_BwE

You might find a non-SIPP personal pension would suit you better than a SIPP, unless you actually want to take investment decisions for yourself?  

noitsnotme

PoGee said:

I have a large amount of cash sitting doing nothing so want to invest it

How large and how much do you earn in a year?  As mentioned by @Marcon above, your earnings may limit how much you can put into a pension.

poseidon1

I have had a look at one of your past posts where you initially enquired into the merits of a lump sum purchase of an enhanced pension with your employer (the NHS).

Much was written by various forum contributors, and my sense was that  some of it may have been confusing to you. In the end, you dismissed this option on the simple basis you could not access the NHS pension until age 67.

Setting up your SIPP which allows flexible access to your benefits therefore appears important to you.  However, after your set back with Santander, I do wonder whether your next choice of provider should be solely dictated on grounds of costs.

You might benefit from a platform that can hold your hand to some degree with online tools , advice and good customer service backing. In that regard the likes of Hargreaves Lansdown might be worth your consideration, notwithstanding their 0.45% annual fee for holding unit trust funds. A little more expensive than Santander, but in my view a far more superior service for someone like yourself who is still learning how to navigate the SIPP world. 

It's clear to me you want to get something going for what's left of your working life, but you also seem to need some proactive hands on help, which this forum will be limited in delivering.

Marcon

Maybe an ideal candidate for that elderly but straightforward product the stakeholder pension? Doesn't come any simpler and could fit the bill perfectly.

https://www.aviva.co.uk/retirement/aviva-pension/knowledge-centre/sipp-vs-stakeholder-pension/

poseidon1

Marcon said:

Maybe an ideal candidate for that elderly but straightforward product the stakeholder pension? Doesn't come any simpler and could fit the bill perfectly.

https://www.aviva.co.uk/retirement/aviva-pension/knowledge-centre/sipp-vs-stakeholder-pension/

I see your thinking. Stakeholder pensions can be liken to training wheels on a bike. After a suitable period OP could discard the 'trainers' and transition to a full blown SIPP should they feel confident enough to so. 

Those of us using sipps over many years can sometimes overlook how daunting the regime can seem to the uninitiated.

Marcon

poseidon1 said:

Marcon said:

Maybe an ideal candidate for that elderly but straightforward product the stakeholder pension? Doesn't come any simpler and could fit the bill perfectly.

https://www.aviva.co.uk/retirement/aviva-pension/knowledge-centre/sipp-vs-stakeholder-pension/

I see your thinking. Stakeholder pensions can be liken to training wheels on a bike. After a suitable period OP could discard the 'trainers' and transition to a full blown SIPP should they feel confident enough to so. 

Those of us using sipps over many years can sometimes overlook how daunting the regime can seem to the uninitiated.

Indeed! For a novice, the beauty of a stakeholder is the lack of choice, so you don't drown in complexity but still get a perfectly serviceable product. Sniffy comments about it being 'obsolete' always come from those who want to wallow in choice and jargon. They also overlook a particularly useful feature for low earners: the ability to make very small contributions (£20 including basic rate tax relief, so the member actually contributes just £16) at irregular intervals.

PoGee

Thanks for replies - all advice is very much appreciated. I'd rather gamble on the stock exchange than waste it on bingo/pools/lottery. I was looking at AJ Bells Dodl SIPP. Any views? I'd like to buy funds and shares - I think they don't charge a fee for dealing but have a platform fee and 'holding' fee. 

Marcon

PoGee said:

Thanks for replies - all advice is very much appreciated. I'd rather gamble on the stock exchange than waste it on bingo/pools/lottery. I was looking at AJ Bells Dodl SIPP. Any views? I'd like to buy funds and shares - I think they don't charge a fee for dealing but have a platform fee and 'holding' fee. 

Why that rather than any other? It's easier to comment if people here know what the attraction of that particular SIPP is.

kempiejon

PoGee said:

Thanks for replies - all advice is very much appreciated. I'd rather gamble on the stock exchange than waste it on bingo/pools/lottery. I was looking at AJ Bells Dodl SIPP. Any views? I'd like to buy funds and shares - I think they don't charge a fee for dealing but have a platform fee and 'holding' fee. 

I think if you see it as a gamble on the stock exchange there's a bit more reading to do around long term investing and different assets. There is risk and volatility to understand. You'd like to buy funds and shares, you need to be clear why, which ones and what are you looking for from your investments.
Lotto, bingo are definitely gambling.
Don't know about Dodl specifically it's the scaled down app only AJBell offering, I had an AJ Bell SIPP good enough for me. Sometimes funds and shares have different holding costs so by mixing you might be increasing your charges, check that.