Interactive Investor SIPP

MallyGirl

You could just set up a regular investment of the tax relief - investing the previous month's cash so you are only ever left with a month on hand in cash.

jimjames

Rich1976 said:

Having used HL for almost 20 years without issue, whilst I am saving on charges , the rest of ii is a let down imho

There are a few quirks with ii but I wouldn't describe them as a let down. It's certainly a significant saving from HL though. For cash you can setup a regular monthly investment that doesn't cost. Means any spare cash will be invested but if not enough there then it won't try until the next month.

LHW99

Does this thread help wrt the date that regular investments happen?

https://forums.moneysavingexpert.com/discussion/6510537/ii-regular-investing-and-its-timing-with-fund-purchases

Could you adjust the timing of your DD, so that it reaches II a little closer to their trading date?

I haven't used their regular investments, but actually prefer tax relief to be left as cash, as then I can choose which investment to add it to. It generally takes 6-11 weeks to arrive, so presumably with a regular investment you will be getting regular reliefs each month, after the first few months.

https://www.ii.co.uk/ii-accounts/sipp/sipp-tax-relief

Letting the relief build up means you don't have to make as many trades (cost dependent on the plan and how much trading you do).

Cobbler_tone

I have no choice but I like the L&G platform. I find it user friendly with a number of workplace funds at the moment. Surely, if you are a regular user (i.e. not the Wolf of Wall Street) there has to become a point when you are spoilt for choice. My fees last year for around £100k were £150. Once I retire I will certainly consider their products.

winkowinko

I recently opened an II SIPP, but am yet to receive the first first tax relief payment.

If it doesn't get added to the investments that I already have, where on the II platform can I expect to see the tax relief be sitting?

dunstonh

winkowinko said:

I recently opened an II SIPP, but am yet to receive the first first tax relief payment.

If it doesn't get added to the investments that I already have, where on the II platform can I expect to see the tax relief be sitting?

It will be added to the cash in the SIPP.

Albermarle

Rich1976 said:

I moved to ii a few months ago but not particularly keen on them. 

The big disadvantage for me is investing monthly into the Sipp by direct debit , I have only found out recently that they do not invest the tax relief and just leave it sitting uninvested as I have discovered about 4 months worth of tax relief sitting there doing nothing. I queried this with them to be told it is up to me to invest it, which I find strange considering other providers invest the tax relief in the same funds as the monthly contribution. I also have no way of knowing when the tax relief will arrive so don’t want to keep checking my account all the while.

i also find their online interface very clunky and too many menu options. It seems more geared to share investors with the Sipp functionality bolted on.

I also don’t like they sit on your monthly contribution for about 3 weeks until the first Wednesday of the following month.

Having used HL for almost 20 years without issue, whilst I am saving on charges , the rest of ii is a let down imho

That is not exclusive to II,  my SIPP provider also just adds the tax relief to the cash pot.

vacheron

jimjames said:

Rich1976 said:

Having used HL for almost 20 years without issue, whilst I am saving on charges , the rest of ii is a let down imho

There are a few quirks with ii but I wouldn't describe them as a let down. It's certainly a significant saving from HL though. For cash you can setup a regular monthly investment that doesn't cost. Means any spare cash will be invested but if not enough there then it won't try until the next month.

I also switched from HL because of the fees. (HL are 1200% more expensive than II to hold the same fund of the same size!) 

In my case though I am not adding to this II SIPP as my monthly pension payments go into my workplace Royal London pension (along with the employer contributions) until I move them elsewhere, so I haven't experienced any of the contribution based issues that others have described.

NoMore

With II you can adjust the free regular investing amount each month with an extra one of lumpsum. Alternatively, if you're using a regular DD for your contribution, after the first time the tax relief arrives, you can just adjust up the monthly investment amount to include that tax relief. Basically, you're investing the current monthly contribution and the tax relief from a previous contribution, if you keep the contribution the same this should work every month from then on.

Just to be clear the free monthly investing amount is not related to your contribution, you can set it to what you want, as long as you have enough cash available for that month to make it.

jimjames

NoMore said:

Just to be clear the free monthly investing amount is not related to your contribution, you can set it to what you want, as long as you have enough cash available for that month to make it.

And the beauty of it is that if the money is there it will invest it, if it's not it won't do anything and won't try to so it's ideal for mopping up balances for free. You can even set multiple investments at different amounts and set the priority order for them to be executed if cash is available.