SIPP for stepson

rebekahR_2

Hi

Trying to find the right product but there are so many ! I’ve had mine a while and they aren’t quite what we want

Stepson is self employed and a carer for family . We would like to start a sipp for him

thinkin a small lump sum under 500 and then maybe a low regular payment

what products would you suggest ?
thanks in advance

xylophone

https://www.fidelity.co.uk/markets-insights/personal-finance/saving-for-retirement/how-to-choose-your-first-pension-investments-in-a-sipp/

might be worth a read.

dunstonh

what products would you suggest ?

Insufficient information to be able to filter options. As it currently stands, virtually every provider meets your criteria.

Obviously, you won't be able to open the SIPP or contribute to it. So, you will be reliant on him doing it. So, what is his capability to do things?

rebekahR_2

we will be paying into it

Understand he will need to open it , ideally we would like to manage it but if not just regular contributions so he has some sort of pension pot

He does not have a clue when it comes to these things , so thinking if we can go into a bank with him to help him or if there is a product we can set up for him would be easier

just wanting to set him up with a small pension pot .

He could open one with some help for sure

Albermarle

No need to go to a bank.

It is very easy to open a new pension on line. Then if for some reason he is not happy it is also very easy to transfer to a new one.

The tricky bit is knowing what investments to pick for the money to go in to. However most providers have a range of off the shelf options that you can match to your age and risk tolerance.

He will be limited as to how much he can add and get the tax relief, by his earnings. However assuming he has some earnings from his self employment and you are only planning to add modest amounts, hopefully that will not be an issue.

These are not recommendations, but just somewhere to start looking and they have useful general info on their websites about pensions, investments etc.

SIPP | A Which? Recommended Provider | Fidelity

Investment pension: Our low-cost pension | AJ Bell Dodl

Pensions | Standard Life

Personal Pension | Vanguard UK Investor

rebekahR_2

yeah I will pick off the shelf ones

just making sure I can then set up contributions easily myself without any faff

thanks going to make some calls