The BEST SIPP ?

Gatser

Is there a website that compares all the (online) features and functionality of the different SIPP's on offer, and a practical comparison of costs?

I say practical because some SIPPs quote "£10 per pension payment"... I assume this means they charge £10 every time you drawdown YOUR pension money. (What a cheek!) Imagine the fuss if banks charged £10 every time you withdrew YOUR money!

Need to decide WHICH SIPP to go for.... and try to avoid a costly mistake.
Thanks

EdInvestor

Gatser wrote: »

Is there a website that compares all the (online) features and functionality of the different SIPP's on offer, and a practical comparison of costs?

No

[/quote]I say practical because some SIPPs quote "£10 per pension payment"... I assume this means they charge £10 every time you drawdown YOUR pension money. (What a cheek!) Imagine the fuss if banks charged £10 every time you withdrew YOUR money![/quote]

SIPPs have a different charging structure from banks and other pension companies. Instead of charging x per cent a year as a fee ( at a bank this is deducted from the interest rate so you don't see the details) the SIPPs list a charge (or no charge) for each feature. For instance a SIPP that charges a fee for processing a drawdwon payment, may have no annual fee at all. And it's of course up to you whether you get paid once a year (at a cost of 10 pounds) or monthly (at a cost of 120 pounds.)

Need to decide WHICH SIPP to go for.... and try to avoid a costly mistake.
Thanks

Assuming you are talking about low cost online SIPPs, the relative costs depend on how you plan to invest your money (predominantly in funds,investment trusts, shares, gilts,cash?) So post some details of that first.

purch

So post some details of that first.

Not so that we can help you out......;)

..............it's just that we're nosey :rotfl:

sdooley

bad form to comment on sigs, I know, but:

“If one wants to avoid the recurrence of economic crises, one must avoid the expansion of credit that creates the boom and inevitably leads into the slump.”
[FONT=Arial,Helvetica,Verdana]Ludwig Von Mises 1912[/FONT]

If one avoided the expansion of credit worldwide following the introduction of the modern banking system in the Low Countries in the 16th Century, we would have avoided the slumps of the tulip boom, railway boom, south sea bubble and the 20th and 21st centuries. However we probably also wouldn't have had the agricultural, industrial and technological revolutions that followed. Cheap credit is a good thing and returning to pre-boom/bust mentality would not be possible without abandoning the market system - not that credit supply can't (or shouldn't) be moderated at the margin, if anyone is clever enough to spot the bubbles coming.

purch

Yawn..................:T

Go argue with Ludwig mate.................:cool: ...........he said it, not me !!!!

P.S. Way to make urself look like a complete and pathetic loser :T .....argue with a quotation from the most brilliant economic mind of the 20th century....on a thread where someone is asking for advice about SIPP charges ...............!!!!!

DavidLaGuardia

Anyway, Ludwig et al..Back on the subject of SIPPs.

The truth is no one size fits all and it depends on what you want it do, what you care to invest in etc. etc. The best SIPP from simple investment funds at a good price is not going to be the same one as one that is to facillitate a property purchase or one that you may wish to diversify into single shares or a cash account of your choice. Do you wish to take benefits, have you got protected rights, how long do you want to invest for before purchasing an annuity if that is the eventual intent.

You may as well ask what is the best chocolate bar?

See an IFA, a SIPP is rarely a DIY job.

EdInvestor

DavidLaGuardia wrote: »

See an IFA, a SIPP is rarely a DIY job.

In the past that was so, but not any more.The biggest SIPP providers are the ones that offer the DIY products.

dunstonh

The biggest SIPP providers are the ones that offer the DIY products.

I havent checked any "sizes" recently but many of the DIY providers also take business from IFAs.

SIPPs are over rated, Over used and only getting the current business levels as certain SIPP providers keep themselves in the media and perpetuate this myth that SIPPs are cheaper than personal pensions. This is possibly true with direct investments but with the bulk of the money going into funds then it is not the case.

DavidLaGuardia

EdInvestor wrote: »

In the past that was so, but not any more.The biggest SIPP providers are the ones that offer the DIY products.

Just becasue the DIY facility is available is does not mean the most effective use of avaialble resources costs and time will be used. Admittedly, a minority will do an excellent job of first identifying the right SIPP from the many availabe and comparing and contrasting it with other Pension products and even alternative investments that may or may not meet their needs better, but irrespective of ability most people do not have the time. Having said that I'm all for choice and the advice market has improved for the better because of such choice and competition.

Gatser

Thanks for all the feedback (so far)

I take the (analogy) point about the chocolate bar , but when I have asked folks such a question (ie which is the best chocolate?) I usually get an unbiased and honest answer without a fee, and without me feeling suspicious that I am being steered towards a commission generating product. My chocolate does not charge depending on if it is consumed in 12 bites or one mouthful.... and I have never paid AMC's whilst it sits in the fridge.

Hey...you started this analogy thing!
Lets get serious......

Gatser

To be serious...

I have consulted with a few IFA's but (so far) they do not recommend the cheaper online SIPP's which naturally makes me suspicious because MSE (forum) does seem to lean that way. I think my approach has been wrong... I need to agree an IFA fee to advise me on the best SIPP with reasons(?)

My requirements are simple: I do not want a sophisticated SIPP with property etc.... mainly want to stick with funds (say 50%); Shares (20%); Cash/Gilts (30%)...looking to start drawdown in 5 years.
Not interested in an annuity at all!
My protected rights are in my GPPP (locked away until I get to NRD: 60)(Its a long story but true!)
I will add to my SIPP over the next 5 years (in above proportions) then move more into GILTS etc as I get older (subject to advice at the time)

Is this of any use for a suggestion or two please?
I am favouring HL or SIPPDEAL at the moment but just wanted someone to tell me that I am making a silly mistake (and why!)

Many Thanks