Cheapest Sipp: build yourself a low cost DIY pension article

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  • darren72
    darren72 Posts: 1,288 Forumite
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    dunstonh wrote: »
    Possibly a stakeholder pension at this stage.

    Thank you - I've heard they can have low charges.

    I presume these can be taken out without having to go through an advisor? - As most of the online ones I have seen have been for SIPP's.
  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    I presume these can be taken out without having to go through an advisor? - As most of the online ones I have seen have been for SIPP's.

    SIPPs have lower regulatory standards and are cheaper for firms to offer. This is why they are popular in the DIY market (although all those things that made them cheaper are coming to an end which is why you are starting to see SIPP charges increase with the very cheap ones).

    A stakeholder can be bought DIY. Indeed, advisers would rarely use them nowadays as personal pensions are usually cheaper than stakeholder pensions for the types of clients they deal with.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    Both low cost stakeholder and personal pensions are available 'almost direct' via Cavendish for a very small processing fee.

    https://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/

    Alex
  • clivep
    clivep Posts: 577 Forumite
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    darren72 wrote: »
    A friend of mine is wanting to get started with a personal pension - looking for a very low amount of contributions to start with (Only a couple of hundred). What would be the cheapest online platform for this - presumably one that charges a percentage with no minimum. Looked at Fidelity at first but they charge a minimum of £45 so no good initially (maybe OK once they have a higher amount).


    With Fidelity and total value of investments under £7,500 it's only £45 without monthly regular savings plan. It's 0.35% with monthly regular savings plan.


    Once the value is £7,500 or more then it's 0.35% (reduced to 0.20% for £250K+).
  • darren72
    darren72 Posts: 1,288 Forumite
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    clivep wrote: »
    With Fidelity and total value of investments under £7,500 it's only £45 without monthly regular savings plan. It's 0.35% with monthly regular savings plan.


    Once the value is £7,500 or more then it's 0.35% (reduced to 0.20% for £250K+).

    Thanks. I'm going to try and encourage them to put a regular amount into it, but I doubt they will (at least initially), so £45 charge is no good for them.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    [QUOTE=clivep;74085877_Despite_being_available_for_2_years_now,_X-O's_current_offering_the_Jarvis_SIPP_is_not_shown_on_comparefundplatforms.com.[/QUOTE]

    Jarvis Investment Managers (X-O) don't actively market themselves.
  • Futuristic
    Futuristic Posts: 1,131 Forumite
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    I've been with bestinvest for ~2-3 yrs, it was recommended a lot but seems they are going down the drain these days? I have tiny pot <£25k, I just read on monevator comments they are introducing £25/qtr fee? I never got a email about this

    I just contacted them to top up and its been 2 weeks and still they haven't updated my account, they were very responsive at the start

    Should I consider moving out?
  • pip895
    pip895 Posts: 1,178 Forumite
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    For small SIPPs HL takes a lot of beating - especially if service and ease of use is important to you.
  • Futuristic
    Futuristic Posts: 1,131 Forumite
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    Just had confirmation Bestinvest will have £25 quarterly fee from November and I can leave penalty free for this reason. Just looking at my options again I guess its between AJ Bell/HL?
  • chrisst170
    chrisst170 Posts: 13 Forumite
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    Futuristic wrote: »
    Just had confirmation Bestinvest will have £25 quarterly fee from November and I can leave penalty free for this reason. Just looking at my options again I guess its between AJ Bell/HL?


    Hi,
    I have also received the e-mail and I now want to move.


    How did you find out you could leave penalty free?


    I just spoke to them and was advised that the transfer fees were £125+VAT for investments, £75+VAT for any cash in the SIPP... plus a £175+VAT closing fee because the account is less than 2 years old!


    I was thinking of opening a SIPP with Fidelity instead, unless there are other suggestions which are suitable for a small SIPP pot?


    Thanks!
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