Switching SIPP from Advisor Run to DIY?

Twointhebush
Twointhebush Posts: 104 Forumite
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in Pensions, annuities & retirement planning
Last minute (just before the end of the tax year) I paid an advisor a one off fee to set up an Aviva SIPP for me. Now I know a bit more about it, I'm debating with myself whether or not to sign up with him - I have the forms but haven't actually signed. But I see from viewing my online platform that he is already named as my advisor, and that I have to go through him if I want to make payments. Is it a simple matter of asking Aviva to change this so that I can make payments myself? Or have I inadvertently agreed to a contract? Would they charge me?

Thanks,

Comments

  • Spreadsheetman
    Spreadsheetman Posts: 436 Forumite
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    Some platforms are advisor-only and won't let you self-manage. You need to find out what the product is. I wouldn't have thought it would be terribly difficult to move it though (e.g. to HL or similar).
  • Twointhebush
    Twointhebush Posts: 104 Forumite
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    Ok, this looks as though it must be advisor only. I had an inheritance and paid half of it into this pension and need to pay the other half in this year - I don't think I need an advisor to do that. If I communicate with Aviva, does my advisor get informed?

    Thanks,
  • dmelife
    dmelife Posts: 133 Forumite
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    You can tell Aviva to remove the adviser, then move to another non-advised product. Your adviser will see anything you do. Perhaps chat to them and share your concerns.
  • cloud_dog
    cloud_dog Posts: 6,043 Forumite
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    Twointhebush wrote: »
    Ok, this looks as though it must be advisor only. I had an inheritance and paid half of it into this pension and need to pay the other half in this year - I don't think I need an advisor to do that. If I communicate with Aviva, does my advisor get informed?

    Thanks,
    Afraid I am unsure how the process would work regarding removing advisers etc (any IFAs out there???). I assume you entered in to a contract and if this agreement didn't involve any ongoing advise then there should be less of an issue.

    If you wanted to use the Aviva offering which is only available to advised clients you could look at utilising Cavendish (for a one off set up fee £35 or £40), see here and click on personal or stakeholder (depending on what you have/want).

    EDIT: Going this route will mean lower annual charges than if you took out the same as an individual.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • dunstonh
    dunstonh Posts: 116,318 Forumite
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    IIRC, Aviva have a DIY platform and an advised platform. The DIY platform is cut down from the advised one. The advised platform needs an adviser to do the top ups.

    The old Aviva products (PPP/SHP) are more expensive than the platform. So, whilst the adviser charge would be removed, the annual product/fund charges would be higher.

    using an intermediary provider when you want to DIY can be very messy and have a number of blockers. Including complete refusal to accept DIY instructions. If you want to DIY then transfer it to a DIY provider.
    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.
  • Twointhebush
    Twointhebush Posts: 104 Forumite
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    Alternatively, could I have both advised and DIY platforms. One for areas where I think I don't need advice and one where advice would be beneficial?
  • dunstonh
    dunstonh Posts: 116,318 Forumite
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    You can have as many pensions as you like.
    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.
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