Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Barney683
    • By Barney683 6th Jan 20, 4:45 PM
    • 6Posts
    • 0Thanks
    Barney683
    SIPP without SIPP provider?
    • #1
    • 6th Jan 20, 4:45 PM
    SIPP without SIPP provider? 6th Jan 20 at 4:45 PM
    Hi.

    I want to consolidate all previous employer pensions into a SIPP. I thought that meant I could truly manage my own pension - but it seems not. It seems I have to go through a "SIPP provider" who will skim hundreds of pounds a year off the top for doing exactly nothing.

    I already know which funds/OEICs I wish to invest in. I don't want to be restricted to a list of funds available through a certain SIPP provider, I don't need any advice, and I don't wish to chop and change at all going forward (and if I did, I'm quite capable of buying and selling the funds without any help).

    Is it at all possible to truly manage ones own pension fund? If not, does anything come close to this?

    Thanks
    Barney
Page 3
    • SonOf
    • By SonOf 7th Jan 20, 5:08 PM
    • 2,240 Posts
    • 2,567 Thanks
    SonOf
    People recommending him down the SSAS route are clearly clueless.
    Originally posted by midlandsimon
    Its not being recommended. However, it is the closest to what he wants.

    It wouldn't be suitable and would cost a heck of a lot more than a SIPP and take a lot more work but as the OP doesn't think there is any work or costs, that would be an education for them.
    • AnotherJoe
    • By AnotherJoe 7th Jan 20, 9:40 PM
    • 16,484 Posts
    • 19,822 Thanks
    AnotherJoe
    Thank you for the responses. I'm not "pulling anyone's plonker" and if I seem belligerent it's because I'm genuinely upset that a SIPP isn't what I has imagined it to be - a way for me to mark a holding in any fund I wish to invest in, listed on any exchange and denominated in any currency, as part of my pension, without absurd charges.


    Its "absurd" to believe you can do that without paying for it. You wish to invest across all stock markets and funds for peanuts? Dream on, irrespective of whether its in a SIPP or not.



    To the poster who (very belligerently!) insisted I should do some research as to what SIPPs actually are, what am I doing posting here if not research? And as to your suggestion that paying at least £500 pounds is warranted for the legal duties performed by the SIPP provider - I don't believe you. I'm quite sure this is all done electronically, without being seen by human eyes, with negligible cost.
    Originally posted by Barney683

    LOL. How much do you think it costs to rent the servers, program the apps (Or buy them in), manage the apps, keep up with regulatory changes?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • Barney683
    • By Barney683 14th Jan 20, 6:27 PM
    • 6 Posts
    • 0 Thanks
    Barney683
    Thanks for the many constructive answers. Especially to midlandsim for mentioning "SIPP Lite" offerings - perhaps a "SIPP Lite" may fit the bill for me. I will do some Googling.

    For the record, what I found initially enraging about the level of SIPP charges was that not only were the charges for management high, but that most of the providers I looked into actually then insist on charging for drawing the pension down!. That, in my book, is daylight robbery.

    Fortunately I have now found that a handful of providers have 0 draw-down charges, and intend to go with one of these options.
    Last edited by Barney683; 14-01-2020 at 6:30 PM. Reason: improvement
    • whatsup7
    • By whatsup7 14th Jan 20, 8:58 PM
    • 129 Posts
    • 40 Thanks
    whatsup7
    What drawdown provider is free?
    • SonOf
    • By SonOf 14th Jan 20, 9:31 PM
    • 2,240 Posts
    • 2,567 Thanks
    SonOf
    What drawdown provider is free?
    Originally posted by whatsup7
    Most of the intermediary providers charge nothing extra for drawdown. I think several DIY providers do.
    • Dox
    • By Dox 14th Jan 20, 9:46 PM
    • 1,882 Posts
    • 1,411 Thanks
    Dox
    What are you in about, SonOf? What knowledge?


    It is abundantly clear that asking a question about how SIPPs work on a pensions forum is research.
    Originally posted by Barney683
    No - it's letting other people do the legwork for you. Our fee notes will follow!
    • Linton
    • By Linton 14th Jan 20, 9:59 PM
    • 11,746 Posts
    • 12,213 Thanks
    Linton
    Thanks for the many constructive answers. Especially to midlandsim for mentioning "SIPP Lite" offerings - perhaps a "SIPP Lite" may fit the bill for me. I will do some Googling.

    For the record, what I found initially enraging about the level of SIPP charges was that not only were the charges for management high, but that most of the providers I looked into actually then insist on charging for drawing the pension down!. That, in my book, is daylight robbery.
    Originally posted by Barney683
    Running a PAYE system doesnít come for free. Someone has to pay the clerical and computer staff. Either the people wanting drawdown pay for it explicitly or it is bundled into the other fees, so people who arenít drawing down pay for it.
    Fortunately I have now found that a handful of providers have 0 draw-down charges, and intend to go with one of these options.
    Glad you are now happy.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

19Posts Today

3,911Users online

Martin's Twitter