DIY Pensions for a Limited Company?

[aa2006]

Have you actually put any money into CB yet? My only thought is that if you haven't, it'll be less hassle to switch now (as there's no money to migrate), rather than in a few months when there's modest funds in the SIPP.

Yes, I have paid a small amount in already (around 7k)

[aa2006]

Sorted!

Good news, following Fred Bloggs advice i called CB back and explained to them I wasn't happy with the fact for 20+ years every month i would have to submit a form, especially since other platforms provide this functionality. After she spoke to the SIPP department they said if I am planning to pay the same amount each month then what they can do is reuse the same form.

So next month when I send in the form and as long as the amounts are the same they will reuse the form, which means i don't need to resubmit every month.

Very pleased they worked something out for me, I am very happy now

[Maslins]

Uninteresting update for anyone considering II.

They've now responded, saying they don't have my "transfer in" form. I definitely completed this, kept a scanned version of the completed form. I'm also fairly sure I sent it to them in the same envelope as a DD mandate, which they definitely received as they've made a collection.

Really unimpressed. No mention of whether or not they got the document HL apparently sent (if they did but didn't have my form, why not contact me at that point?). I'm concerned I may still be in the early stages of what will continue to be a painful process.

They may be cheap, but only go with them if you're prepared to repeatedly badger them to do basic tasks is my experience.

[Fred Bloggs]

Good news, following Fred Bloggs advice i called CB back and explained to them I wasn't happy with the fact for 20+ years every month i would have to submit a form, especially since other platforms provide this functionality. After she spoke to the SIPP department they said if I am planning to pay the same amount each month then what they can do is reuse the same form.

So next month when I send in the form and as long as the amounts are the same they will reuse the form, which means i don't need to resubmit every month.

Very pleased they worked something out for me, I am very happy now

I thought they would work something out for you. CB are quite unusual in that they really do listen to their customers and try their hardest to work something out. Well done again, CB.

[Fred Bloggs]

Uninteresting update for anyone considering II.

They've now responded, saying they don't have my "transfer in" form. I definitely completed this, kept a scanned version of the completed form. I'm also fairly sure I sent it to them in the same envelope as a DD mandate, which they definitely received as they've made a collection.

Really unimpressed. No mention of whether or not they got the document HL apparently sent (if they did but didn't have my form, why not contact me at that point?). I'm concerned I may still be in the early stages of what will continue to be a painful process.

They may be cheap, but only go with them if you're prepared to repeatedly badger them to do basic tasks is my experience.

Oh dear. I hope it gets sorted and going forward it is all OK. I find II really quite good given the pittance I pay them.

[CanPayButWouldRatherNot]

@Fred interesting reading this back .... thanks for the details and time put into this

one follow up question ...

I am looking to do a year or two of SIPP ... then looking to go the SSAS route and commercial property so potentially the exit fees are as important as the ongoing ones

anyone done this and had any nasty issues on the exit fees >?

[Fred Bloggs]

@Fred interesting reading this back .... thanks for the details and time put into this

one follow up question ...

I am looking to do a year or two of SIPP ... then looking to go the SSAS route and commercial property so potentially the exit fees are as important as the ongoing ones

anyone done this and had any nasty issues on the exit fees >?

Pleased to help, but I believe you're going to be lucky if you get answers to SSAS and commercial property. Happy to be proven wrong though.

[CanPayButWouldRatherNot]

spoke to II and they just trotted out the exit fees bit from their website so will cross that bridge if and when it comes to it

ii still seem to have the sensible flat fee so probably will go with them as they have a good write up from folks like you

[Maslins]

ii still seem to have the sensible flat fee so probably will go with them as they have a good write up from folks like you

Entirely your call, but if you're only planning in having funds in the SIPP fairly short term, I'd suggest considering good customer service over low fixed fee.

Update on my situation, eventually it's all sorted. ii denied receiving documents that were sent in the same envelope as another document they processed. Then when the funds were finally transferred, it seemed a website issue meant I couldn't invest in the fund I wanted for a few workings days (I'm less bothered by this, we all have techy issues, it was the poor customer service before and lack of anyone caring that irked me).

I would say their Twitter support are far better than their secure messaging, in terms of response times and whether they actually read what you've said or just spurt out canned response #7.

Still, fund is up 1.74% in the brief period we've been invested in it

[Dmac]

Ltd co and pension - do I need to set one up?

Hi, first post on this thread.

I have a PSC (Ltd co) of which I am sole director, my wife and I the only employees. Does anyone know if I can avoid the requirement to start up a pension for either or both of us if I make her a director (I am currently sole director? We are 50/50 shareholders.

I do the usual contracting thing - pay myself c£10k, wife c£7.5k, then take out divi's.

The Pension Regulator rules are in gobbledegook!