DIY Pensions for a Limited Company?

[aa2006]

Pension up and running

Great advice here, which I have put to use

Opened a SIPP account with Close Brothers, since I have just started a pension
Setup a monthly DD
Currently bought "ISHARES" and "VANGUARD"
Plan is to review in a years’ time, still not 100% sure about the ISHARES

Will probably add one from the emerging markets at some point which is more high risk but since I am in this for 17-22 years, worth the risk.

Even though it is a long term plan which I want to leave and let the pot grow, I have to admit i am checking the pot everyday

[SimonMac]

Great advice here, which I have put to use

Opened a SIPP account with Close Brothers, since I have just started a pension
Setup a monthly DD
Currently bought "ISHARES" and "VANGUARD"
Plan is to review in a years’ time, still not 100% sure about the ISHARES

Will probably add one from the emerging markets at some point which is more high risk but since I am in this for 17-22 years, worth the risk.

Even though it is a long term plan which I want to leave and let the pot grow, I have to admit i am checking the pot everyday

I am 6 years in and only recently stopped looking every day

[Maslins]

I'm very unimpressed with II customer service so far.

HL tend to reply to secure messages within a day or so. Per their latest one, it seems the thing slowing up the transfer of my pension is that they've sent relevant bits to II a month ago, and II have done nothing with them. I don't know 100% whether this is true or not, but it's plausible.

I sent II a secure message on 13 May asking for an update. 10 days on no response.

II may be cheap, but perhaps it is a good example of getting what you pay for.

As I've come this far I'll keep pursuing it, and hopefully once set up and ticking over nicely it won't matter if their customer service remains crap...but thought I'd give my honest opinion for readers in a similar situation to me.

EDIT - just to add, I've just sent a follow up chaser, and I note their automated pop up saying message received says they usually reply within 48 hours but can be up to 10 days during busy periods. I appreciate the month or two either side of the tax year end probably counts as "busy periods" for them, but still, the 10 days had passed.

[aa2006]

Just to add to this, I have just been informed by Close Brothers that because I am making employer contributions each month that I am not able to setup a monthly direct debit. Instead it means every month i have to manually pay the money into my SIPP account from my business account and then complete a form each time before I can access the money.

I was hoping for a more "automated" process so will decide whether to continue with CB or find another platform, which maybe a little more expensive.

[Fred Bloggs]

I'm very unimpressed with II customer service so far.

HL tend to reply to secure messages within a day or so. Per their latest one, it seems the thing slowing up the transfer of my pension is that they've sent relevant bits to II a month ago, and II have done nothing with them. I don't know 100% whether this is true or not, but it's plausible.

I sent II a secure message on 13 May asking for an update. 10 days on no response.

II may be cheap, but perhaps it is a good example of getting what you pay for.

As I've come this far I'll keep pursuing it, and hopefully once set up and ticking over nicely it won't matter if their customer service remains crap...but thought I'd give my honest opinion for readers in a similar situation to me.

EDIT - just to add, I've just sent a follow up chaser, and I note their automated pop up saying message received says they usually reply within 48 hours but can be up to 10 days during busy periods. I appreciate the month or two either side of the tax year end probably counts as "busy periods" for them, but still, the 10 days had passed.

I recommend you call them. That isn't acceptable.

[Fred Bloggs]

Just to add to this, I have just been informed by Close Brothers that because I am making employer contributions each month that I am not able to setup a monthly direct debit. Instead it means every month i have to manually pay the money into my SIPP account from my business account and then complete a form each time before I can access the money.

I was hoping for a more "automated" process so will decide whether to continue with CB or find another platform, which maybe a little more expensive.

Oh dear, that is a pain. Have you asked them if they can accommodate what you want? On more than one occasion they have listened to what I wanted and within a few days they have set themselves up to do so. Let us know what they say.

[Maslins]

Just to add to this, I have just been informed by Close Brothers that because I am making employer contributions each month that I am not able to setup a monthly direct debit. Instead it means every month i have to manually pay the money into my SIPP account from my business account and then complete a form each time before I can access the money.

I was hoping for a more "automated" process so will decide whether to continue with CB or find another platform, which maybe a little more expensive.

HL definitely allowed a monthly DD from Ltd Co employer. Was doing that for a few years. From memory did have to set up via a paper form though, whereas personal ones you could just give a debit card...I think because from their perspective it's the employer who needs to sign it (and of course in lots of cases the employer might not be the same person as the owner of the SIPP).

I'm 99% sure II do too...but to date just one payment has gone in and I don't recall whether I had to make that manually as a first one or not.

[aa2006]

Oh dear, that is a pain. Have you asked them if they can accommodate what you want? On more than one occasion they have listened to what I wanted and within a few days they have set themselves up to do so. Let us know what they say.

I informed them that i wanted to make monthly employer contributions but was told currently their system wasn't able to handle it and I would need to follow this manual process, even though I told them it could be a deal breaker.

[aa2006]

HL definitely allowed a monthly DD from Ltd Co employer. Was doing that for a few years. From memory did have to set up via a paper form though, whereas personal ones you could just give a debit card...I think because from their perspective it's the employer who needs to sign it (and of course in lots of cases the employer might not be the same person as the owner of the SIPP).

I'm 99% sure II do too...but to date just one payment has gone in and I don't recall whether I had to make that manually as a first one or not.

yes, HL apparently do allow it, will just have to decide is the extra fees worth the automation. I think i will stick with CB for a few months and see how much of a "hassle" this process is to me.

[Maslins]

yes, HL apparently do allow it, will just have to decide is the extra fees worth the automation. I think i will stick with CB for a few months and see how much of a "hassle" this process is to me.

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.