SIPP - Monthly & lump sum investment

[munkee]

I use charles stanley for my platform. This covers both my stocks & shares ISA as well as my SIPP. The charges are reasonable in my opinion. Currently dropping in about 12k a year to my SIPP and using Vanguard retirement strategy fund. Lazy passive investor

[jpb2001]

WHS.

I pay a lump sum every month into HL SIPP. The reason is the regular payment is a direct debit and with my payment dates varying I don't want them helping themselves to my account at the wrong time, or having the hassle of trying to cancel or vary the DD.

The thing I really wished I'd known is that they make me fill out a FORM and write a CHEQUE!!! Nice online system for making personal payments, but for a company contribution HL are still in the stone age.

VectraMan, give HL a call, they sent a PDF to me detailing the steps to take to make a BACS / Faster Payments transfer as a company contribution. The steps are simple:

1. Send an email to sippcontributions at hl.co.uk detailing the amount, client number of the SIPP and stating that it is an employer SIPP contribution.
2. Arrange the payment to the HL account.

It's much easier than sending cheques.

[purple52]

I use II too. I have made lump sum payments personally, but also do employer contributions on a monthly direct debit. One minor niggle: they'll only set up the monthly direct debit for the 1st of every month, but if you want to use their regular investment service to get sensible trading fees, they only invest your money towards the end of the month. So your money sits in the SIPP as cash for 3 weeks. I queried this and they apologised but couldn't change either date.

[VectraMan]

WHS.

I pay a lump sum every month into HL SIPP. The reason is the regular payment is a direct debit and with my payment dates varying I don't want them helping themselves to my account at the wrong time, or having the hassle of trying to cancel or vary the DD.

The thing I really wished I'd known is that they make me fill out a FORM and write a CHEQUE!!! Nice online system for making personal payments, but for a company contribution HL are still in the stone age.

[FrontEnder]

I'm looking at II and HL to set up my SIPP at the moment in my next financial year (October). Probably II as the costs will be cheaper, as I will get to £25000 invested pretty quickly, and I think that is the cut off where they become cheaper than HL.

I am looking at investing £1000 - £2000 per month and then topping up with a lump sum towards my Y/E once I know my annual figures. My accountant has advised that I should speak to a recommended IFA, to make sure the SIPP allows lump sum payments as some don't. Alternatively, he said he would look at the setup contract and charge me £60 for it. Either of these are fine, as he is only charging my £60 to review the contract, but he doesn't seem keen to do that, and hasn't given me the name of an IFA yet.

Just wanted to know if anyone else had used II and put money in through regular payments and irregular lump sums? If not, who have you used? So if it does come down to him reviewing the contract, I can get him do it for one product which I know other people have used, rather than waste his time and my money on a product I know I can't use.

Cheers

Why on earth would you pay an IFA or an accountant to check that. just contact the SIPP provider and ask them.

[Fred Bloggs]

I moved my SIPP from HL to II due to high charges. do not expect a similar website experience from II, it is basic but it works. I recommend II but use other sites for research etc...

[doconline]

Thanks for the responses. Much appreciated. Will start the ball rolling now.

[ctdctd]

You can do a bank transfer to II from your company account but you still need to fill in and post a form saying what it is for.

[ruasonid]

You can do both with HL also. However you might want to check any differences in making payment. With HL I had to send in a company cheque and indicate its a company contribution.

[dingdong]

Interactive investor allow lump sums alongside your direct debit too. I use them and adopt the same approach.

[SimonMac]

HL do allow both a regular amount and a lump sum, can't comment on II

[doconline]

I'm looking at II and HL to set up my SIPP at the moment in my next financial year (October). Probably II as the costs will be cheaper, as I will get to £25000 invested pretty quickly, and I think that is the cut off where they become cheaper than HL.

I am looking at investing £1000 - £2000 per month and then topping up with a lump sum towards my Y/E once I know my annual figures. My accountant has advised that I should speak to a recommended IFA, to make sure the SIPP allows lump sum payments as some don't. Alternatively, he said he would look at the setup contract and charge me £60 for it. Either of these are fine, as he is only charging my £60 to review the contract, but he doesn't seem keen to do that, and hasn't given me the name of an IFA yet.

Just wanted to know if anyone else had used II and put money in through regular payments and irregular lump sums? If not, who have you used? So if it does come down to him reviewing the contract, I can get him do it for one product which I know other people have used, rather than waste his time and my money on a product I know I can't use.

Cheers