Best Self Funded Pensions (SIPP)

[DallasDad]

I know this is an old thread but I would just like to say thank you for some of the common sense given here, much appreciated

[JamesEggington]

There are a variety of SIPP providers in the UK, I found this table gives a good overview: Compare SIPP Providers

I think the best provider depends on your situation, ie what do you want to hold in there? There's different charges for funds/shares etc!

[eek]

For the SIPP providers to meet you, there is a cost.... even if you go down to their offices, or if they come to your neck of the woods. And as there is a cost, who do you think will ultimately pay for it? Just remember, time is money. If you want to have a personal touch to your pension provider, be prepared to pay higher fees for it.

Its better to pay directly and upfront for any pension advice. It will cost you (taxed income) now but that's far, far better than losing a (say) 1% yearly fee on your pension fund.

There is a reason why pensions don't work for most people and its not because they don't save money its the fact that the compounded returns are destroyed by the (1-2%) annual fees that ruin the 5% annual return.

[pmeswani]

What did you find was good and not good about what was setup for you ? Was it personalised service or done over the phone as I hear that many of these SIPP providers don't actually bother making the time to meet you in person and just do it all via email etc. Pretty impersonal and often mistakes get made and they don't really know their client. How did you find the process?

For the SIPP providers to meet you, there is a cost.... even if you go down to their offices, or if they come to your neck of the woods. And as there is a cost, who do you think will ultimately pay for it? Just remember, time is money. If you want to have a personal touch to your pension provider, be prepared to pay higher fees for it.

[AussieDigger]

These people sorted me out:

Wealth Management, Financial Planning, Tax Planning Consultants - Financial planning for barristers, Bedfordshire

What did you find was good and not good about what was setup for you ? Was it personalised service or done over the phone as I hear that many of these SIPP providers don't actually bother making the time to meet you in person and just do it all via email etc. Pretty impersonal and often mistakes get made and they don't really know their client. How did you find the process?

[Fred Bloggs]

Sorry, misread your post.

[IR35 Avoider]

I've done some back-of-the envelope calculations, and based on me moving my current pension pot to HL or Alliance Trust (from Sippdeal) and investing the lot in either L&G UK index fund or L&G Property fund, being with HL would have cost me £37,000 extra or £52,000 extra, compared to Alliance trust, after 20 years.

For the purposes of this calculation I've only taken into account the differences in annual charges. Initial charges were the same (0%) in both cases, and I've ignored ancillary admin charges.

This whole exercise was done in a matter of minutes, so mistakes are possible. Please do your own calculations.

Somebody said to me that they didn't mind paying extra for the good service they get from HL. I don't know how much extra HL costs him, but unless HL undertook to regularly send Miss World round to my house to provide personal services, I don't think they could do enough to persuade me to pay the extra.

Perhaps I should reiterate that I have nothing against HL, who are probably a much better provider than most, I just want to emphasise that the difference between very good and best (in terms of costs) can be tens of thousands of pounds.

[IR35 Avoider]

Using Alliance Trust Savings instead of Hargreaves Lansdowne could save you thousands of pounds.

Alliance Trust Savings are (as far as I know) the only SIPP provider who refund all initial and trail commission charged by the funds you might select. Trail commission has a much bigger impact on your returns than initial commission.

It's not that HL are expensive, it's just that small savings on big contributions compounded over many years can add up to a lot.

I was accused of being to vociferous on this subject on another thread. My guess is that the HL fans simply have not done the calculations to understand how much extra HL is going to cost them in the long run.

[Hex]

Have a look at sippdeal as well www.sippdeal.co.uk

[Moscow Mule]

Having searched the forum for similar, I'm going with H & L too.

[Fred Bloggs]

This has already been covered time and time again. Unless this site has changed whereby newbies are not able to search the site, I suggest searching the forum for the word SIPP. However, in the unlikely event that you can't work out how to do a search, have a look at Hargreaves Lansdown (www.h-l.co.uk). I have been with them for a couple of years and am happy with the service I get from them.

Me too.

[pmeswani]

Hi,

Can anyone recommend some self funded pension schemes to look at ? I've just setup my limited company and now want to sort out my pension scheme but thought there may be some around better suited to IT Contractors etc.

All feedback welcomed.

Cheers

This has already been covered time and time again. Unless this site has changed whereby newbies are not able to search the site, I suggest searching the forum for the word SIPP. However, in the unlikely event that you can't work out how to do a search, have a look at Hargreaves Lansdown (www.h-l.co.uk). I have been with them for a couple of years and am happy with the service I get from them.

[wurzel]

These people sorted me out:

http://www.wealth-matters.co.uk/

Hi,

Can anyone recommend some self funded pension schemes to look at ? I've just setup my limited company and now want to sort out my pension scheme but thought there may be some around better suited to IT Contractors etc.

All feedback welcomed.

Cheers