Who here has > 1 SIPP

[jamesbrown]

Right, but I would start by asking your SIPP providers how they hold your cash and what protection is afforded (they are obliged to tell you). As you say, anything held in a bank account will be limited to £85k (per banking license, that is).

[_V_]

My main concern is cash being > £85K in one SIPP.

[jamesbrown]

There are a few different situations, such as investments held with a provider that goes bust, investments that go bust with a provider that doesn't, cash held with a provider that goes bust, an investment that qualifies as a long-term insurance product (unlimited protection, AFAIK). There's also the politics of a large provider going bust. Your investments held with a provider are legally ring-fenced.

[Smoggy]

Your investments within the SIPP are ringfenced so if your SIPP provider went bust you'd still have all your investments but it may take some time to get them transferred to a new provider. I think this is the biggest risk: delays in access. The risk of losing everything due to provider failure is fairly minimal.

[_V_]

I have a SIPP but thinking to spread the risk, is it better to have two or more SIPP pensions?

The protection is only £85K per scheme.

Where an investment was held within a personal pension (e.g. a SIPP) or a Defined Contributions OPS, and the UK-regulated provider of the investment fails, FSCS may be able to pay compensation up to £85,000 per pension scheme member.

What have others done when their SIPP values of nearer the £1m mark than £85K?

Pensions should be protected to the pension limit IMHO.