Sorry to ask what may be a stupid, but I could just set up a SIPP with one of those companies and away I go?
Pensions Pots - How much do you need?
- Thread starter kingandy2nd
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Yes
For example I have one with Interactive Investor.
I had to set up an Investment Account first, which costs £10 a month, and then the SIPP which costs another £9.99 I think. I also have an ISA which costs no extra.
They offset the charges against the cost of Trades, so I rarely pay dealing fees.
At one time they charged extra for pensions in drawdown, but have stopped now.
They reclaim the 20% income tax on pension contributions from HMRC and add it to your pension account.
I transferred in some small company pensions, and moved a cash ISA into the ISA. Transfers do not use up your annual allowance.
For example I have one with Interactive Investor.
I had to set up an Investment Account first, which costs £10 a month, and then the SIPP which costs another £9.99 I think. I also have an ISA which costs no extra.
They offset the charges against the cost of Trades, so I rarely pay dealing fees.
At one time they charged extra for pensions in drawdown, but have stopped now.
They reclaim the 20% income tax on pension contributions from HMRC and add it to your pension account.
I transferred in some small company pensions, and moved a cash ISA into the ISA. Transfers do not use up your annual allowance.
This one might be members only
https://www.which.co.uk/money/inves...stment-platform-fees-and-charges-aqzb27v3lwsp
Vanguard looks the cheapest as long as you only want funds, and are happy to be tied to only their own. It looks to me like they charge 0.15% p.a. for a SIPP but you had better check.
A flat fee is better value for a larger account.
https://www.ii.co.uk/acq/sipp-offer?gclid=EAIaIQobChMIz76y_6HH8wIVl853Ch1GIgyHEAAYASAAEgJzb_D_BwE
If you paid in £10,000 a year for 40 years, and had good growth, a percentage fee would pay them a huge amount.
Investment companies know that.
"In a 2020 investigation, Which? found that the difference between the cheapest and most expensive drawdown plans for a £250,000 pot was a staggering £12,300 lost in charges over a 20 year period."
Edit
It looks like Vanguard also come top in the "Which" customer ratings.
https://www.which.co.uk/money/inves...stment-platform-fees-and-charges-aqzb27v3lwsp
Vanguard looks the cheapest as long as you only want funds, and are happy to be tied to only their own. It looks to me like they charge 0.15% p.a. for a SIPP but you had better check.
A flat fee is better value for a larger account.
https://www.ii.co.uk/acq/sipp-offer?gclid=EAIaIQobChMIz76y_6HH8wIVl853Ch1GIgyHEAAYASAAEgJzb_D_BwE
If you paid in £10,000 a year for 40 years, and had good growth, a percentage fee would pay them a huge amount.
Investment companies know that.
"In a 2020 investigation, Which? found that the difference between the cheapest and most expensive drawdown plans for a £250,000 pot was a staggering £12,300 lost in charges over a 20 year period."
Edit
It looks like Vanguard also come top in the "Which" customer ratings.
Last edited:
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I have a 'Portfolio Bond' with Aviva, into which in Sept 2008 I invested £10K and just left untouched since then. It is now valued at £16,826.00 - I would be interested in opinion as to how people think that has done.
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You probably had some bad years in there, but it’s barely managed 4%. Still better than any bank account.
A ftse 250 tracker would have got you another 10k
A ftse 250 tracker would have got you another 10k
Did it have a Life Assurance element?
It might have had mixed content. Shares, bonds, cash, property. Intended to be balanced (I.e. low) risk, and hence return.
2007/8 had a big crash followed by a big recovery in 2009, so you might have got in at the bottom.
You may have been hit badly by the pandemic, and had 5 years of Brexit damage. A 68% rise since 2008 is reasonable, not out of the ordinary. I know someone who has done about the same, but was up 140% in December 2019, before the pandemic crash. She had invested in what had previously been a stable and reliable investment trust. Though she will also have received dividend income. I see she gained 50% in the last 12 months, from a terrible low.
So far as I know, no - it is just an investment bond. I don't carry any life cover, I self insure.
B
Brigade77
There are very good reasons why you not taught about £money at skool.
At a relatively early stage in my working life I earned a **** load of money. I had many professional £money people chasing me with their best advice & yet the only one I remember was an old bloke in a pub in the deepest depths of the Derbyshire countryside, he was the only one who seemed to make sense to me.
Pensions, & the provision of your income when you no longer choose to earn from your vocation of choice is a very important subject & should NOT be taken lightly.
Diynot forum & especially JohnD (the Marxist revolutionary) isn't & should not be considered a font of knowledge in all matters pertaining to pensions & your sources of income when you reach an age that you are free of the term "wage slave".
At a relatively early stage in my working life I earned a **** load of money. I had many professional £money people chasing me with their best advice & yet the only one I remember was an old bloke in a pub in the deepest depths of the Derbyshire countryside, he was the only one who seemed to make sense to me.
Pensions, & the provision of your income when you no longer choose to earn from your vocation of choice is a very important subject & should NOT be taken lightly.
Diynot forum & especially JohnD (the Marxist revolutionary) isn't & should not be considered a font of knowledge in all matters pertaining to pensions & your sources of income when you reach an age that you are free of the term "wage slave".
No, I only get an annual statement of the value - Sept 2019 was Bond value on 24 September 2019 £15,814.01
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This is true. However, advice is advice wherever it comes from, which you can choose to take or ignore. You might say that financial advice in a DIYnot forum isn't worth anything. However, it has one very significant benefit - the people here have no vested interest, so the advice is just personal experience. Anyone with a vested interest, whether fee or commission, is to some extent going to advise something that benefits them as well.
It is worth as much as you have paid for it.
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