SIPP - how easy to set up
Discussion
I set up a SIPP with iii.co.uk and this was very easy. Was for an old deferred pension from way back. I had no idea what this was invested in or how it was performing. So I got a transfer value of £20k, setup the SIPP and invested one third in funds and two thirds in a handful of blue chips. So far so good. I had losses in the early days but these have turned into gains of around £4k more recently. Divis are re-invested. £30 per quarter fees. A little steep but iii have deals with some funds that remove initial paying in fees. Swings, roundabouts?
Actually getting the transfer done was simple. Got quote for transfer value to confirm it was worthwhile. Got forms from iii. Filled in. Forwarded some to pension provider and some back to iii. Took a couple of weeks for funds to arrive. Now I have twenty years to try and turn £20k into £250k! Yeah right. (This isn't my main pension source by a long way so I am happy with a higher level of risk than may be sensible if this were not the case.)
Actually getting the transfer done was simple. Got quote for transfer value to confirm it was worthwhile. Got forms from iii. Filled in. Forwarded some to pension provider and some back to iii. Took a couple of weeks for funds to arrive. Now I have twenty years to try and turn £20k into £250k! Yeah right. (This isn't my main pension source by a long way so I am happy with a higher level of risk than may be sensible if this were not the case.)
Agreed - would a normal personal pension tick the boxes? Far cheaper.
As to getting out of..
http://www.moneymarketing.co.uk/pensions/govt-urge...
http://www.echelonwealthcare.co.uk/be-careful-of-p...
As to getting out of..
http://www.moneymarketing.co.uk/pensions/govt-urge...
http://www.echelonwealthcare.co.uk/be-careful-of-p...
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