SIPP Product at Interactive Brokers

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garethb

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No they don't have one yet.

I have had conversations with a SIPP Trustee/Administrator www.epml.co.uk who have been trying to get IB to move forward with SIPPs. I am starting this thread to see if others would be interested in trading through IB within a SIPP. If several people are interested we can point this out to IB in the hope that the business opportunity it presents will lead them to move forward more quickly.

If it was done through epml the SIPP would allow a very wide range of products including Equities, Futures and Options on Stocks and Futures. If anyone wants more information on the SIPP fees etc. it would be classed as the empl "bespoke SIPP" product, details of which are on their site.

So if anyone is potentially interested in trading through a SIPP vehicle soon or in the future please respond to this thread.

Regards,


Gareth
 
I would be very interested in this, although the Bespoke SIPP fees are a little high.

Also while it says you can trade futures and options on their front page, when you look at the details in the fact sheet this is not mentioned? Would they really let you write options in a SIPP :)

KenN
 
I have looked into this with IG Markets. You can open long short positions in shares but you cannot trade the indices eg FTSE, DOW or currencies. I would think this applies to all SIPP providers.

Breadman
 
It is my understanding that you can trade "equity related options and futures" in a SIPP. In conversation with an epml representative I mentioned options on futures and they did not query this as an issue but It was a passing comment of mine rather than a dirrect question. I believe others do write straddles etc. within SIPPs. These things need clarification from a SIPP supplier. I will let the epml guy know about this thread so he can come on and answer queries if he wants.

You should be careful in conversation with sales people from financial services firms in the pension and life assurance area as they will often say something is not allowed (through ignorance or deliberately) because they do not provide it rather than because it is against the rules. My view on the epml bespoke SIPP fees is that I will save more than this per year in transaction fees by using IB rather than eg. ODLSecurities particularly if using option spreads etc.
 
I think you can trade CFD's through SippdealXtra and comdirect allowing access to the Forex markets and others.

JonnyT
 
Gareth,

I would be very interested in an IB SIPP account.

I trade the ER2 futures through them.

I am also in the process of moving my SIPP to IG Markets to trade the IWM CFD (Russell 2000 Index Amex Share).

Count me in !!

Cheers
 
Both my wife and I would change tomorrow.

The reason you cannot trade an index as such is there is no marketable security in an index. You can, though, trade ETFs and futures - same thing really.
 
Thanks for the responses everybody. Keep them coming. I will speak to IB again and point them towards this thread. Please anybody else feel free to ask them directly as well. The more they get prodded the more likely the commercial side of the organisation will suddenly notice the business opportunity staring them in the face.


Regards,


Gareth
 
Positive and prompt reply too !!


Thank you for your interest and comments. Currently we are analyzing the likelihood of supporting a SIPP Account and CFD’s. I hope to know more in Q1 of 2006. Please stay tuned.

Sincerely,

Gerald Perez
Managing Director
Interactive Brokers (U.K.) Limited
 
As you can tell I'm not busy at work this morning !!

Here is my email to Sippdealxtra to get them thinking IB CFD SIPP.


Fergus,

FYI - see below correspondence with IB UK.

There are a large number of active traders in the UK who use Interactive Brokers. They are big players in the futures world and very well regarded in the industry.

I know these things take time but it would be great if Sippdealxtra were positioned to offer this option. I for one will be seriously considering any IB SIPP CFD account offering (clearly if competitive).

However, if the IB / Sippdealxtra partnership cannot be brokered then that is life. But just thought you might like to know.

Cheers
 
I e-mailed Gerald Perez at Interactive Brokers and he said they are analyzing the likelyhood of offering SIPP and CFD accounts in 2006 and expects to know more at end of January. He asked if any other people interested in opening accounts with IB if they support SIPP and CFDs could e-mail him. I have given him a link to this thread.

I suspect they are costing out any necessary IT costs etc and doing a business case. So if you are interested please e-mail him and let him know you are there and tell him what instruments - eg equities, exchange traded futures, index or stock options and/or CFDs you are interested in.

Regards,


Gareth
 
I didnt think active trading was allowed in a SIPP, you can do it but you get taxed, thought they were supposed to be for longer term investments:

"You should, however, make sure that you are not deemed to be "trading".

Otherwise, the Inland Revenue would tax the profit made by the SIPP and could ultimately take away the SIPP's tax privileged status. "

Tell me if im wrong.

Ive noticed that alot of trading sites do offer SIPPs so i could well be wrong, however i dont
think the goverment would want to encourage people to actively trade securities in a SIPP as
we all know that 90-99% of all active traders lose.
 
Last edited:
As far as I'm aware there ar eno restrictions on trading within a SIPP.

In fact several SIPP providers have positioned there products to do just that.

JonnyT
 
Just a reminder - If anyone else wants to see IB providing SIPP accounts with options and/or CFDs then post here and send a "Happy New Year" e-mail to Gerald Perez at IB letting him know you are interested.

[email protected]


Happy New Year


Gareth
 
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