SIPPS Pensions

[seancass]

I am sure that I have sought opinions on this in the past, and equally sure that NAZ pointed out a firm that offers this type of brokerage facility.

A Sipp, is a self invested pension plan where you can manage your own pension plan through an approved broker and make the necessary investment decisions provided you use UK stocks.

Have any members experience of this type of self management pension and are there any recommendations out there in terms of broker?

Thank you
Seancass

 

[Scripophilist]

Most people miss the most important point on SIPPS.

You appoint a trustee that "Looks after" your pension and the legal requirements.

You appoint a broker or brokers to look after the dealing.

Therefore you should make two choices. Most brokers practically appoint the trustee for you (In return for some reciprocation no doubt).

I use ODL Securities and Comdirect for my execution in the SIPP. ODL are very flexible.

I visited ODL's preferred Trustee IPM in Ware and liked them so appointed them also.

 

[seancass]

Thank you for that useful information Scripophilist. I will take a closer look at those companies.

Best wishes,
Sean

 

[Oldun]

Sean,

Comdirect is probably the cheapest, mine is presently with sippdeal although I will soon change to comdirect, etrade have a reasonable deal and Hargraves Lansdown in Bristol also not bad.

There are many others.

 

[seancass]

Many thanks indeed for that, Oldun. I will take a good look at them.

Best wishes,
Sean

 

[JonnyT]

Try www.sippdeal.com and www.sippdealxtra.com

Nice and cheap and a choice of brokers.

JonnyT

 

[seancass]

Thank you JonnyT

Sean

 

[JonnyT]

Hi Shaun,

Like you handle.

You could add:

Does Dick always use his head

JonnyT

 

[seancass]

Eh, thank you for that one, JonnyT.

Sean

 

[Achilles]

A Sipp, is a self invested pension plan where you can manage your own pension plan through an approved broker and make the necessary investment decisions provided you use UK stocks.

Hi Sean,
I have no experience of this, but reading what Naz has to say about 10 posts down this thread, it appears you can also use US stocks :cheesy: depending on your broker.

Regards,
Akhil

 

[seancass]

Thank you for that, Achilles

Sean

 

[Oldun]

Sean,

Check very carefully. The list can be very limited and in some cases, I think, you may become liable for stamp duty.

I need to look into this myself but if e*trade allow a full or extensive range of US stocks and you can trade using LII with realistic commissions they may be a good prospect.

If you get any useful info let me know.

 

[seancass]

Thank you Oldun, I am going to undertake some research.

Best wishes,
Sean

 

[seancass]

Oldun,

I have been examining the E Trade web site (cannot get through to them by phone so I have e mailed them) and they state quite categorically that SIPPS clients may deal in UK stocks. I cannot see any reference under the SIPPS banner to US stocks. In the e mail that I have sent I have asked them for clarification.

Further, SIPPS are not covered by the UK compensation scheme if they go TU!

Best wishes,
Sean

 

[Scripophilist]

I trade US, EU, UK stocks, futures, options, warrants, etc. etc. through my SIPP there are very few limitations but you do need to check with you broker and trustee.

 

[seancass]

Scripopholist,

Which broker/trustee do you use please?

E Trade want £9.50 per trade while comdirect want £12.50.

Best wishes,
Sean

 

[fowkesp]

Sean,

You must have had a late night or something Scrip told you yesterday who he used for SIPPs and you said you'd look into it. I only know 'cos I was waiting to see what you found out (I'm a lazy blighter) :|

Best wishes,
Paul

http://www.odlsecurities.com/
http://focus.comdirect.co.uk/en/ourservices/ouraccounts/SIPP/index.html

 

[seancass]

Thank you Fowkesp,

Yes, a late night I'm afraid! I'm now suffering from information overload! Mind you, I have learnt a little bit more about SIPPS today. I had no idea, for example, that some SIPPs can be used as security against which to raise finance on commercial premises!! In addition, I gather that one cannot use the protected rights element within an existing pension pot for SIPPS.

I have spoken today to Comdirect but, if I have understood them correctly, they operate strictly as the broker who provides the means for placing and monitoring the trades. They do not assume the role of Trustee/penison fund holder (as required by the Inland Revenue) of the fund although they do recommend European Pensions Management (based in London) as their recommended trustee. Of course, one is at liberty to appoint any appropriate trustee.

With etrade, I understand that they perform both functions and their standard trade price is about £9.50 per trade. I continue my research.

Oldun, have I undertood all this correctly?

Best wishes,
Sean

 

[Naz]

I ran a course at e trades offices on Friday and they told me that sometime in the future they were looking at offering cfd's within a SIPP.

 

[seancass]

Thank you Naz.

What do you think would be the main benefits of CFDs, if any, over conventional trading of stocks within a SIPP?

Best wishes,
Sean