SIPP Product at Interactive Brokers

This is a discussion on SIPP Product at Interactive Brokers within the Brokerages forums, part of the Commercial category; Currently Interactive Brokers does not support a true SIPP accounts. The aforementioned is still under review as to whether we ...

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Old Jan 16, 2006, 9:50am   #31
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Reply to your question

Currently Interactive Brokers does not support a true SIPP accounts. The aforementioned is still under review as to whether we will be supporting them in the near future. Until we do support SIPP accounts we cannot comment as what are the differences between our SIPP account and others.



Quote:
Originally Posted by Mattybuoy
OK here's another comment

I have been doing some serious reading of the IB website and forums trying to work out what it's all about. Mostly I like what I see, but some things are rather opaque.

Anyway ...

US IRA accounts at IB (or indeed at any brokerage) are apparently required by federal law to be "Cash accounts". This basically means no margin on stocks. I haven't investigated the futures and options rules closely but they are probably similarly restrictive.

Now as I understand it, in the UK SIPPs are allowed to borrow, and the scope of the borrowing is to be extended come "A Day" i.e. 6 April this year. However, it is not clear to me whether this only applies to property investments or also includes financial instruments.

To get to the point: If a hypothetical IB SIPP account were to be a "Cash account" only then there would seem to be little to differentiate it from the range of existing SIPP accounts.

---
Just musing ...
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Old Feb 21, 2006, 8:27pm   #32
 
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just got agreemnt from my sipp administrator that i can open an account at ib.i can trade uk stocks,most futures and stock options
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Old Feb 21, 2006, 8:31pm   #33
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Wow! Good news.

Would you mind letting us know who the trustee and administrator are?

Also, are they are any restrictions on investments and/or margin?

Thanks.
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Old Feb 22, 2006, 7:56am   #34
 
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yes.ipm sipp administration.ware in herts.tel 08451303443.speak to james.
however,gerald perez at ib has a list of adminisrators that he deals with.ipm are not cheap,but have very few restrictions on the markets i can trade
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Old Feb 22, 2006, 9:36pm   #35
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Thanks.

I would be interested to know whether you are allowed margin on stocks, once you get going.
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Old Feb 23, 2006, 9:01pm   #36
 
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Quote:
Originally Posted by Mattybuoy
Thanks.

I would be interested to know whether you are allowed margin on stocks, once you get going.
my sipp administrator has been in contact with gerald perez of interactive.so far,there is no problem.i am thinking,that to trade on margin,you will have to comply with the exchange recquirements.ie u.s pattern day traders ruling etc.
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Old Feb 23, 2006, 9:09pm   #37
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OK, thanks.

I imagine that margin on futures and options will certainly be allowed, since this does not constitute a loan, but rather a "deposit". However, since margin on stocks definitely does constitute a loan, I am wondering how that ties in with the SIPP borrowing rules. I have been totally unable to gain any sort of clarity on these except with respect to property investment, which is not relevant here.
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Old Feb 23, 2006, 9:14pm   #38
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BTW, sorry to bang on, but I'm finicky about details ...
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Old Feb 24, 2006, 7:52am   #39
 
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i am already trading cfd in my sipp,margin 5:1
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Old Feb 24, 2006, 6:59pm   #40
 
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from what i understand is that the sipp monies are put into the ib universal account.this allows you to trade any xchange that ib caters for.the only thing being you comply with the margin recquirements for that exchange.ie us.pattern day traders rulings.futures,initial margin recquirements etc etc.the one thing you are paying for is the sipp administrators fees.if there are enough t2w members then,i am hoping that ipm might give a good discount
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Old Feb 25, 2006, 12:40am   #41
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Well that does sound good. Personally I am going to wait until after A Day before I move anywhere. There are still quite a few things to be clarified about the new regime.

Good luck with your SIPP.
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Old Nov 8, 2008, 11:14pm   #42
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Did IB get around to offering a SIPP product and if so which trustees and adminstrators are they happy to work with?

Thanks
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Old Nov 15, 2008, 3:34pm   #43
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Quote:
Originally Posted by goodtyneguy View Post
Did IB get around to offering a SIPP product and if so which trustees and adminstrators are they happy to work with?

Thanks
I noticed that IPM was mentioned earlier in the thread, they are expensive for anyone just wanting a brokerage account in their sipp. Anyone know of a more cost effective administrator/trustee?

Last edited by goodtyneguy; Nov 15, 2008 at 3:43pm.
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Old Dec 5, 2008, 12:37pm   #44
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Originally Posted by goodtyneguy View Post
I noticed that IPM was mentioned earlier in the thread, they are expensive for anyone just wanting a brokerage account in their sipp. Anyone know of a more cost effective administrator/trustee?
SippDealXtra are by far the cheapest trustees I have found. I use them with IG.
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Old Dec 5, 2008, 2:16pm   #45
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SippDealXtra are by far the cheapest trustees I have found. I use them with IG.
Yes, I think they are the cheapest the only problem for me is that they don't allow the holding of physical gold which is a place I'd like to park some cash. By physical gold I mean held in secure storage by goldmoney.com, gold is allowable in SIPPs as long as one does n't take delivery.

This from a representative on the IB thread:

Quote:
IB is currently designing a SIPP account structure. We are in discussions with several SIPP administrators who will manage the accounts. Until the account is available, and the negotiations have been finalized, it would be inappropriate to discuss which specific administrators will work with us.
http://www.trade2win.com/boards/brok...okers-149.html
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