SIPPS Pensions

seancass

Well-known member
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

Active member
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

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

Best wishes,
Sean
 

Oldun

Active member
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

Well-known member
Thank you JonnyT

Sean
 

Achilles

Junior member
seancass said:
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
 

Oldun

Active member
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

Well-known member
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

Active member
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

Well-known member
Scripopholist,

Which broker/trustee do you use please?

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

Best wishes,
Sean
 

seancass

Well-known member
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

Experienced member
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

Well-known member
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
 
 
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