SIPP pension advice

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Father Jack
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SIPP pension advice

Post by Father Jack » Sat May 30, 2020 5:11 pm

Does anyone have any good advice for SIPP pensions if you choose to invest yourself instead of through an IFA?
I’m interested in any useful reading material or good tips on what to look out for, platforms which are easy to use.
Thanks all.

IanMcL
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Re: SIPP pension advice

Post by IanMcL » Sat May 30, 2020 5:19 pm

....take professional advice. Too much at stake.
Get it wrong...
No more steak!

Guitargeorge
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Re: SIPP pension advice

Post by Guitargeorge » Sat May 30, 2020 5:46 pm

I have a SIPP, all done through my FA. Wouldn’t advise doing it any other way

Bosscat
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Re: SIPP pension advice

Post by Bosscat » Sat May 30, 2020 6:00 pm

As Ian says "take professional advice" from a good financial advisor...... it will pay off in the long run 👍

NewClaret
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Re: SIPP pension advice

Post by NewClaret » Sat May 30, 2020 7:16 pm

Not sure “speak to an FA” is entirely the best advice. I remember an FA telling me to invest in Neil Woodford’s fund when he left Invesco. Look how that turned out. I didn’t, as it happened, thankfully.

Issue is, either way, FA’s take fees and are therefore not entirely impartial. If you’re investing in shares and feel confident in what you want to invest in, no reason you can’t open and manage a SIPP yourself.

Interactive Investor do a SIPP product, £10 pm and one free trade. Worth a look.
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Blackrod
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Re: SIPP pension advice

Post by Blackrod » Sat May 30, 2020 7:32 pm

‘A little knowledge is a dangerous thing’ Get proper advice. For all the purported ‘experts’ there are plenty that lose money by doing things on the cheap and because they are ‘in the know’. I pay my accountant large fees but he’s good and knows his stuff. I once tried a cheaper one and it was a complete waste of money.
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UnderSeige
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Re: SIPP pension advice

Post by UnderSeige » Sat May 30, 2020 7:44 pm

Father Jack wrote:
Sat May 30, 2020 5:11 pm
Does anyone have any good advice for SIPP pensions if you choose to invest yourself instead of through an IFA?
I’m interested in any useful reading material or good tips on what to look out for, platforms which are easy to use.
Thanks all.
Like the others have said, you could contact a 'financial adviser'. Some are Independent Financial Advisers that you pay a fee to. Some will likely be on commission for the products he/she sells. There is also free government advice available through 'Pensionwise' for over 50's. There are a few useful links on the following website including a link to the government 'Pensionwise website'. https://www.moneyadviceservice.org.uk/e ... nsion-wise

Other links that you might find useful:


The pension you choose should depend on your age, income, long term objectives, when you hope to retire, how much per month you are going to invest, knowledge of financial markets, attitude to 'risk' and probably a number of other things. A good IFA should be able to ask you the right questions and direct you accordingly.

Alanstevensonsgloves
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Re: SIPP pension advice

Post by Alanstevensonsgloves » Sat May 30, 2020 8:04 pm

I've lost thousands following tips on here 😢

Gulf keystone anyone?
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NewClaret
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Re: SIPP pension advice

Post by NewClaret » Sat May 30, 2020 8:20 pm

Alanstevensonsgloves wrote:
Sat May 30, 2020 8:04 pm
I've lost thousands following tips on here 😢

Gulf keystone anyone?
I’ll raise you a Rockhopper :lol: :lol: :lol:

Not for SIPPs, those type of shares!

Stalbansclaret
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Re: SIPP pension advice

Post by Stalbansclaret » Sat May 30, 2020 8:38 pm

If it's a relatively modest amount I don't see a problem in investing it yourself in a single managed fund, such as the funds Fidelity and their like offer. You are then getting automatic diversification as the fund will consist of investments in many different shares of the type it specialises in e.g. European, Far East , Smaller Companies etc However for any sizeable amount I would think using a reputable IFA who makes sure the investments match your risk profile is essential.

Bigvince
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Re: SIPP pension advice

Post by Bigvince » Sat May 30, 2020 8:44 pm

It never ceases to amaze me that people come on this forum for financial advice!

bfcmik
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Re: SIPP pension advice

Post by bfcmik » Sat May 30, 2020 9:05 pm

Bigvince wrote:
Sat May 30, 2020 8:44 pm
It never ceases to amaze me that people come on this forum for financial advice!
Yeah! Every couple of weeks normally he would be able to turn his head to his right and ask me. And I would shrug my shoulders and say, "I haven't got a clue, why not ask the people in row O!"

bfcjg
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Re: SIPP pension advice

Post by bfcjg » Sat May 30, 2020 11:12 pm

I really rate this one, as they say pay peanuts you get monkeys.
https://www.guinnessworldrecords.com/wo ... 4436020591

Alanstevensonsgloves
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Re: SIPP pension advice

Post by Alanstevensonsgloves » Sun May 31, 2020 9:27 am

NewClaret wrote:
Sat May 30, 2020 8:20 pm
I’ll raise you a Rockhopper :lol: :lol: :lol:
Yep, I jumped on that one too. I'm still listening out for the radio adverts... "Have you been financially misadvised by strangers on a football messageboard? Then call.....!"

In my defence I did do research first, and they initially went up, but then.....
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pompeyclaret
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Re: SIPP pension advice

Post by pompeyclaret » Sun May 31, 2020 11:08 am

I use vanguard for mine. Low fee's, and a range of products. Lucky I asked them to invest some money for me in early February but it didn't happen. Then I invested in march, making a tidy profit so far but would have been bad timing otherwise

NewClaret
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Re: SIPP pension advice

Post by NewClaret » Sun May 31, 2020 10:55 pm

Alanstevensonsgloves wrote:
Sun May 31, 2020 9:27 am
Yep, I jumped on that one too. I'm still listening out for the radio adverts... "Have you been financially misadvised by strangers on a football messageboard? Then call.....!"

In my defence I did do research first, and they initially went up, but then.....
:lol: :lol:

Someone once told me that the markets are a mechanism for those that know what they’re doing to take money from those that don’t! Stuck with me.

Oil and mining tiddlers are not for me anymore & I sometimes wonder if they are just scams - whether there’s anything there at all other than a corrupt bloke paid by the market makers issuing fake drilling updates - because I’m sure the money exchanged in trades far outweighs the profits they ever make.

Have to be very lucky to “catch one”.

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