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libspero

Am I Being Screwed?

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Guys (and gals),

I have a SIPP set up with Barclays and to be honest I am pretty happy with the service so far.

However,

I have just received notification that the administration charge is going up to £200 a year (£235 with regular VAT)

This seems a bit steep to me and I'm wondering how this compares with what other people use.

Cheers,

Libs

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I seriously question pensions now - I mean, your SIPP has to make £235 a year now just to break even.

I think more along the lines of investing in ISAs and trading yourself... although not in the current bull-trap IMPO of course...

I think pensions in the UK are a huge con if you have to have a private one - set-up charges, trading charges, annual charges and then forced to buy an annuity at the end.

With so many firms stopping final salary schemes I do think that more and more people will simply opt to go work in the local public sector jobs.

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I seriously question pensions now - I mean, your SIPP has to make £235 a year now just to break even.

That is exactly the reason I was starting to get a bit miffed.. not least because if you have a regular trading account with them it's free. I really don't think that the fact it comes in a pension wrapper justifies the size of the additional charge.

I still think a shares based pension is probably better in the long run than a cash ISA. Not sure how it would compare if you had a stocks and shares ISA though, except that I expect a company would refuse to pay contributions into it.

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That is exactly the reason I was starting to get a bit miffed.. not least because if you have a regular trading account with them it's free. I really don't think that the fact it comes in a pension wrapper justifies the size of the additional charge.

I still think a shares based pension is probably better in the long run than a cash ISA. Not sure how it would compare if you had a stocks and shares ISA though, except that I expect a company would refuse to pay contributions into it.

I meant, putting 7,200 a year into a self-select shares ISA. OK, you do not get the tax breaks from the Govt but you are not forced to buy an annuity at the end.

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if you buy thru Cavendish Direct online discount broker, you can get stakeholder pensions at 0.55% and 0.60% AMC with no additional explicit annual charges from Aviva and L&G respectively - both giving good range of funds to choose from, especially index trackers (BGI ones thru Aviva scheme, L&G thru the L&G scheme). I cannot for the life of me see why you would go for a SIPP compared to this v low charging option instead.

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FWIW I use Hargreaves Lansdown too. Find them fine. Telephone helpline is good service for the one time I misunderstood some something.

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