Jump to content
House Price Crash Forum

Am I Being Screwed?


libspero

Recommended Posts

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

Link to post
Share on other sites

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.

Link to post
Share on other sites
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.

Link to post
Share on other sites
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.

Link to post
Share on other sites

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.

Link to post
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    No registered users viewing this page.





×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.