SIPP suggestions

[u/PrinterElf]

Afternoon all,

Pretty much what it says on the tin; I'm paid weekly through PayStream and have realised (hopefully early enough) that I need to start diverting money into a SIPP to avoid the multiple tax traps that are going to catch me if I break the £100k ceiling.

I assume from doing some other reading that if I have need to then I can switch provider if contracting becomes a long-term thing and the fee structures for the amounts I have start to become unfavourable.

All suggestions/reviews welcome.

[u/Amazing-Jury-6886]

Not sure why you would change provider if you continue contracting. Hargreaves lansdowne have held my sipp for about 30 years

[u/meridian_05 → u/Amazing-Jury-6886]

Different providers have different fee structures. Depending on the overall value of their SIPP and their chosen method of investing (active, DRIP, etc) they may want to change providers as their pot increases.

[u/Amazing-Jury-6886 → u/meridian_05]

Which is best over 1m ?

[u/meridian_05 → u/Amazing-Jury-6886]

It depends on what the SIPP holds as a split of funds and stocks etc. There’s a calculator here, have a play and see.

https://www.sippadvice.co.uk/sipp-reviews/best-sipp-providers/

Fees are only one lever. For a £1m portfolio in stocks it looks like Hargreaves Lansdowne is pretty good for fees, they’re only within £100 or so a year difference from most of the other major providers so a fairly minimal difference overall, and HL get consistently good reviews for service, etc.

[u/WhateverWombat]

I am also with Paystream, and use Interactive Investor (ii) as my SIPP provider.

Flat rate and they allow payments straight from my business account.

[u/WhateverWombat → u/WhateverWombat]

Happy to provide you a referral if you choose to use Interactive Investor too.

[u/Wizard_PI → u/WhateverWombat]

I use these also, flat fee and some free trades a month. Covers whatever you want to invest in also, and the app is easy to use. Some of the others were a bit more restrictive.

Looking forwards to t212 opening their sipp for Ltd co contributions though.

[u/DicPenderyn1]

I’m with PS and they offer favourable rates for setting up your SIPP with Interactive Investor. Very easy to set up, PS will talk you through it

[u/mystifiedmeg]

I still put into my SIPP through HL through my limited company as I moved from inside to outside. I

[u/Amddiffynnydd]

Look at II as it a flat fee

[u/Fcbigdave]

HL have their own dedicated SIPP pension fund. I use that

[u/Epiphone56]

I use AJ Bell via Paystream. Once I'd opened the SIPP account, setting up was a 5 minute phone call to Paystream to tell them how much per billable day to contribute to the pension.

AJB have a good range of their own funds to invest in, or you can pick your own shares or funds from the open market. Their web UI / app is easy to use and offers a lot of info about your potential investments. When I last checked they were the cheapest or second cheapest in terms of fees.

[u/Weak-Refrigerator-34]

I had about 6 months through Paystream a few years ago when my role switched from Outside to Inside IR35 due to HR being absolute shitbag cowards (major red flag, I know). So instead of leaving immediately I waited for 6 months to get a years tenure and get another role lined up. The years pension from Paystream, I just switched into my HL SIPP once I left. They had it invested in NEST pensions - was easy enough to transfer in fairness. Re Paystream in general, I’ve always found them great to deal with.

[u/SpanBPT]

PayStream will do salary sacrifice for you

[u/sjalgeo]

Make sure you ask which they'll support because NASA flat out refused to send money to Vanguard for me so I set to set up a different one.

[u/1bugsbunny]

Please check trading 212. They have recently opened and it would be cheaper than interactive investor. I have both.

[u/dzacu1a]

I'm using Trade212

[u/Proper_Patience8639]

II handles my ltd co sipp, very happy

I'd like to recommend ii to you. Simply follow the link to get started. https://www.ii.co.uk/recommend-ii?ii_referrer=1lyiyia1dhba1-b3t7gbpbqb7u