The BEST SIPP For 2024 UK (Self Invested Personal Pension)
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- เผยแพร่เมื่อ 7 ก.ค. 2024
- Best SIPP Platforms For 2024:
1. InvestEngine - investengine.com/chrispalmer (Up to a £50 Welcome Bonus + up to an extra £2,500 transfer bonus)
2. Interactive Investor - bit.ly/3nDIAxv - Up to £200 transfer bonus
3. Vanguard - bit.ly/3kW4XNI
4. Hargreaves Lansdown - bit.ly/3Rq14Mc
5. AJ Bell - bit.ly/3LzUDGe
Download the comparisons here: chrispalmer.co/best-sipp-acco...
Best Pension (SIPP) for 2024 Guide:
00:00 Best SIPP 2024
1:00 Platform Fees
4:32 Trading Fees
7:19 FX Fee
8:36 - What's Included?
9:49 - Limited Company Contributions
10:22 - Mobile or Desktop?
11:10 - Is it safe?
11:27 - Company Age
11:54 - Reviews
13:01 - Customer Support
13:30 - Transfer Available?
13:56 - Drawdown
14:45 - Multi Accounting
15:29 - Free Bonuses
15:57 - Fee Comparison (Real Example)
19:49 - SIPP Tier List
22:00 - Who I'm Using?
#SIPP #Pensions #Pension
*None of the advice mentioned in the video is to be taken as financial or investment advice as it’s for entertainment purposes. Some links above include affiliate commissions/referrals.
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My top two picks for SIPP are either InvestEngine - investengine.com/chrispalmer (Up to a £50 Welcome Bonus + up to an extra £2,500 transfer bonus)
And Interactive Investor - bit.ly/3nDIAxv - Up to £200 transfer bonus.
I would use InvestEngine if you're just starting out/in the stage of growing your pension and Interactive Investor if you are further along or near retirement and need a drawdown facility.
Interactive Investor did have a much better cashback deal earlier this year of £1500 for the amount I was transferring from Aviva, so always worth checking the latest deals!
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Charlotte Miller.
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Your analysis is just hands down the most thorough on the internet. Awesome amount of detail. Thanks!!!
Aww thanks means a lot! These take so much time 😅
Vanguard for me it's so simple and fuss free.
This was an absolutely perfect video; you nailed the info. Thank you!
Great summary of all key platforms... Thanks 👍
No problem!
Excellent work Chris. Very good comparisons on every category of cost.
Thanks 🙏
Thanks for the great work Chris. Lots of people will benefit from this video. Would have been interesting to see the costs for portfolios that also invest shares and funds but l understand things would have been quite complicated. Again, thanks again for the great video.
Definitely - so many different options for comparison! Hopefully this will help people be able to work out their own strategy costs quite easily
I think it's outrageous in these days of alleged pension freedoms that I am trapped with People's Pension until either my firm changes provider or I change firm. Partial transfers should be a given. I only contribute the statutory minimum there via payroll deductions. The bulk of my surplus salary each month goes to my Vanguard SIPP (and ISA).
Yep it's pretty crazy! I think they should give people complete freedom, it's their money!
Join the club. Got a workplace pension with NEST won't let me do partial transfers. So the rest used to go into vanguard, but I've just gone investengine with sipp and isa
Great video Chris. The moment I left my job I transferred work pension from Aviva to ii SIPP. Fees dropped massively. It’s a scandal what some workplace pensions charge but you are kind of locked in due to employer contributions. I worry about folk who just leave their pensions in high fee pensions. Even though I tell as many people as possible to check on these fees they don’t see, to bother.
Thank you! Yeah the amount is see with way less than they hoped is really sad. It’s trying to encourage people to contribute and additional pension outside of work which is really difficult if you are locked in. Some of the fees are awful. In a positive way some providers are being forced to be way more transparent. I know SJP got hit hard recently but good for customers
Hi Chris. Great summary. How do you ensure you're covered if pension value is over 85k? Thanks
Chris thanks for this video, appreciate very much your hard work. I have my SIPP with HL and ISA with T212. I'm waiting to see what T212 has to offer when they launch their SIPP as I would like both in one place. If it's not that good I may just move both to II as they seem to have a good reputation and just put up with the poor app or just use the desktop.
Employer is standard life. They don’t show platform fee separate from fund fee, you just get a single percent. I have a vhvg which is .395 (fund and platform) on value. No transaction fees so it’s not far off vanguard. only allows 1 transfer in 36months period.
Not bad at all to be honest, only down side is likely if it's uncapped, roughly 0.27% is not bad at all though. I do think with the employer pension too the fact the workplace contributes definitely offsets it!
Hi Chris great job! I transferred to AJ Bell SIPP, happy with site.
I would like to ask what u think of the Legal & General Global Technology Fund v a cheap S&P 500 cc index with UBS. Do u think tech will stay up long term (10 years)
Thomas
Christ, you are amazing. I much appreciate you putting this together. Thank you for listening to your audience :) Can I still do fractional trades in a SIPP?
Yep you should be able to! I know you can in Invest Engines - I did one last week.
Desperate for T212 to release theirs this summer!!
same here, I'm with AJ Bell for y SIPP and T212 for my ISA's. Love the interface/simplicity of T212 and the fact that it allows me to download into a format that Snowball Analytics supports. Would love to have that same functionality for my SIPP. I agree with you Chris re the interface for AJ Bell, it's so so poor, looks like a web dev UI from 2000, not 2020s'
Really useful video Chris. Thanks. I'm going to start my first SIPP now, and probably will go with Vanguard. One little question - thinking for the future - In the long run self-employed people like me are (hopefully) going to save more than £85,000 in our SIPPs at some point. Do you think it would be safest to have more than one SIPP to keep each one under £85,000 so that all our pension is protected under the FSCS? Thanks.
AFAIK (I have a substantial SIPP with Vanguard), the funds are held in a way that means even if VG collapsed your SIPP is still safe. So, no need to split the SIPP. Also with VG if you have around 250k the account fee is capped so, if you had that amount you'd be saving on fees compared to paying multiple providers.
Thanks Chris. I was with V and then moved to Fidelity. Never been happier.
Awesome how are you finding the platform?
@@chrispalmer24 I dunno maybe it’s just me, but I really like their site and app. It’s straight forward and easy to navigate. Their app is like Vanguard 2.0 enhanced version lols. I tried AJ bell too, but i find their app painful in the eyes. So I moved my SIPP and ISA to fidelity. For stocks and shares, I’m sticking with 212.
I must say, £17 for each transfer (US holding) on Free Trade is absolutely scandalous!
Agreed!
Hey, just looking into junior sipps. Any recommendations, or non-financial advice?
I recently opened an Invest Engine SIPP to move an old pension into. They said they couldn't do transfers. So I opened a Vanguard one instead. I was disappointed.
Double checked with them and it's coming in October, hopefully be able to do it then! Was hoping it'd be sooner.
Can you do a video on best Sipp transfers offers including cashback sites sometimes these offer 800+
To be honest they change so much it’d be out of date by the time I could publish it 😅 interactive investors tend to do quite large ones and invest engine had quite good ones. The other thing is generally outside of the mentioned ones good bonuses can be on quite expensive or poor platforms
Hi Chris, great channel. I'm already retired (well, I've stopped working) and want drawdown or what I think is called ufpls on 2 uncrystallised works pensions. This means I have to transfer them to one of these providers as the works ones don't provide this option. Trying to find a financial adviser that will do the admin without a yearly % that I don't want to pay over and above the platform charge has proven difficult to say the least. Which of these providers would be the best do you think? I have 4 years of what will otherwise be an unused personal allowance until my state pension kicks in. So I want to be able to draw taxable cash to this limit in the first instance.
There is no upper limit on FSCS protection for pensions
Was literally thinking if there was a SIPP comparison video over the weekend, hey presto! Epic work as always Chris, really clear and balanced view of the providers i had in mind. One question (and appreciate you're not a financial adviser), but as a higher rate tax payer, i'm right in saying that i can have my workplace pension, a SIPP and get the tax relief on both?
Thank you 🙏 appreciate it. Yep you can have both and get tax relief on everything you contribute 😁
Cheers Chris for the reply, really appreciate it. One more question sorry. When setting up the investment option, of self managed, managed or retirement. I'm 30, so i was thinking self managed or managed. What are the mgmt fees, just the 0.15? Thinking whether it is worth it, when most fund managers can't out perform the average ETF investor over a long period of time. Cheers :)
Sorry literally just seen 0.25% for managed on the IE website :)
13:52 Just a slight correction that almost gave me a heart attack. You said Freetrade charge £17 to transfer out per US share. This is incorrect, it's per US holding.
Yep that’s right sorry poor wording 👍
Hi
I am 53 and have a small pension when I worked for a University for 10 years. After having my second child nearly 17 years ago I have had part time casual jobs with no pension. Is it worth opening a SIPP now or are there better options for saving for retirement? Many thanks
Trading 212 is incoming - this video will age very quickly but good news for us :)
Will be interesting to see for sure 👍 I think it’ll be really good accumulation. Hopefully they’ll allow company contributions from launch too
How it compares with HL- SIPP for cash and balanced portfolio? I would appreciate it if you could comment on the same please.
I I think I'll just open an account with them all
My SIPP is with vanguard. I find them easy to and simple and cheap.
The options are annoying but vanguard has great funds
Definitely. Buying each time frustrates me is my only real gripe having to find the fund each time 😅
@@chrispalmer24you can use the option top-up(three vertical dots next to the fund on your investments list)…or automate your payment, you can thank me later😂
Does anyone know when Invest Engine will allow partial or full pension transfers?
It was mentioned 3 months ago it’s coming soon so I expect any day now 👍
Hi Chris, what about Aj Bell Dodl? If you could give any clue, is worth to open SIPP there?
Not bad if you like the platform! I believe the fees are uncapped though? So may get expensive
Vanguard are dreadful dealing with questions and complaints.
Can you do a video of JISA a next
I may do! The problem is they take way too much and JISA isn’t really popular enough 😢 even LISA isn’t really, SIPP just about is
The HL fees are a bit disingenuous - it’s only capped at £200 per year on shares. Who only has shares in their SIPP?
I honestly hope 212 SIPP is exactly like it's ISA where you can trade freely and balls it up on a penny stock ;)
85k is on the cash if I understand right. Nevertheless, do you feel comfortable leaving more than 85k in any platform?
Yeah it is - the ETFs are held separately so you would still own them. The real risk is if the ETF itself went bust for some reason you aren't protected. That's why it's so important to use a big firm like Vanguard for them (I always stick to the top 5)
Hi Chris, I have £400k in my pension with True Potential. Fees are Platform Fee…0.4%,Fund Fee…0.75% and a’n ongoing advice fee…0.5%. Seems expensive! What do you think! Thanks in advance.
Very expensive! Especially with your amount 👀 is it out performing the market to justify it?
Thank for your reply. 👍
Investengine doesn’t have SIPP transfers yet
Hey Isaac! I checked with them - It'll be coming in October
is pensionbee any good?
I wouldn’t use them personally, higher fees and less control over what you invest in
If invest engine do not do drawdown, does this mean in 35 years time I will need to transfer to vanguard to access my pension?
I literally just opened an invest engine SIPP last week and almost nearly opened a vanguard account instead but went with invest engine as they have an app and because I can invest my SIPP in the FTSE All world fund as opposed the to the FTSE global all cap.
Like the rest of us, you will move / transfer over your investing lifetime as your pot grows and needs changed.
The Invest engine SIPP is very new. In 35 years time they may well be offering drawdown.
Yep that's it - and ass the comments said too - to be honest, Vanguard gets really expensive (hence why I'll likely be moving away soon) compared to pretty much everyone. I think InvestEngine will definitely be offering it by then as a lot are requesting it :) I wouldn't worry for now
We're in May. Give it a rest.
Keep it up mate - love your videos, they really help at anytime.
What’s the month have anything to do with the question of SIPPs ?
So, still almost 10 months of 2024 remaining
@@lilymackenziee Thank you! 🤍
@chrispalmer24 Is it possible to have a SIPP with more than one platform?
Yeah you can have as many as you like :)