I am looking to set up a Sipp by transferring from a Private Pension (not protected Rights, this is allowable in October). I am looking for some "Do's and Dont's from peoples "hands on experiences". Thought I would ask on here first before trawling through available info in the public domain.

Main points I require are;

1. I want to actively and frequently trade shares in an execution only account?
2. I want to Draw down as much as possible as tax efficiently as possible?
3. Is It better to do the drawdown before setting up the Sipp?

I understand that there are other specifics that relate to one's personal tax position, so as I say I'm just looking for some Do's and Dont's.

I also know that it's a two part thing IE; Trustee/Sponsor and actual dealing account.

Ed: I'm looking at these:

1. http://www.moneysavingexpert.com/savings/cheap-sipps
2. http://www.h-l.co.uk/pensions . Thanks gorwell22.
3. http://www.pensionsadvisoryservice.org.uk/Specialist_Pension_Arrangements/SIPP/
Malcolm Maclane I think Is with these who is very good on pensions from memory.

Thanks gorwell2. now anyone else?

Right after growing the SIPP for 5/6 years I think it's time I took my 25% tax Free one off lump sum in this tax year to spend on something.

Is the 25% tax free actually totally free of one's personal income tax liability as well as the rule stands now, I am aware there are tax changes next April.

Yes.

Oh deep joy, thanks for that Skinny -):

Stan - if you are about, you might want to listen to Jeremy Vine on Radio 2 at Midday.

One of the topics discussed is on this very subject and includes Pensions Minister Steve Webb - it will be available as a pod cast if you want to avoid the rest of the show.

Thanks Skinny I'll give it a go.

Stan, if your able can you give me an idea of what share decisions you made 5-6 years ago to start your sipp to give me an idea of the quality of company I should look at. I will need to do something in the next few years but am bewildered at the mo.

BB, All I do is stick to the rock solidest of outfits that pay a dividend then at least even if the capital isn't growing the divis do help, obviously it has to be your own interpretation of the fraze rock solid.

Well in the end I went with EPML as my trustees and Barclays for the share dealing (thanks Fred) and it has all worked like a dream until EPML went belly up on some sort of technicality from what I understand. Suffolk Life took over liability and have provided trusteeship since.

Barclays are now to stop doing sipps on their new platform apparently? so I need to get a new trustee as well as Suffolk will get more expensive down the line.

Been looking at AJ Bell who now own Mam among other financial companies, and wondered if anyone on here is with them and if so what are they like. They are certainly cheaper and interestingly do work with Barclays which is kind of strange as I say as they are dropping sipps on their new website.

I transferred my sipp to AJ Bell some time ago. No problems with the transfer and I have been very happy with shares dealing, dividends etc since then. One minor point, unlike Barclays the account is not immediately updated once a share dealing is done, seems to take up to a day, but no real issue.

Anyone looking at moving their ISA from Barclays? I think costs will be increasing here.

H

Thanks Sutherlh1, The more I look further into this Barclays proposed move of website/platform the more I think it's a sneaky way of increasing fees to us.

However their explanation pack is being sent out today, I need to examine that before going any further.

Just a query on sipps and the lifetime allowance. I have fixed mine and making no more pension contributions. I am in draw down and understand if I go above this fixed level I will be hit with a big tax bill.
As I am in drawdown, if I draw enough to prevent the total going over the lifetime allowance as my sipp grows, will this prevent the big tax bill, or will all my draw down amounts be added to the total for lifetime allowance purposes? Thanks H

Having talked the whole thing through with AJBell decided to fill in the forms and transfer to them, interestingly the trading platform is still with Barclays which I want.

We will see.

Watching with interest as my lump sum due next year.
So thanks Stan for posting here.

Not impressed with proposed changes at Barclays Stockbrokers detailed in the pack received last week. Looks like those with relatively large ISAs containing long term holdings will pay a lot more. If it ain't broke....With the likes of Vantage coming in aggressively, I can see many long standing Barclays customers leaving before the end of August.

I took my 25% tax free lump sum 3 years ago through AJ Bell. It was paid almost immediately and went through very smoothly. Anyone got any thoughts on my query in post 15? Thanks H

My wife and I both currently hold our SIPP's with TD Direct Investing as a throw back to when TD bought out the SIPP part of Etrade's business which was white-labled through Saxo.

I've never been that excited with them as I found their execution not as good as Hargreaves Landsdown, but I couldn't be bothered to do anything about it.

I now find myself in the fortuitous situation that TD are parting company with their scheme operator and will let me transfer out for free.

Any recommendations guys? I'm more concerned about good execution rather than the annual fee.

I only hold UK equities in my SIPP, I tend to trade in lumps of around £10k, sometimes half that, occasionally double that and only do a couple of trades a month.
I don't do funds as I'm happy to spread my own risk. I don't do dividend reinvestment and I don't require multi-currency. I will probably consider bonds as I get a little older and start to cut my risk profile.

My current options are:
Stay with TD. Annual fee £120. £12.50 a trade
Move to AJ Bell. Annual fee £120. £8.95 a trade. First year annual fee waived
Move to HL. Annual fee £240. £11.95 a trade.
Move to any other provider for free

I'm comfortable with HL but the deal from AJ Bell does look attractive. There's also something about not holding all my assets with HL.

Does anyone use AJ Bell? Any other thoughts?