Question
There seems to be quite a bit of information available regarding the best low cost SIPP provider when at the pot building stage, but little or nothing comparing SIPP providers when at the drawdown stage.
I am about to go into drawdown with a small pot of around £ 75000 (after the tax free lump sum has been taken), I intend being a low activity investor and I would like to know which provider/s you think is/are the best for this size of pot when in drawdown.Answer
The information is on my comparefundplatforms website, but tucked about via the ‘charges’ link on the results page for each SIPP provider due to a lack of screen space. Creating a new page showing the various platform charges for all providers is on my bulging ‘to do’ list, so hopefully it’ll see the light of day soon.
In most cases the best value SIPPs at the pot building stage will remain best value during drawdown - your money is still mostly invested hence a combination of low fund and platform charges will probably still have the biggest impact on your bottom line. But, I agree, it's important to check any additional charges that apply during drawdown.
Anyway, the following SIPPs may prove worth considering in your situation - they're generally cost effective re: fund and normal platform charges.
Charles Stanley Direct
Setup income drawdown: Nil
Calculate income limits: £120
Income payment annual charge: £60
Interactive Investor
Setup income drawdown: £180
Calculate income limits: £180
Income payment annual charge: £150
Alliance Trust Savings:
Setup income drawdown: £240
Calculate income limits: N/A
Income payment annual charge: £90
Sippdeal
Setup income drawdown: £180
Calculate income limits: N/A
Income payment annual charge: £90
Bestinvest
Setup income drawdown: Nil
Calculate income limits: £120
Income payment annual charge: £100
Hargreaves Lansdown has relatively low drawdown charges (as follows), but tends to be rather less competitive re: overall fund/platform charges.
Setup income drawdown: Nil
Calculate income limits: £90
Income payment annual charge: Nil
Good luck with your decision.
There seems to be quite a bit of information available regarding the best low cost SIPP provider when at the pot building stage, but little or nothing comparing SIPP providers when at the drawdown stage.
I am about to go into drawdown with a small pot of around £ 75000 (after the tax free lump sum has been taken), I intend being a low activity investor and I would like to know which provider/s you think is/are the best for this size of pot when in drawdown.Answer
The information is on my comparefundplatforms website, but tucked about via the ‘charges’ link on the results page for each SIPP provider due to a lack of screen space. Creating a new page showing the various platform charges for all providers is on my bulging ‘to do’ list, so hopefully it’ll see the light of day soon.
In most cases the best value SIPPs at the pot building stage will remain best value during drawdown - your money is still mostly invested hence a combination of low fund and platform charges will probably still have the biggest impact on your bottom line. But, I agree, it's important to check any additional charges that apply during drawdown.
Anyway, the following SIPPs may prove worth considering in your situation - they're generally cost effective re: fund and normal platform charges.
Charles Stanley Direct
Setup income drawdown: Nil
Calculate income limits: £120
Income payment annual charge: £60
Interactive Investor
Setup income drawdown: £180
Calculate income limits: £180
Income payment annual charge: £150
Alliance Trust Savings:
Setup income drawdown: £240
Calculate income limits: N/A
Income payment annual charge: £90
Sippdeal
Setup income drawdown: £180
Calculate income limits: N/A
Income payment annual charge: £90
Bestinvest
Setup income drawdown: Nil
Calculate income limits: £120
Income payment annual charge: £100
Hargreaves Lansdown has relatively low drawdown charges (as follows), but tends to be rather less competitive re: overall fund/platform charges.
Setup income drawdown: Nil
Calculate income limits: £90
Income payment annual charge: Nil
Good luck with your decision.
Read this Q and A at http://www.candidmoney.com/askjustin/837/best-sipp-for-drawdown
I found here, one of the great information about SIPP drawdown and Income Drawdown. Thanks for sharing your informative post.
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