(Sipp) Self invested personal pension

General
125

Thank you for the update.
It’s a shame that the Free availability isn’t being extended as the delay to launch wasn’t a customer issue.
However, I can confirm that aside from say finding a promotion/affiliate link then 0.15% is the same as the current leading rate (Vanguard) for SIPPs.

On Transfering SIPPs to Invest Engine I’ve not had any success here.
I’ve restarted the App several times - everytime it says to contact support.
I’ve contacted support and received a generic response saying it’s not available.
(see below)

Anastasia (InvestEngine)

12 Jan 2024, 10:12 GMT

Hello XXX,

Thank you for contacting InvestEngine.

At this time, SIPP transfers aren’t available into InvestEngine.

We’re finalising the transfer process and it will be added to the SIPP offering in due course. You can keep an eye on our Community Forum and our Blog, where you will find our latest updates and interesting articles.

In the meantime, you can open your SIPP for as little as £100 (for a Managed Portfolio) and £20 a month for a DIY Portfolio.

===
Could you update if we can transfer or not?

126

Really silly question here… it just seems to be a folder to park an amount, a little bit like the cash ISA option on the app? ie not linked to funds etc

1 Like
127

There we’re a small proportion of emails on our waitlist which we’re not associated with an InvestEngine account.

@Christopher @andoni273 – I’d ask if you could wait until emails go out in the next hour or so. If you’ve not received anything by early afternoon please drop support@investengine.com a message (so we can identify you accounts and add you to the release)

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128

Great to see SIPPs finally launched on IE. Can I confirm that transfers and employer contributions are not available yet?

When I say employer contributions I mean self employed directors being able to add contributions to their own SIPP via a the business bank account.

Thanks!

129

@isaacjp1998 – Not available yet but we’re working on both. More details on Transfers will hopefully be announce in the next few weeks

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130

Hi Tom,
I received the email earlier today but when I log into my account via the website it still doesn’t allow me to start a SIPP.

I only get the “Register your interest” page.

131

Hi @Pinch – Off the top of my head I’m think it could be the page cache – If you could a hard refresh of the page (Pressing ctrl-F5).

If that doesn’t work please could you drop support@investengine.com a quick email with a screenshot?
Include whether its on the mobile app (iOS or Android) or Web and as them to flag it to Tom.

132

Received an email and App notification. Able to open a new SIPP account within 30 seconds.

  1. Cannot transfer cash from General account to SIPP.
  2. Pensions Transfer-in option isn’t available. Asking to contact support. Is that possible by contacting support?
  3. Employer contributions for LTD company directors? No info on this on the product page or FAQ’s.

Thank you.

1 Like
133

Thank you Tom, I can see it now at the very bottom of the page.

The tile at the top needs changing though - it still says “Coming soon…” Thank you.

134

I’ve received the email but can’t see it on the (updated) app or on the website. Not urgent, as all my contributions will be transfers and those aren’t yet available, but thought I’d flag it.

Congratulations on the launch!

135

This is my query too, I’m wondering if depositing cash will subsequently open up the investment options :thinking:

136

Use “add new portfolio” at the top and then you can choose to open either a DIY or Managed portfolio for your SIPP.

2 Likes
137

Great thanks Tom, I’ll look harder next time! :roll_eyes:

139

I could be wrong, but I think this is a potential issue:

At the top of the pension section, there is an info box that expresses the available limit to contribute this year. The problem is that this is expressed as 60,000 minus personal contributions made; I think it should instead be expressed as 60,000 minus (personal contribution + pending HMRC contribution).

eg. If you make a personal contribution of £4000, it should show £55000 remaining - not £56000 remaining… even while the HMRC contribution is still only pending

140

Tried that before and after you said this, on the app and online (including while in incognito to prevent cacheing issues). Still no sign of it.

141

Ah, not sure what is happening sorry. I had an option to open a SIPP at the bottom of the page and it gave me a “Personal Pension Cash” portfolio after filliing out a declaration. I then added a portfolio at the top and was able to create a DIY portfolio.

144

I wondered that too, I imagine the tax relief is only accounted for once it is received into the account. This normally takes 4-6 weeks elsewhere.

145

Hi @Dima90 , let’s hope it is as fast as 4-6 weeks.

I’ve messaged IE support earlier today with the following questions

image

and received these answers.

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image580×534 14.6 KB

6-11 weeks for tax relief to come through is an unbelievably long time, methinks. 6 weeks is fine but if it takes longer than AJ Bell for instance, and the longer it takes, then there’d be questions as to why.

AJ Bell says this about tax relief in a SIPP:

image

Vanguard seems to operate on the same timeframe as AJ Bell.

I also find it concerning that my 2nd and 5th question weren’t answered - as the SIPP is open for business now surely these answers should already be available.

147

Yes, that seems to be how it’s presented at the moment. That’s going to be very confusing and misleading though once multiple contributions have been made, some of which have had the hmrc relief credited, and some of which haven’t. Far better to simply present it as the full amount + relief straight away so there’s no confusion. Then on April 6th, it resets - for example, with the current presentation, what if you made a personal contribution at the start of March, and the hmrc relief was credited at the end of April, in the new tax year. Would that relief be credited as a contribution in the new tax year? (it shouldn’t). The current way of presenting it must be a mistake, I think

149

That’s my point - as the tax relief will be for the year the contribution is made (not neccessarily the year it actually arrives in the account), it makes a lot more sense to reflect this straight away. I agree it won’t be relevant in many cases, but it will for some, and would just be a more logical way of presenting the information

1 Like