SIPP Pension whatever, I just need advice

[platforminc]

Hi All,


spent a few hours searching the forum for the word SIPP, as I was searching pension before and realised SIPP is what I ought to be searching for.

The long and short of it is that, I'm a IT contractor like most people on this forum, hard working etc and I dont like loosing money.

What am I looking to get out of this post ?

1. I am thinking of some kind of saving for a rainy day, pension or SIPP ?
2. I am looking for something lowcost or no cost, I have searched and the key players are HL, SippDeal and alliance trust.
3. I am looking to have a pension and a SIPP together, Pension side i want it to be low risk, and the SIPP I want the flexibility to be able to research about markets and make my own decisions, albeit not casino style or very high risk.

Also, I have other investments esp property & ISA but its good to diversify a little. Is it also worth speaking to accountants as well to tell him of my plans. I dont have a IFA now and I dont feel I need one.

Lastly, during the last financial year, I was permie for about 4 months before going into contracting full time, I understand that I can go back 1 financial year to use the allowance for that year.

Thanks in advance.

[d000hg]

All you need to do to find sage advice on this (and virtually every other topic, it's astounding how thinly widely spread his knowledge is) is look up a user called Sasguru and read all his past posts.

Come back when you're done.

[Lockhouse]

I'm a IT contractor like most people on this forum, hard working....

That's two mistakes in the same sentence.

[rootsnall]

That's two mistakes in the same sentence.

You talking about me

[SimonMac]

OK, I will buck the trend and try to answer this sensibly.

Firstly a SIPP is a pension, any money that you put into the SIPP will give you tax relief from CT if you pay direct from the company, however any money you put in there will be locked away until you are at least 55.

If you want a rainy day fund an ISA might be a better option, again you may be limited as to when you can cash out but it will certainly be less than waiting till you can draw down your pension.

[platforminc]

OK, I will buck the trend and try to answer this sensibly.

Firstly a SIPP is a pension, any money that you put into the SIPP will give you tax relief from CT if you pay direct from the company, however any money you put in there will be locked away until you are at least 55.

If you want a rainy day fund an ISA might be a better option, again you may be limited as to when you can cash out but it will certainly be less than waiting till you can draw down your pension.

Thanks Mate.
I will carry on with my research, seems we have a lot of numpties on the forum.

[SimonMac]

Thanks Mate.
I will carry on with my research, seems we have a lot of numpties on the forum.

I have opened a HL SIPP this year, feel free to PM me if you have any questions

[d000hg]

Thanks Mate.
I will carry on with my research, seems we have a lot of numpties on the forum.

So you did read Sasguru's posts! But the word is cretin or idiot.

[northernladuk]

Thanks Mate.
I will carry on with my research, seems we have a lot of numpties on the forum.

We had one less in June 2011......

[escapeUK]

We had one less in June 2011......

Did you go somewhere nice then? Or was your internet just broke?