Spec Inves Prop Share Discussion Threads

[skyship] 16/1/2010 11:03

chrisis33 - since Sippdeal recently underwent a major efficiency review, cut dealing costs and improved their dealing service, they are once again the best SIPP-show in town:

[thedickster] 16/1/2010 09:19

Anyone else had the email from CMC saying they no longer offer Trader SIPPs? I found this account particularly useful, a shame. Any experience of other CFD Sipp Providers anyone?

[badtime] 15/10/2009 08:25

I can only speak from my experience...but hav found Sippdeal very helpful...the person who dealt with all my transfers and subsequent income drawdown is Krystina Cotton...who i found very efficient.

Re charges I suggest u look at that website or give her a buzz...but there is no yearly service charge..which for 'smaller' sums is worthwhile.

[chrisis33] 14/10/2009 19:47

Reviving a VERY old thread here, but have a question someone may be able to offer some help with.

I hold about £24K in various pensions, and want to consolidate these into a single SIPP in the belief I can generate much higher returns than the limited choice of funds available at present.

About £18K is held with my current employer's 'money-purchase' scheme, and also have minor amounts held in 2 other pensions.

I'd like to know if there are any SIPP providers that are highly recommended?

What kind of charges might I expect compared to a trading account?

And is there any other advice/tips?

Many thanks in advance.

Chrisis

[imastu pidgitaswell] 04/2/2009 10:12

Frustrating tale of being forced to invest protected rights with a bog-standard provided (Scottish Widows) in July last year, while my main SIPP was taken out with Hargreaves Landsdown.

Thanks to some judicious (OK, lucky) trading on BP's falls and rises, the main SIPP is doing quite nicely - having been started when the FTSE was at 6000-odd it would have declined some 30%, but has in fact gained some 19% (has been higher, but BP down somewhat right now).

Meanwhile, the Protected Rights chunk, which had to be invested in 'normal' funds, has duly lost 25% in 6 months and has just (this week) been made available for SIPP use after Hargreaves Landsdowne made the changes (while not communicating it particularly well...) So I'm down 25% on the PR chunk before I start and seeking to get it back via the same method of buying BP low (did so at 464 yesterday) and selling high. Rinse and repeaet ad nauseam.

But why do the bloody authorities take so long to sort the legislation out. It has cost me 25%, I could see it was going to, I didn't want to be in general equities in July, but I had no choice. So frustrating...

Rant over.

[nicd] 03/2/2009 13:29

I have been told that City index also pulling out of SIPP CFD business.
Only thing I can think of, they may have trouble getting paid if the account goes negative

[nicd] 03/2/2009 13:27

I always assumed so since you pay tax when you draw down the income from the SIPP

[onemel] 03/2/2009 13:24

do any of you guys know if dividends are free of tax in a sipp? tia

[nicd] 25/1/2009 20:32

I am with SippdealXtra as the SIPP wrapper and they still offer City Index for CFDs, but their charges are higher than IGs.

and yes, CFDs are leverages, thus risky, so my second, not main account

do a Google on SIPP CFD and there are a few

[andyeds] 25/1/2009 20:19

nicd,

didn't know you could operate a SIPP on a CFD basis. sounds a bit risky to me. i use Norwich Union SIPP but would love to leverage myself if you find another provider.

[nicd] 25/1/2009 19:48

no one else an IG SIPP CFD user?

or City Index or CMC?

[nicd] 24/1/2009 14:38

Just received a letter from IG Markets saying they are withdrawing from the SIPP CFD market

Very strange as would have thought mega profitable for them.

Who has experience with other providers?

I see City Index charges .2%, min £15 commission
CMC are .15%

IG were only .1%

[maximoney1] 18/8/2008 15:47

isis....i left recently... limit buys not executed during a 15 minute window(significantly under limit), said they would phone me back with explanation....never bothered. Trying to trade an ETF, online system goes down at likely price bottoms when your trying to buy, by time you get thro on phone price moved away, trying to get out at likely tops, MM quotes are pulled and spread goes from $0.4 to $2.6....got stung to tune of £1k with the 'system'.....dyor.!

Had been with them several years....but too many glitches and poor service, costing me lots of dosh.

[isis] 18/8/2008 14:51

You get 4% gross interest I think - that may have changed though - up or down.
Should say on the sites.

Hargreaves pays a little more but charges 30 quid a shot for a trade so swings and roundabouts.

[ecoejh] 18/8/2008 14:48

thanks so far for the input

i will want to leave around 20k in cash so does that make a difference

[isis] 18/8/2008 14:43

max - I use to use Squaregain but they merged - the platform they are using is the Squaregain one which is much better than the old Selftrade.
Weirdly enough I cancelled my Selftrade A/C several years ago as I did'nt like it - but it's not the same trading platform.

I've used phone as well and had no hassle recently.

[maximoney1] 18/8/2008 14:40

I wouldn't touch selftrade with barge pole....i had lots of problems and poor response....the usual " will phone you back" and didnt bother. Unprofessional outfit according to my dealings with them.

[isis] 18/8/2008 14:37

I opened a Sippdealxtra with Selftrade as the Broker and it works very well.
I checked out all the others but prefer the Selftrade platform as it's usually inside the price and the size is decent and £12.50 a trade.
There's a Quarterly charge of about 50 quid from SippdealXtra - but that's about it if your just using a lump sum.
Interest is not huge, but you probably won't leave a lot on deposit anyway if your sharebuying.

Hope that helps.

[ecoejh] 18/8/2008 14:26

ladies and gents

am looking for a sipp that will allow me to in effect trade shares

any ideas?

SIPPDEAL and HL have bee mentioned to me but any pointers would be most grateful

lazy me

eco

[ecoejh] 03/8/2008 10:08

great thread guys

eco

[badtime] 28/6/2008 20:09

any...hav u tried the pensions forum on moneysavingexpert.com?

think u wil find a quicker response ther imho

[andyeds] 28/6/2008 17:28

anyone know if i can buy precious stones from money held in a sipp?

cheers in anticipation

[tim] 05/6/2008 10:04

Sippdeal accepting protected rights from Oct08 according to their website. Hooray etc.

[charles clore] 04/6/2008 16:07

Thanks Dave. Can the purchase be made abroad. Say, a Gite in France?