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SIPP customer stories - Ian

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« ii SIPP customer stories-Ian's story

Retired Ian Drew consolidated two old-style pensions into a SIPP – something he’s been meaning to do since he turned 55, two years ago.

Ian, now 57, finally got round to moving his life-long savings out of schemes - held with Prudential and Standard Life - during lockdown.

“In the last few months I found I had some time and decided to finally sort out my pensions. I must admit I had never heard of a SIPP but I’m now completely sold on this type of scheme. It’s incredibly straightforward.

“I chose Interactive Investor after doing some of my own detective work on SIPP providers. The charges represent very good value – particularly compared to my previous schemes that were costing me hundreds of pounds a year each. I also find the website easy to navigate and there’s lots of really useful research tools for finding investments.”

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I do wish I had done it earlier – the switch was actually very straightforward. I just had to dig out the account numbers from my previous schemes and the rest was taken care of.
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Ian has chosen his own funds using the Super 60 list and the model portfolio suggestions on how to split the money across regions. 

“I found the Morningstar ratings very useful too,” he says. “I’m going to be checking every few months to see how much choices are doing.

“I do wish I had done it earlier – the switch was actually very straightforward. I just had to dig out the account numbers from my previous schemes and the rest was taken care of.”

Ian had been talking to a financial adviser for help with consolidating his pensions.

“When lockdown happened the office closed leaving me to my own devices. I’m happy I didn’t end up paying someone to do something I’ve managed to do myself very easily.”

What advice would you give to your younger self around pension savings?

“Start saving when you’re young. Having gone through this process and looked at all the numbers, I’ve just told my 26-year-old daughter to open a SIPP and start paying into it – whatever she can spare.”

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Act now and save an extra £60

Open a SIPP by 30 November and pay no SIPP fee until June 2021. This means your service plan fee covers you for all of your investment accounts. Following the offer period, the ii SIPP fee is only £10 a month more.  Terms apply

The ii SIPP is aimed at clients who have sufficient knowledge and experience of investing to make their own investment decisions and want to actively manage their investments. A SIPP is not suitable for every investor. Other types of pensions may be more appropriate. The value of investments made within a SIPP can fall as well as rise and you may end up with a fund at retirement that’s worth less than you invested. You can normally only access the money from age 55 (age 57 from 2028). Prior to making any decision about the suitability of a SIPP, or transferring any existing pension plan(s) into a SIPP we recommend that you seek the advice of a suitably qualified financial adviser. Please note the tax treatment of these products depends on the individual circumstances of each customer and may be subject to change in future.

Promotional SIPP offer terms and conditions

  1. No SIPP fee shall be payable on all new ii SIPP accounts opened on or after 1 October 2020 for six calendar months (the "Fee Free Period"). After the Fee Free Period has ended, the SIPP fee you will be required to pay will be as set out in our then current Rates and Charges.
  2. The Fee Free Period is open to new and existing customers who open a new ii SIPP account on or after the qualifying date.
  3. These terms and conditions should be read in conjunction with the ii SIPP Terms. In the event of a conflict between these terms and conditions and the ii SIPP Terms, these terms shall prevail.
  4. All other fees associated with managing your ii SIPP account shall continue to apply.
  5. We reserve the right to alter, withdraw or amend the Fee Free Period and/or these terms and conditions at any time without prior notice.
  6. All participants opening an ii SIPP account on or after 1 October 2020 agree to be bound by these terms and conditions.
  7. Interactive Investor Services Limited (“IISL”) is the promoter of this Fee Free Period offer. The registered office for IISL is Exchange Court, Duncombe Street, Leeds LS1 4AX.