Balder
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Post by Balder on Oct 28, 2015 12:25:32 GMT
Hi just wondered if anyone had experience with a P2P SIPP via SIP Club. I am looking into this a a serious option and would appreciate any experience sharing.
Thanks
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bigfoot12
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Post by bigfoot12 on Oct 28, 2015 12:31:52 GMT
I can't help you with SIPP club, when I looked it seemed to be expensive, but that was a while ago. I do have P2P in my pension via P2PGI and VSL, see p2pindependentforum.com/thread/3619/p2p-global-vsl-funds-today for more information. Also Funding Circle might be launching an investment trust so that will be another option. |
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Post by ablrateandy on Oct 28, 2015 14:44:20 GMT
I have a SIPP Club SIPP. Very easy to set up and there seems to be comparative freedom. The cost is a little high but my returns should easily outweigh that. Apologies for this link being on our site (not an intentional Ablrate plug) but I blogged about it here as an investor : SIPP Club Experience by Andy |
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Balder
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Post by Balder on Oct 28, 2015 15:48:48 GMT
Thanks for that Andy and Bigfoot12
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Oct 28, 2015 18:41:26 GMT
Hi Balder. SIPP Club were offering a low cost (£350pa) ThinCats only P2P SIPP, although I'm not sure if the offer has closed. I'm not a big fan of TC, but if SIPP Club offered the same deal with another P2P platform, I might be interested. |
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james
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Post by james on Oct 30, 2015 1:53:01 GMT
It doesn't help you to open a SIPP but for some things to watch out for in investments in P2P it's worth having a read of AJ Bell: What is holding back P2P lending in Sipps? This covers some of the more important technical legal issues that could result in substantial penalties for investors using P2P from within a SIPP. It's vital that anyone involved in structuring deals for SIPP inclusion is aware of the issues so they can be sure to structure the deals safely. My own answer to th holding back question is cost of the SIPPs allowing it, which are priced and/or have entry criteria that exclude anyone with a pension pot less than several times the normal UK size (something under £50k is usual at retirement) and/or those with incomes or realisable assets that are applicable to most of the population. Not really reflecting the judgment in the Alternative Finance ISA and preceding government announcements and FA decisions that there is a broad and mainstream market for P2P within an investment portfolio. |
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stevio
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Post by stevio on Oct 30, 2015 12:04:40 GMT
Just a rumor, but I heard Hargreaves Lansdown might get into P2P. If so, we might see their SIPP allowing P2P, however that might just allow their P2P.
PS - is there a thread on here about P2P ISA's per chance?
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james
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Post by james on Oct 30, 2015 18:00:56 GMT
Just a rumor, but I heard Hargreaves Lansdown might get into P2P. If so, we might see their SIPP allowing P2P, however that might just allow their P2P. It's not just a rumour. They have made explicit public and private statements that they are, including in an email response to me in relation to me moving money from my SIPP with them to another SIPP for the purpose of P2P investing. Don't get your hopes up. Their specified business purpose for the product as given in new stories is that they have suffered loss of interest rate margin on cash held at the platform and are looking to introduce P2P to get back that margin in another way. Which means that it can be expected that they will keep the majhority of the money, just as they have done with cash held on their platform. I haen' tchecked the figures but if I recall correctly well over 80% of the interes treceived on such cash has historically been retained by HL. More specific numbers for the relevant rates and margins have been given by HL in at least some of their reports and Q&A sessions with analysts. I see no prospect at all of them allowing he broad range of P2P that P2P investors really require to get adequate diversification. That would not address their specific business objective, that interest rate margin. However, if a platform was paying them enough they might in addition offer it. Maybe.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Nov 1, 2015 19:38:00 GMT
Hi Dom domUPFrom another thread I see you are setting up an P2P ISA with charges. That made me think, why not set up a P2P SIPP with sensible charging, say £250pa per platform. I have £50k of SIPP funds to invest in a single platform. Investing that amount with SIPPClub is not viable. SIPP Club demonstrated that the cost doesn't need to be that high by temporarily offering a single platform SIPP with TC at a fraction of the cost. If only the same were available on AC or SS. |
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Post by domUP on Nov 1, 2015 22:20:38 GMT
Hi sqh,
Thanks for linking this to investUP. It's something we have explored and it comes down to what our primary focus atm is. Our current top priority is building our next version of the site (Jan launch) and delivering the crowdISA in Spring next year. After we have achieved those goals satisfactorily, then we'll take a better look at SIPPs. Unfortunately though we can't put a timeline on that. The demand though certainly seems to be here!
I'll keep you posted...
Dom
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