Barclays Stockbrokers SIPP Personal Pension Review

Setting up a Self Invested Personal Pension (SIPP) allows you to set up your own pension plan and be in control of your own retirement destiny. With a Barclays Self Invested Personal Pension you can control what your pension money is invested in, how much you want to invest in a pension, and when you want to retire.

The Barclays SIPP is designed to be easy to manage, and can either form the core basis of a person's retirement strategy, or sit along side existing personal or company pensions. SIPP pensions are sometimes much cheaper to operate and more flexible than contributing additional voluntary contributions to a company scheme.

Managing your Barclays SIPP

The Barclays SIPP pension is operated via the Internet so it's easy to do online share dealing and select other investments to hold within the SIPP. The SIPP may also be operated over the telephone, or by post. Investors in the Barclays SIPP receive quarterly updates as to their SIPP's performance.

The Barclays can be topped up with regular payments as well as one off lump sums. Don't forget that tax relief is available for many pension contributions!

Once cash has been added to a Barclays SIPP then there is a huge range of investments that may be made within the SIPP, including:

• Unit trusts
• Investment trusts
• Shares
• Exchange Traded Funds (ETFs)
• Gilts
• Corporate Bonds
• Covered Warrants
• Investment Notes
• Turbos

The wide range of investment possibilities make it easy to build a diverse portfolio of pension assets in the Barclays SIPP, getting exposure to equities in developed and developing markets, corporate bonds, gilts, commodities and precious metals such as gold and silver as well as commercial property (see what assets can I hold in a SIPP?)

Dealing prices for shares and ETFs are competitively priced compared to other SIPP providers, although the Barclays SIPP has an annual charge which not all SIPP providers levy.

The Barclays Stockbrokers website has comprehensive financial market information and trading tools which help to find the best trading opportunities for the SIPP's assets.

Unit trusts may have an initial charge associated with them, and they also have annual charges.

Before moving an existing pension into a Barclays SIPP it is a good idea to get detailed specialist advice so that you are making the right decision. Remember that everyone's circumstances will differ, so you really need individual, specific advice. This advice is particularly important if your existing personal pension funds are large, or you aren't very far from retirement, or you have existing company or personal pensions that have good benefits, are based on a final salary or have other benefits that might be lost if you transfer assets out of the pension scheme. Don't forget some pension plans might have exit charges as well!

Be especially wary of being offered financial incentives by your employer to move your pension from a final salary or other company scheme into a SIPP!

Once you do decide that moving a pension into a SIPP is the right thing for you then you can either open a SIPP or transfer a pension into an existing SIPP. Barclays will be able to assist you with transferring a pension from another pension provider, and they'll probably do most of the paperwork for you. Most pension transfers into a SIPP take around a month to complete. Be aware that transfers are normally made as cash, so existing investments will be sold.

Alternatives to the Barclays SIPP

Other SIPP providers include Hargreaves Lansdown (which is popular with investors who have smaller pension pots), SIPPDeal and SelfTrade.

Good luck with your SIPP investments!

The author of this article is not authorised to give financial advice on pensions or other financial matters. This article does not consitute financial advice. Before making investment decisions consult an independent financial advisor.