The initial first step in building a SIPP is to choose your provider; your SIPP needs be set up with a recognised provider and professional trustee. Selecting a SIPP provider requires careful consideration; you need to ensure they allow you to invest in the area you wish to invest in looking at the avenue that will provide you with the greatest returns and is most suitable to your needs.
Once you have selected a suitable provider, they will guide you through the stages of setting it up; paperwork for the setting up of a SIPP is likely to be more extensive than ordinary pension plans as each SIPP is designed specifically and individually for the investor. Charges will also vary amongst SIPP providers, therefore before deciding anything it is important to clarify the charges that will be applied and exactly how these are structured and calculated.
There are two options of putting money into a SIPP - either by contributing amounts, or, through transferring from another personal or company pension.
Once an application form has been filled out and processed, the investor is then able to choose an investment.
What is a SIPP?
GuestInvest SIPP providers