thatbaicong
New member
Disclaimer: I’m not investment savvy at all so please bear with me.
Context: I’m from the U.K. but am moving abroad soon so will not be able to pay into an ISA. I’m looking to save a portion of my salary for my future (retirement, house purchase, etc). I have been advised to open both a SIPP and a GIA by different people, and invest in global trackers and ETFs.
But I’m still totally confused about how they work, especially SIPPs.
• Should I open both an SIPP and a GIA, or go for one over the other?
• Someone mentioned that I can only pay into the SIPP a certain amount each year and for only 5 years. Can someone explain this to me?
• If I were to pay into an SIPP, what happens after the 5 years? Do I leave it untouched and only continue investing into my GIA (but if I can’t touch it until I’m 55 wouldn’t that accrue huge fees over the years?) or should I need to keep paying into it to justify the brokerage fees?
I’d appreciate any and all info I can get on this. Thanks.
Context: I’m from the U.K. but am moving abroad soon so will not be able to pay into an ISA. I’m looking to save a portion of my salary for my future (retirement, house purchase, etc). I have been advised to open both a SIPP and a GIA by different people, and invest in global trackers and ETFs.
But I’m still totally confused about how they work, especially SIPPs.
• Should I open both an SIPP and a GIA, or go for one over the other?
• Someone mentioned that I can only pay into the SIPP a certain amount each year and for only 5 years. Can someone explain this to me?
• If I were to pay into an SIPP, what happens after the 5 years? Do I leave it untouched and only continue investing into my GIA (but if I can’t touch it until I’m 55 wouldn’t that accrue huge fees over the years?) or should I need to keep paying into it to justify the brokerage fees?
I’d appreciate any and all info I can get on this. Thanks.