Gold SIPP Pension - anyone could recommend a Gold for Pensions dealer

[db570uk]

Hi There

Apologies in advance if this has been flogged to death on the forums in the past but have an urgency in me to sort out /shield  part of my pension savings

Its been on my mind for a while. Just started a new job and want to sort this out

 

I am looking to transfer some of my Stakeholder pension (currently Blackrock tracker) into a SIPP that allows physical gold investments 

I was wondering if any silver forum members had any recommended gold dealers they have either dealt with over this and can recommend.  I opened a SIPP for that can hold gold investment 

 

The thing I am hoping for is a company with good vaulting reputation and transparency on bars that can be purchased and where the buy and sell is not over days after instruction. 

I am not sure if there are any dealers that offer gold for pensions and allow customers to buy online via their website or dedicated portal.

 

My SIPP provider mentioned the following are who they have dealt with; I had read some dubious reviews on Pure Gold and decided to not go with them. I signed a Pension Order Execution with

them last week (rushed int it) and the SIPP provider is allowing me to choose another provider (after I gave me reasons to not use them)

 

0. Baird & Co
1. Bullion by Post
2. Bullion Vault*
3. Direct Bullion
4. Global Commodity Investments Ltd
5. GoldCore
6. Gold Money
7. Physical Gold Limited
8. Sharps Pixley
9. The Pure Gold Company

 

I had my eyes on the Royal Mint because of their vaulting but I was told by my SIPP provider that they are not recommended by Royal Mint as one of their sole trustees. This in itself is a bit worrysome to me about my SIPP provider

I went with the SIPP provider as they wanted a minimum investment for Gold that was half of what I have in the stakeholder. Thats as much as I want to put into it anyway as the rest can stay in the Stakeholder

I havent initiated any transfer from the stakeholder pension yet.  I am not sure if BullionVault actually allocates and segregates gold purchases and certificates carru serial numbers of bar(s) bought

Looking for ability to buy and sell reasonable easily

 

I found out GoldCore are now part of the LBMA but not sure if they have allowed investors to invest in gold through a SIPP in UK.

Grateful for any thoughts or cautions or anything anyone would like to add. I understand no one can offer financial advice

Dave

 

[Tortoise]

It might not make me popular round here, but could you not buy 'Invesco Physical Gold', an ETC with the ticker SGLP in your stakeholder pension?  Or alternatively 'ishares Physical Gold, SGLN?

When it comes to pensions, the other choices are poor, since you need trustees and scheme administrators, so it would never really be like holding physical bullion yourself.

You can find a cheap list of SIPP providers here:

https://monevator.com/compare-uk-cheapest-online-brokers/

 

[db570uk]

Thanks Tortoise

I'll check out the link.  and the funds mentioned. The Stakeholder  has mainly index funds/trackers to choose from unfortunately. I still think equities have a good place in a pension but will have more freedom in the SIPP to invest in physical gold as well as access to equities in commodities such as gold etc. I agree about counterparty risk of trustees and scheme administrators with SIPPs but my thinking is the gold backed funds might stand up better to inflation and will hold value on any looming downturn market collapse that is being forecasted and subsequent decade bear market that financial analysts online are talking about. My thinking is to do this before CBDC come out in the UK in 2025 which would likely limit freedom to do any of this 

 

 

 

Edited March 29, 2023 by db570uk

[Tn21]

@Pete ?

[MonkeysUncle]

WisdomTree have physical gold and physical silver funds.

Look at past performance and you will find it very closely reflects the prices of gold and silver.

You should be able to hold these in pretty much any SIPP. 

I have a significant percentage of my pension in both of these funds.

This would potentially resolve your dilemma.

From your list if sticking with your original plan I would commend Bullion By Post for their integrity. Not the cheapest, don't pretend to be either. 

Edited March 31, 2023 by MonkeysUncle

[db570uk]

Thanks MonkeyUncle.

Really appreciated. I didnt know about the WisdomTree funds. I will definitely check them out. Many thanks for the heads up with regards to BullionByPost. I had been telephoning the list of dealers to get a feel for their services including private vaulting. I whittled down

my selection to one of BullionByPost (allow bars to be photographed before vaulting and ability to choose bar brand but vaulting only in UK via Brinks), GoldCore (which allows vaulting inside and outside of UK but not bar brand but also have a big benefit of an account with Loomis International  UK or Brinks for overseas vaulting) or PhysicalGold (which allow me to choose the brand of bar(s)) I quite like the idea of having. options to vault outside of UK for some of the holdings but not sure if that breaches SIPP investment rules. It looked like GoldCore had the cheapest spread, but bars maybe in not so good condition which might affect resale but the idea of overseas vaulting appeals at the moment. Funds are being transferred from the stakeholder pension at the moment so will make a final decision in about 10 days when the money reaches the SIPP.  Agreed BullionByPost not the cheapest but found them to be excellent over the years. First dealer I bought from back in 2011.

 

 The SIPP provider allows me to invest to equities and funds also I believe and it is quite open to investments. I will enquire about the WisdomTree funds  and other

funds they will allow me to invest in.

Best regards

Dave

Edited April 1, 2023 by db570uk

[db570uk]

Hi Everyone

For any members interested. I finally managed to fund my SIPP and purchase gold yesterday using Goldcore. It took absolutely ages for Aviva to transfer funds from my stakeholder pension to the SIPP provider.

The actual gold purchase with Goldcore was really easy once the funds showed up in my account with them

The transfer was initiated back in February but there was problem after problem with Aviva and Options Pensions (long story). I feel happy to have finally purchased gold bars for my SIPP. It was a toss up between PureGold, BullionByPost and Goldcore

I decided Goldcore ticked a lot of boxes with regards to choice of vaults. They have a very good website with transparent pricing. Buy Premiums were said  in  a section on their website to be around 2.5% to under 4% but paid 4.3% premium for each 1 oz gold bar.  I had asked if all the bars would have serial numbers (for extra provenance for allocation and segregation) and was very pleased that request was met and this information was visible against each bar purchased

I will test the waters with a sale in the near future to see what the costs will be and the process of selling. I was told it is usually spot - the premium at the time which this week the premium for buy back was spot - 2.5%

In comparison Pure gold said they guarantee buy back @ spot - 3% unlike Goldcore which is spot - whatever the premium is at the time of sale. Goldcore did say they can achieve a sale price I would be looking for if I was willing to wait rather than sell imediateley at market price.  The vaulting fees are 1% a year of the sum invested. DirectBullion said to me this week guaranteed buyback is spot (offer to gold buyers for SIPP).

For a small fee Goldcore have arranged photographing of my order with the vault to match what BullionPost offered

It was a long road but finally feel happy and have peace of mind that I have some  pension funds in gold

Dave