IB SIPP

Simon

Member
Does anyone (UK based) have a SIPP account with Interactive Brokers, for our friends over the pond, I think your equivalent is IRS.

I did try a few years back to set up a SIPP account, This proved very troublesome, so just wondering if anyone has succeeded and is happy, fee structure ect.
 

tom

Administrator
Staff member
Hi Simon,

I think that is roughly the same as an Individual Retirement Account (IRA). I have one CTA account I trade that is a retirement account in Australia. I would think it is possible in the UK too. IB has offices in the UK so it should be a simple matter to call and verify that they offer that.
 

Simon

Member
Thanks for the reply's. It's possible in the UK, I did get my account set up and funded, only then to be told that IB will no longer be supporting index option trading, this proved to be incorrect, but thats another story. The whole episode was costly and tiresome, so I was hoping to meet a fellow UK resident, trading a SIPP (IRA), just to confer.
 

MartinJ

New member
I've had a SIPP account with IB UK for years now. It's working just fine, and yes, I have used it to trade options on indices SPX and RUT. Since you say you have your account set up now, you probably don't need this any more, but others may find the following links useful:

http://ibkb.interactivebrokers.com/node/1030
http://www.interactivebrokers.co.uk/en/accounts/individuals/sippAccount.php?ib_entity=uk
http://www.interactivebrokers.com/en/accounts/individuals/sippAdministrators.php?ib_entity=inst
 

Simon

Member
Hi Martin

Thank you for the reply, good to hear that you have a SIPP with IB and all is going well. Would you mind sharing which administrator you employ?

The list of SIPP managers looks limited and none of the big boys are on the list. I have gone back to Standard Life. I originally used European Pension Management, but shortly after closing my SIPP with IB, they went out of business, so with it went all the evidence, that IB had incorrectly informed me that index options were no longer being permitted by HMRC in the UK.

As I previously said, it's a long messy story.

Dan's wide PCS's is the sort of thing that I would consider for a SIPP, I might revisit the idea in the not to distant future, I had a very good 2018 with the RTT (I wish tax free) but IB would not let me trade an M3 style butterfly in one order, they wanted me to leg in via two spreads!

Good trading.
 
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