Evestor SIPP: What Should You Know?

Evestor's SIPP is notable for its low-cost, transparent fee structure and user-friendly platform, making retirement planning accessible to all investors. Their emphasis on affordability and simplicity distinguishes them.
  • Last Updated: 22 Mar 2024
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Francis Hui
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Key Takeaways
  • Evestor SIPP offers a cost-effective way to consolidate your retirement savings and control your investment choices
  • The fees are transparent and competitive, ensuring you keep more of your investment returns.
  • They provide value through low-cost, diversified investment options tailored to your risk preference.
  • You can personalize your investment strategy to match your retirement goals and risk tolerance.
  • Evestor SIPP distinguishes itself with its user-friendly platform and personalized investment advice, setting it apart from other providers.

If you find yourself wondering whether the Evestor SIPP is still an option, you probably are not alone, as the fast-paced world of UK pensions can be hard to keep up with. 

Known for its user-friendly interface and diverse investment choices, this SIPPs provider may be perfect for those wanting a hands-on approach to retirement planning—but is it still available?

In This Article, You Will Discover:

    The Every Investor team has sifted through news reports and industry publications to bring you all the information you might need to start your retirement planning. 

    All our content is checked for quality and compliance before publication so we can be sure to present only the most relevant news to you.

    What Is a SIPP?

    The Self-Invested Personal Pension (SIPP) is a pension framework in the UK, tailored for individuals seeking enhanced management over their retirement assets.

    It enables the selection and oversight of a broad assortment of investment options—spanning equities, bonds, and real estate—within the confines of one’s pension scheme.

    What Is an Equity Release Scheme and How Does It Work in the UK?

    An equity release scheme is a financial product that allows homeowners in the UK who are aged 55 or older to unlock the value of their property without having to sell it.

    It works by providing homeowners with a lump sum or regular income, while the ownership of the property is retained.

    This scheme is typically repaid when the homeowner passes away or moves into long-term care, with the loan amount and accrued interest being repaid from the proceeds of the property sale.

    The unique aspect of equity release schemes is that they provide a way for older homeowners to access the equity tied up in their property, providing them with financial flexibility and the ability to enjoy their retirement.

    Equity release schemes in the UK work by allowing eligible homeowners to convert a portion of their property’s value into tax-free cash or regular income.

    These schemes are designed to provide financial support to older individuals who may have limited retirement savings but own a property.

    The unique aspect of equity release is that it enables homeowners to access the value of their property without having to move or sell it.

    Instead, they can choose to receive a lump sum or opt for regular payments, while still retaining ownership.

    The loan is repaid when the homeowner passes away or moves into long-term care, with the property being sold to repay the loan.

    This allows homeowners to enjoy their retirement and meet their financial needs while staying in their own home.

    Is the Evestor SIPP Still Available?

    The Evestor SIPP is not available anymore, as the firm it is a trading name of, Openmoney, has wound down.

    Evestor’s clients have been taken over by Octopus Money.1 

    Who Is Eligible to Open an Evestor SIPP?

    No one is eligible to open an Evestor SIPP, as the company is no longer trading and its clients have been transferred to Octopus Money.2

    Normally, UK residents over the age of 18 can open a SIPP.

    Regulatory Details

    The Financial Conduct Authority (FCA) regulated Evestor in the UK, and the firm is still registered there.3 

    Common Questions

    Why Consider Evestor SIPP for Your Retirement Planning

    What Fees Are Involved With Evestor SIPP

    How Does Evestor SIPP Offer Value to Investors

    Can I Customize My Investment Strategy With Evestor SIPP

    What Sets Evestor SIPP Apart From Other Providers

    Can I Transfer My Existing Pension into an Evestor SIPP

    How Often Can I Access and Manage My Investments Within Evestor SIPP

    Can My Employer Pay Into My Evestor SIPP

    In Conclusion

    When weighing up your retirement investment options, the importance of doing thorough research cannot be understated.

    It is crucial to ask yourself whether a particular retirement solution aligns with your unique investment goals, risk tolerance, and fee expectations. 

    Before making any commitments, talking to a qualified financial adviser can offer invaluable insights and save you from potential pitfalls. 

    While the Evestor SIPP is no longer an option, a qualified advisor will be able to assess your needs and recommend solutions currently on the market.

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