Hidden histories, hidden heroes

Some people score goals, some don’t. I’m not talking about footballers’ prowess (on the pitch, for the avoidance of doubt). I mean that some people are defenders. And I’m not just talking about football or even sport in general: it’s metaphorical.

The thing is, we remember the goals; the next day and thereafter only the score line remains. The dogged defending soon gets forgotten. Who knows whether that intercepted pass or blocked shot would have been a goal? Too abstract – dismissed, not even forgotten. That’s just the way we are. But it’s quite a shame as the value of not conceding a goal can be high indeed.

He doesn’t shoot, he doesn’t score, the crowd are in their seats!

So why exactly is Sipphound musing about such things? Because this concept applies to SIPPs, obviously!

SIPPs appeal includes, for example, their flexibility and investment freedom, which could mean goal-scoring investment opportunities outside of the mainstream (perhaps from intimate knowledge of an investment, for instance). It can also mean disastrous defensive lapses (say, taxable property and being clobbered with unauthorised payments charges).

Unlike the controlled environment of sport, real life also brings the threat of non-linear results (think of the inverted ketchup bottle you’ve slapped a dozen times to no effect, only for the next one to release half the contents). For SIPPs, an example might mean a catastrophic defensive lapse leading to scheme de-registration – a sort of “super” goal that immediately loses you every game.

Off days not allowed!

More coffee, chaps?

It’s not just about investments. There are other “completed passes” in the everyday game of running SIPPs that seem so dull and unremarkable, they go unnoticed: fair, clear and not misleading information, adequate disclosures, timely and correct returns to HMRC and the FSA. Yes, noticed or not, every SIPP operator needs its hidden heroes and you don’t want to find out what happens when they are not on the ball!

About sipphound

Chewing over pensions, saving and retirement issues. Sniffing around financial planning, personal finance, investing and behavioural influences. All personal opinions, no company represented and no advice given.
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