Converting my SIPP to an Unsecured Pension

GTG

I'm considering this option but have a couple of questions I'm sure the learned community here will be able to answer.

1) Is it compulsory to drawdown?

2) Is it possible to take out and contribute to another SIPP at a future date or start to make contributions to the unsecured fund?

TIA

dunstonh

1) Is it compulsory to drawdown?

No.

Is it possible to take out and contribute to another SIPP at a future date or start to make contributions to the unsecured fund?

yes

.......

EdInvestor

GTG wrote: »

1) Is it compulsory to drawdown?

If you want to get the 25% tax free cash out, you must move to drawdown.But you can take nil income if you wish, so effectively the whole remaining fund remains invested.It's possible to continue to contribute to the SIPP after a chunk of it is in drawdown.

dunstonh

Just to clarify....annuity purchase also allows 25% TFC to be taken. It is not unique to drawdown.

GTG

Thank you both, I can't see anything left standing including the central banks and the US treasury/Fed once their attempt to bail out the whole system fails and the estimated $62 trillion dollars (£35 trillion) of over the counter (private unregulated deals with no exchange between financial instituitions) credit default swaps implode. Of course, this is what is not mentioned to the public and the foremost reason for the attempted bailout.

We'll then see how good the governments £35,000 guarantee really is.

IMHO the only safe place for cash will be under the mattress until inflation steals it from you. One alternative is holding gold or silver as a hedge against this.