Can I put these pensions into a SIPP?

tawse57

Hi All,

I currently have two pensions which I am sinking of transferring into a SIPP in order to have better control of them.

One pension is from when I was working for a company but not allowed into its pension scheme so I took out a private pension with the Equitable, now HBOS, and wonder if I can set up a SIPPs accounts and transfer this 'Equitable' private pension scheme into it?

The second is a tad more complicated.

I am self-employed and have a limited company. Through it I have a pension plan with Standard Life which is called an 'Executive' plan for those who are self-employed with limited companies.


Ideally, I would like to move both the Equitable and Standard Life pensions out of those funds/firms and into a SIPP so that I can choose which shares I buy and sell in it.

Is this possible?

Thanks for any advice,



T.

EdInvestor

This is indeed possible but suggest you check on transfer penalties with both of them.If the Eq pension is in With profits you will probably get hit with an MVR, pretty unavoidable, still worth moving it IMHO.

EPPs can also sometimes have special benefits like extra tax free cash and can thus be worth keeping.SL does have a large roster of good quality funds so it may be better just to reorganise the investment of the money rather than move the whole thing - but check the charges and , if it's in WP, any MVR.

tawse57

Thanks Ed, much appreciated.