Expert Pension Help Needed !

1connect

I have about 18k (current value) in a company (group pension) money purchase scheme.

I have parted company (a very very contentious matter) with the former employer and have no wish to communicate with them whatsoever.

I want to fully release this 18k capital and release it for private investment to be run by myself in what I will call a self managed private investment fund for my retirement (I am now 42) - I visualise the fund as being a mixed portfolio of investments with about a 50 / 50 mix of risk and no risk elements, also I will probably fund some additional monthly payment into it.

Now my questions are these:

1) (my first choice) Can I just pull out the funds from my existing private pension, i.e. ask then to send me a cheque? which I can then reinvest as I wish?

2) (my second choice) Can I pull the funds in to my own SIPP? if so what types of investment may be purchased with the money

3) Any other guidance and advice

Fact: I would rather trust myself to manage this modest sum to pension age, and the motivation would be to outperform the value it will achieve if just left where it is.

The current pension is with Scottish Widows (group scheme)

all usefull advice gratefully recieved

1connect

EdInvestor

1connect wrote:

1) (my first choice) Can I just pull out the funds from my existing private pension, i.e. ask then to send me a cheque? which I can then reinvest as I wish?

No

2) (my second choice) Can I pull the funds in to my own SIPP?

Yes

if so what types of investment may be purchased with the money

Foreign and local shares, gilts, corporate bonds, cash, various types of unit and investment trusts, commercial property....

dunstonh

Scot Widows Group scheme, if it has access to the full Scot Widows pension range of funds, can be very good value and if the group scheme has negotiated lower charges, then this would be the best option.

Whilst you may have broken links with the company, the pension scheme is run by trustees and administrators and moving could just end up with you losing out and the previous employer knowing nothing about it because group schemes dont have that level of employer input.