Transferring FROM one SIPP into another?

JSMill

After retirement, for complex though valid reasons, I took my pension as a lump sum, which I then transferred into a SIPP. This fund is of the "income drawdown" kind, but no income has yet been drawn down & so is intact. I am concerned about the level of annual charges on this (which recently went up), and am interested in investigating whether I might be better off in a lower cost "self-directed" SIPP option, with a view maybe to transferring into a cheaper SIPP (such as one of the ones mentioned on this site).
Any ideas on whether this is feasible or does anyone know of anyone who has done this? Would appreciate any thoughts. Many thanks:o

EdInvestor

Getting charges doiwn is a key factor in making income drawdown work IMHO.I have done this, it is feasible, and recommended.

Choose a provider which has low charges for your investment style.

JSMill

My current SIPP provider is Standard Life about whom I have recently read something financially distasteful (cannot remember details), who recently sent me a peremptory note about increasing their fees, and who elsewhere on this site are reported as making it difficult to do "repensioning" arrangements.

Does anyone know please whether providers are legally able to prevent transferring from their SIPP to another provider, and, in the latter case, whether SL does so?

Would much appreciate knowing, many thanks.

Tammer

Hi,

I'm sure that you will be able to transfer away from Standard Life. The only snag is likely to be if you are invested in any illiquid assets (such as commercial property) in which case a more complex type of transfer may be required or it may simply take longer to do.

dunstonh

My current SIPP provider is Standard Life about whom I have recently read something financially distasteful (cannot remember details)

Not a fan of Standard Life but there is nothing recent that could be considered distasteful.

and who elsewhere on this site are reported as making it difficult to do "repensioning" arrangements.

Standard Life are on of the easiest to deal with when it comes to transferring. What you read on this site is rubbish if they say otherwise.

Does anyone know please whether providers are legally able to prevent transferring from their SIPP to another provider, and, in the latter case, whether SL does so?

Standard Life dont stop it.

EdInvestor

You can transfer quite easily from SL, which is quite an expensive provider.

Are you willing and capable of doing your own investment management?If not, you'll need to spend a bit of time bringing your skills up to scratch, but this is well worth it.