EPP transfer to SIPP

robp

Around 1998 I started a company, and decided to start a pension. My newly aquired IFA at the infamous City Financial Partners, sold me a Lincoln EPP, which seemed like a good idea at the time.

I stopped trading through this company a few years ago, so the fund is now 'paid up'.

It's worth around £10k, with a transfer value of £6500.

Having read a few articles, it appears that a SIPP would allow me greater flexibility than the EPP, although I'm struggling to understand the benefits of transferring the £6.5k (loosing £4k in the process).

Obviously I'd start paying in to the newly set up SIPP, whereas if I don't transfer, the EPP will just sit there paying for their Christmas party...glug glug.

Can anyone offer some insight please?

Cheers,

Rob

robp

robp wrote: »

Around 1998 I started a company, and decided to start a pension. My newly aquired IFA at the infamous City Financial Partners, sold me a Lincoln EPP, which seemed like a good idea at the time.

I stopped trading through this company a few years ago, so the fund is now 'paid up'.

It's worth around £10k, with a transfer value of £6500.

Having read a few articles, it appears that a SIPP would allow me greater flexibility than the EPP, although I'm struggling to understand the benefits of transferring the £6.5k (loosing £4k in the process).

Obviously I'd start paying in to the newly set up SIPP, whereas if I don't transfer, the EPP will just sit there paying for their Christmas party...glug glug.

Can anyone offer some insight please?

Cheers,

Rob

Sorry, but just thought I'd resurrect this post in case anyone new can contribute.

Thanks and apologies,

Rob

LOST

don't do it

Sipp have higher charges etc.. and I'm sure most providers won't even take any transfers less than £15k!

leave it as is - losing £4k of your fund is not worth it! try asking about what funds are available from your current EPP provider.