What to do with pension funds?

u109230

Since 2007 I've been contributing to two F&C SIPP pension funds for my children, now aged 8 & 10.

The current amount in each fund is not huge, about £4000 in each.

Unfortunately I have recently been made redundant &, due to lack of income, I probably will not be able to contribute further to these two funds for the foreseeable future (possibly never again).

The current annual charge for the two funds is c£85 each & I can see this slowly eating into the accrued monies over the forthcoming years.

In the meantime is there anywhere I can 'park' or transfer these funds where the £4000 is less vulnerable to erosion until my childeren can take on these funds themselves?

dunstonh

Using a SIPP like this for low values is damned expensive and largely pointless. You would have been better off on a stakeholder pension and that should be what you are looking at now for a transfer value. (bases solely on what you have said, noting the caveat that we cant do TVAS calculations on the board)

u109230

dunstonh wrote: »

Using a SIPP like this for low values is damned expensive and largely pointless. You would have been better off on a stakeholder pension and that should be what you are looking at now for a transfer value. (bases solely on what you have said, noting the caveat that we cant do TVAS calculations on the board)

Thanks dunstonh - based on what you've said what general guidance can you give me as to what my next steps should be to extract my funds & get them into a suitable stakeholder fund?