Small pension fund transfer

pf412

Hi folks,

My wife has tasked me with starting a SIPP for her as she started her private pension contributions quite late. She has a small DCS pension pot with her previous employer last valued at around £1800. I wanted to transfer this pension into a new SIPP but I kept being told that the minimum transfer value in the uk is £5k.

Is this true and is there a way around it? I know it's a trivial amount but still wouldn't want to loose her employers contributions.

Many thanks

dunstonh

I kept being told that the minimum transfer value in the uk is £5k.

There is no minimum transfer value in the UK. Companies can set their own minimum payments though. As SIPPs are generally designed for large pots of money and not small pots, it is not uncommon to see higher minimum contributions on them.

pf412

Thank you for the prompt responce. Indeed, I was probably confused by the Fidelity and JPM rules on transfers to SIPP (i've got investments with them and wanted to keep SIPP there as well). It's ment to be monthly contribution SIPP where i wanted to transfer this pension into just not to loose the track of it.

Thanks again