Qs re: turning pension into gold then land I’d farm?

GlynG

I'm 29 and I have a small work pension of around £4,600 after my last job. For years I’ve wished I never taken it out, as with what I know of the implications of climate change; peak oil; financial collapse and ecological collapse, I see there as being a 99.9% chance of it/pensions in general no longer existing should I reach retirement age and that it would only be worth a negligibly tiny fraction of its current value in the unlikely event it did.

I had basically written off the money and forgotten the pension as an unfortunate mistake, except I recently discovered the possibility of transferring to a SIPP into land, which is potentially extremely useful for me soon. I know of someone in the UK who has used their future pension money to buy a plot of land adjacent to them which they rent to themselves and farm. They have also taken over managing their own pension now so it doesn't cost them any fees either.

This is what I'm thinking of doing:

For a few years I would like to turn it all into a SIPP invested in gold bullion, possibly with EPML and Bullion Vault. Chances are it will go up a lot in value in that time due to inflation and turbulent times and it’s definitely a better investment than stocks with the economic recession/depression worsening again.

Then in a year or two down the line once I've saved enough I hope to buy some land in the upland tropics to become a subsidence farmer/forest gardener. As part of that I would like to then transfer the value of the previous gold pension into land there, to farm on.

I want to establish some things and get moving with this quickly and I thought I'd try here to see if people could advise: is it feasible to change a gold bullion SIPP into an agricultural land SIPP? I assume there would be some fees, but that the gold would be sold for its then price and the money transferred? Most importantly is it possible to have a SIPP in foreign land?

Lokolo

So you want to transfer your pension into one asset, Gold, in the hope it will go up. Then after a year or two transfer it to another asset, land. Have you heard of "Don't put all your eggs in one basket"? Because that's exactly what you are doing.

And you also say you think there is a 99.9% chance of pensions no longer existing, but then are saying you want to use a SIPP, which is a pension......

atush

You sound a but well, I don't know. But as far as Ic an see, climate change or not your pension will be there when you turn 55.

I would not change it into Gold. Gold is very high now, and could go higher, but most likely it will fall and you will lose out. I bought gold some years back when it was low and sold half recently, as buying low and selling high is how you make money. Not buying when everyone and their brother is.

The Sipp and buying land and renting it back from your pension could work, but I would check the costs to do this as with a fund of $4600 you won't get much land esp if half of it is taken up in fees such as the buying costs of the land etc.

Out of the $4600 you have now, how much was supplied by your employer? How much tax relief? It could be that $4600 ony cost you $2000 so why would you regret having done it?

kidmugsy

Golds's not the only shiny metal, you know. There's also that which must not be named.

Iancfp

You cannot run your own SIPP you will need a provider
To become a provider you need to be FSA regulated