SIPP Experience
rusteryrog
Posts: 2 Newbie
I have a local government pension scheme, now in limbo after I left local government three years ago. I would like to invest it in a SIPP. Anyone have any experience they are willing to share on how to go about this? Thank you. Paul
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Comments
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Since this is a defined benefit pension scheme you will need an IFA to sign off on the transfer. It's not very likely that you will be able to find an IFA who is willing to do so. Perhaps it might be possible if you're a very experienced investor with an excellent investing track record.0
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rusteryrog wrote: »I have a local government pension scheme, now in limbo after I left local government three years ago. I would like to invest it in a SIPP.
Why do you feel it would be better in a SIPP?0 -
'in limbo' - Are you sure? Is it not being increased in line with CPI to at least preserve most of it's value? If so you are probably better off leaving it alone until you retire.as it will purchase a % of your salary which is generally better than can be obtained by any other form of pension unless you are extremely lucky with your investments.0
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Just wondering, how much income you are expecting from it or how many years of services you done and on what salary. This will give us good idea just how much shortfall you would need to make up just to provide the income you want. As it is, these kind of pension are like gold dust and you want to convert it to lead dust in SIPP? Potentially much less valuable.
Cheers
Joe0 -
rusteryrog wrote: »I have a local government pension scheme, now in limbo after I left local government three years ago. I would like to invest it in a SIPP. Anyone have any experience they are willing to share on how to go about this? Thank you. Paul
It is not "in limbo" - it is"deferred".
I assume your employer provided you with a booklet similar to this? http://mpfmembers.org.uk/content/your-deferred-pension
You would be wise to read it! Carefully! Especially in regard to the benefits provided!0
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