Advice please FSAVC & SIPPS & transferring

happyhero

Hi, Sorry if this is already covered.

I have had an FSAVC with the Co-op since 1991, which was converted to fully paid up in 2002.

I have heard that FSAVC's were not a fantastic scheme,( don't know if anyone could comment on that), and I keep receiving Hargreaves and Lansdown post offering SIPPs, which state that I can transfer other private pension policies into them so I am tempted to start one and possibly transfer my FSAVC into it.

Therefore is it possible to transfer the not so fantastic FSAVC into the SIPP?

Also would you do this if it is possible or not for some reason I am not aware of?

I have a BT pension I paid into for 22 years and a small Standard Life pension I paid into for only 3 years.

I am 46 and now classed as unemployed I think but I am actually surviving on share investments within ISA's where I dabble and try to survive.

Any help/advice appreciated.

jamesd

happyhero, yes you can transfer FSAVCs to a SIPP, though pure SIPPS like that offered by Hargreaves Lansdown can't currently take any protected rights (contracted out) money that may be in the FSAVC. That could be left where it is, transferred to a personal pension or transferred to a hybrid SIPP (which could hold both regular and protected rights money).

FSAVC schemes vary depending on how they are invested so it's not really possible to say whether you should switch without knowing how the Co-op one is invested and performing.

The 2:12PM reply you received is from a spammer, so I suggest disregarding it.