Transferring final salary pension to SIPP

glider3560

Is it possible to transfer a public sector final salary pension, in which I been paying for less than 2 years, into a SIPP?

If yes, would my employer's contributions also be transferred or just my own?

(I am leaving before two years so would get a refund if I don't transfer and my new employer's pension scheme will not accept a pension transfer)

atush

Yes, in your circumstances, if you can't leave it there in the FS pension, you could. and yes, you'll get the employers contribs and tax relief too.


But before you do, check the costs of the Sipp vs a regular PP which could be cheaper. If you dont plan to use the special options Sipps offer, they can sometimes be more expensive than a PP.

xylophone

Under normal circumstances, a transfer out of a Final Salary pension would require an IFA sign off but in your case, where there is no option but to transfer, one of the SIPP or Personal Pension providers might be prepared to accept a DIY transfer?

You could ring eg HL and enquire explaining that you have less than two years in the FS Scheme http://www.hl.co.uk/pensions

Cavendish will not normally accept transfers from occupational schemes but given your particular circumstances you could ring and enquire?

http://www.cavendishonline.co.uk/pensions/transfers-and-repensioning/

Andy_L

1. Yes

2. Depends on the scheme rules

planteria

are you able to leave it where it is? if so, even if it's small, perhaps you should? i would love a little DB pension somewhere;)

glider3560

planteria wrote: »

are you able to leave it where it is? if so, even if it's small, perhaps you should? i would love a little DB pension somewhere;)

No. I have to be employed there for two years to keep the pension. A refund is made automatically after three months if I don't transfer it.

I've discovered that my employer paid 13% into the scheme (I assumed they only matched my 7% contribution) so getting the pension transferred needs to be a top priority for me.

atush

Yes, esp if you factor in tax relief. so get on transferring it ASAP.

glider3560

Thank you all for the replies.

I contacted Hargreaves Lansdown (who I already have my SIPP with) who are more than happy to accept the transfer without advice.

Just got to finish working my notice now before I can effect the transfer....