Pension Fund Transfer to SIPP

cresswell2s

I have a whole lot of deferred pension pots.


Whilst I contribute to my current occupational scheme, I want to consolidate all the others.


Any idea how much I will be charged to transfer?


Fixed sum? Percentage of the funds being transferred?

xylophone

Are any of these deferred Defined Benefit pensions?

Do any have guarantees?

Have you looked at costs/ any transfer fees etc?

mgdavid

assuming these are DC pots, if you DIY in most cases it won't cost anything. IFAs seem to start off asking for 3% to give advice and then handle the transfer.

HarryD

There's some useful info on the Hargreaves Lansdown site http://www.hl.co.uk/pensions/sipp/transfer-to-the-vantage-sipp and, once you've had a look at that, they are usually very helpful if you ring them up for further info.

jamesd

No cost if you combine the personal or defined contribution ones yourself using requests to typical DIY places.

Defined benefit would cost maybe £1,000 plus to get advice to say that transferring was a good idea and you might be advise that it isn't, since it usually wouldn't be. However the current low bond yields are meaning that some get high transfer values that would really pay well for those who transfer.

cresswell2s

I have one that is a defined benefit that I am going to leave alone. I have had offers of additional cash from the provider to move, so I am thinking it is generous.


The rest are pots that a frozen that I would have to have purchased an Annuity.


Now I am thinking SIPP, get them together and buy high dividend FTSE 100 shares. Reinvest dividends until I retire. Then take the dividends as income.

dunstonh

buy high dividend FTSE 100 shares.

Ahh, the High Yield Portfolio theory. That was high profile until the credit crunch. All the pro HYP theorists vanished after that.