Moving a pension into a SIPP

fugglestick

I have a small pension that matured last year, and want to move it into my SIPP.

THe pension has an annuity option built into it and for this reason the Insurance company wont let me do it without a an advice declaration being completed by an IFA.

I had a health check a year ago but my FA still wants £1000 to possibly decide if it can be moved.........The annuity rates quoted are so abysmal it makes plain sense to move it into the SIPP as I dont need it until next year when it can pay some of the mortgage off. I am retired [65] and supported by my company that I own, so dont need any pension income
The SIPP company is happy to bring it into the scheme with no charge.

Any ideas please as I feel I am being held to ransom here?

Thanks

dunstonh

I have a small pension that matured last year

What do you mean by mature?

Pensions dont effectively mature. You take benefits from them (i.e. income and lump sum) when you want it but until that point, they remain in place.

THe pension has an annuity option built into it and for this reason the Insurance company wont let me do it without a an advice declaration being completed by an IFA.

Is this because it is over £30,000 and has safeguarded benefits? For example, some guaranteed options?

I had a health check a year ago but my FA still wants £1000 to possibly decide if it can be moved.

That is not bad and around the going rate.

The annuity rates quoted are so abysmal it makes plain sense to move it into the SIPP as I dont need it until next year when it can pay some of the mortgage off.

Why do anything with it now and leave it until next year?