Closing a SIPP

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deastham2000
deastham2000 Posts: 3 Newbie
in Pensions, annuities & retirement planning
I was poorly advised two years ago to open a SIPP and invest in alternative investments. It now looks like I will lose most of my investment due to a possible scam. I am 55 in two years time, will I be able to take what is left of the SIPP and close it? It certainly will not have enough monies to provide a pension, maybe 2 or 3 thousand only. I cannot afford to pay admin fees for long out of what is remaining.

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  • FatherAbraham
    FatherAbraham Posts: 1,024 Forumite
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    deastham2000 wrote: »
    I was poorly advised two years ago to open a SIPP and invest in alternative investments. It now looks like I will lose most of my investment due to a possible scam. I am 55 in two years time, will I be able to take what is left of the SIPP and close it? It certainly will not have enough monies to provide a pension, maybe 2 or 3 thousand only. I cannot afford to pay admin fees for long out of what is remaining.

    What about transferring the pension fund now to a cheaper arrangement, rather than waiting a couple of years, paying high fees?

    Warmest regards,
    FA
    Thus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...
    THE WAY TO WEALTH, Benjamin Franklin, 1758 AD
  • deastham2000
    deastham2000 Posts: 3 Newbie
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    I didn't know I could do that, will I need a financial adviser (probably)? It would be better in a pension that charged a percentage rather than £450 a year. I have a bond that hopefully will keep paying a small amount into the SIPP over the next 13 years, can this be transferred also? I invested £11000 to get £15000 back over 15 years, however the SIPP fees will take about £7500 of this over that time so I will actually lose from my initial input. I think I was poorly advised at the time.
    Many Thanks
    Dave Eastham
  • Aegis
    Aegis Posts: 5,688 Forumite
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    If you were poorly advised, have you thought about putting in a complaint to the firm and then to the Financial Ombudsman Service? If the advice was genuinely bad, you may well get some restitution, and as this service is free of charge for retail clients, you don't need to spend any money to get a ruling.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • deastham2000
    deastham2000 Posts: 3 Newbie
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    Yes I have thought of that also, thanks. I might look at transferring the SIPP into a company pension that I've just started. Many thanks for the advice
    Dave Eastham
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