SIPP transfer?

ChrisW1986

Hi Hope you're well and any advice is greatly appreciated, I thank you in advance...

I received a letter with regard to my SIPP, this was set up by my former employer but as I no longer work there I received a letter from Fidelity (the company it's held with) vaguely outlining my options, I can't transfer it to a pension plan with my new employer so not sure what to do. It amounts to £959.15 and is about 2 years 3 months old.

Should I find my own SIPP and set up a new one?
Can I transfer it to my current account?
Is that a bad idea?

I really am clueless on this sort of thing as I've only just started to think about this so don't want to jeopardise my future financial security. Any thoughts are greatly appreciated.

Thanks again.

Chris

xylophone

What options have Fidelity offered you?

mania112

I don't hold your new pension scheme in high regard if it cannot accept a transfer in.

ikan_bilis_2

SIPP savings can only be withdrawn when you reach retirement age - I think the law for SIPPs still is 55 although you might have stated an older age? Even so, I think this can be changed?

SIPPs are an excellent way of saving because of the tax relief - working people effectively don't pay income tax on what they save.

However, if you have a desperate need for money then you can't save much or anything! Generally though, save as much as you can into a SIPP, the current limit is £40k pa.

There are loads of SIPP providers and the ones I've been looking at recently (for stocks & shares) charge about 0.25 to 0.5% pa so that should give you a benchmark when you consider what to do. I expect Fidelity's own SIPP is competively priced, so that might be the best option?

Hope this helps.