Transfer Old "Paid Up" Funds into a SIPP

MikeyMacbeth

Hi

Once upon a time in a galaxy far far away many a long eon ago I cleverly bought into a private pension with Lincoln Insurance and contibuted a lowish amount into it every month.

A couple of years later my mind was possesed by the dark side and I decided I'd rather spend that money on holidays and other ephemeral gubbins so I stopped paying them and asked for them to be paid up. Since that day I've received annual statements which I have duly filed without taking much notice of.

Happily the Force has returned to my financial mojo (scream if you want the mixed metaphors to stop) and I've decided to invest in a SIPP.

Not knowing too much about how to go about setting this up I am seeking the wisdom of the financial Jedis on here.

I have the below on my statements from Lincoln Insurance now Sun life Financial Of Canada:-
Heading, fund name, fund no, value, transfer value
Appropriate Pension, Bal Man 3 Pen, 037, £9,500.53, not mentioned
Appropriate Pension, Aggr Man 4 Pens, 114, £6,430.21, not mentioned
Personal Pension, Bal Man 3 Pen, 037, £1,494.30, £1,839.78
Personal Pension, Aggr Man 4 Pens, 114, £940.77, not mentioned
Personal Pension, UK Equ Grwth Pens, 189, £2,186.49, £1,936.42
Personal Pension, UK Equ Grwth Pens, 189, £349.30, £700.43
Personal Pension, Green Pension, 199, £351.13 £700.43

I'm presuming they are taking annual fees out of these although it's not too clear what exactly so I'd like to move them (if that's not a good idea let me know!).

The question is - if I open a SIPP (recommendations for platform gladly accepted!) - will I be able to transfer all these in to it and then buy funds (I'm planning on index trackers to play safe with these). I'm planning of sticking £100-£150 into the SIPP to buy additional funds/stocks. I haven't decided yet on what platform to use for this as I assume there will be fees to move the old pots in, and not knowing how much I have exactly makes it harder to decide.

At 46 and a lower rate taxpayer I'm probably at least a decade from retirement so not bothered at this stage as to how to get anything out of them as a cash lump sum at 55 (should I be?)

Please help me use the force and destroy my historical financial Death Star!

xylophone

Check with the provider whether there are any guaranteed benefits.

Check whether there will be any charges to transfer out.

Check whether your chosen provider will accept the transfer.

http://monevator.com/compare-uk-cheapest-online-brokers/

MikeyMacbeth

xylophone wrote: »

Check with the provider whether there are any guaranteed benefits.

Check whether there will be any charges to transfer out.

Check whether your chosen provider will accept the transfer.

http://monevator.com/compare-uk-cheapest-online-brokers/

All sound advice xylophone - I don't think (from memory) that there are any defined benefits but I should check to be sure. I've managed to locate all the paperwork now so it should be easier to find out all the details