Transferring normal pension fund into an ISA

IanW1983

Good afternoon all,

I have a small pension pot from a previous employer which is currently held in an Aegon Retiready account, I would like to transfer this into a SIPP as my returns at present are minimal to say the least.

Am I able to do this? I've had a look around and it seems you can only transfer from another SIPP/ISA into any new SIPP I register.

Also any advise on the best SIPP provider is welcome.

Many thanks!
Ian

bigadaj

It should be straightforward to transfer this into a sipp,but not an isa.

The only reason for transferring are typically costs and investment choices, assuming that it's a fairly modern scheme and flexible.

Your current scheme appears to be flexible, have middling costs (default costs seem to be around 0.8%), so a transfer doesn't seem to be desperately needed.

You could trim costs down to around 0.5% if you were keen and used tracker type funds but that requires some knowledge, research and effort.

For costs then monevator and comparefundsplatforms have tools to indicate typical costs from providers. Cost obviously isn't everything so hassle and quality need to be consider, there's a long running thread on these boards with many complaints against interactive investor for example.

bigfreddiel

Your title differs from the body.

Why don't you update one or the other so they agree and then someone will be along to help, as it is no one knows if you want to transfer to an ISA or SIPP!

Just use the edit or advanced edit buttons.

As it stands unless you are over 55 you can't access a pension so you couldn't fund an ISA. If you are over 55 and do have ready access to your pension funds you would need to check the tax position, any penalties, and any guarantees you may be losing befor transferring to an ISA. Also there is a limit of £15,240 for an ISA presuming you haven't opened one this tax year.

Cheers fj

dunstonh

I have a small pension pot from a previous employer which is currently held in an Aegon Retiready account, I would like to transfer this into a SIPP as my returns at present are minimal to say the least.

The returns have nothing to do with it being Aegons product or a SIPP.

Also any advise on the best SIPP provider is welcome.

That would be a regulated activity. Plus, you have given us nothing to wrong on to filter anything. However, I would actually question if a SIPP is the right thing for you as what you are asking doesnt fit with the target market of a SIPP (i.e. experienced investor wanting access to more advanced investment options).

So, why do you want a SIPP and what is it that you want that Aegon cant do (or other pension/provider)

sandsy

Returns depend on the investments within the pension. If you were in the same investments in a SIPP, you'd also get minimal returns.

Do you know enough about investments to choose different assets in either the Aegon pension or a SIPP?

bowlhead99

IanW1983 wrote: »

I would like to transfer this into a SIPP as my returns at present are minimal to say the least.

But what are they to say the most?