Previous employers to SIPP transfer?

xylophone

In which case there was an amount in your scheme when you left that revalued according to the rules ( CPI up to 2.5%).

You can transfer out the current revalued amount or leave it in the scheme to revalue to up to £55,000 at 65.

Are you currently in a pension scheme? If so, had you explored the possibility of a transfer in and compared it to the SIPP option?

Thrugelmir

gwebbie wrote: »

That's my understanding yes, but it is unlikely to grow at 2.5% in fact last year no adjustment was made and in the previous year just less than 1%.

Sounds as if it's linked to CPI. Over the next couple of years CPI is forecast to rise.

Thrugelmir

gwebbie wrote: »

my SIPP grows at 7% per year which I believe is the reasonable assumption used.

What investment guarantees you a consistent compound annual return of 7% (after costs)?

I wouldn't base a decision on an assumption. You need to consider "what if" scenarios.

gwebbie

Thrugelmir wrote: »

What investment guarantees you a consistent compound annual return of 7% (after costs)?


I wouldn't base a decision on an assumption. You need to consider "what if" scenarios.

None as far as I know but I believe this is quoted as reasonable growth, is it 3% inflation and 4% growth, that's all I was quoting.

Thrugelmir wrote: »

Sounds as if it's linked to CPI. Over the next couple of years CPI is forecast to rise.

It is, but to a max of 2.5%

xylophone

Sounds as if it's linked to CPI. Over the next couple of years CPI is forecast to rise.

https://www.mymorrisonsretirementsaver.co.uk/en/ive-left/ive-left-the-retirement-saver/what-happens-to-my-benefits-remaining-in-the-retirement-saver

Once you cease active membership in the Retirement Saver your retirement pot still belongs to you and is revalued each year by the rate of inflation (as measured by the Consumer Price Index but capped at 2.5%)

gwebbie

xylophone wrote: »

In which case there was an amount in your scheme when you left that revalued according to the rules ( CPI up to 2.5%).

You can transfer out the current revalued amount or leave it in the scheme to revalue to up to £55,000 at 65.

Are you currently in a pension scheme? If so, had you explored the possibility of a transfer in and compared it to the SIPP option?

The SIPP is my only pension in addition to this one.