When to transfer DC pots to a SIPP?

JoeEngland

I have several DC pots which don't allow drawdown so I plan to move them into a suitable SIPP. Is it worth this doing this ASAP (I'm 52) or wait until I'm 55 when I can then start drawing down? The plan is to give up work when I'm 54 as we also have a decent amount of savings, and DW may work FT a bit longer anyway.

xylophone

You could look at charges and then at the convenience of having all the funds in one place.

I would be inclined to make the arrangements several months at least in advance of wanting to commence drawdown.

squirrelpie

I would move them sooner rather than later, assuming you've checked charges and any guarantees etc. It's less stressful to do it when you don't care how long it takes and you have time to sort out any mistakes etc.

JoeEngland

Thanks. Over the next few months I'll check some things about my DC pensions and research to find a suitable SIPP. To aid my understanding of pension DIY I'm currently reading John Edwards book which is informative but not well written.

dunstonh

I would move them if the alternative is better but leave them where they are if there is not a better alternative.

JoeEngland

dunstonh wrote: »

I would move them if the alternative is better but leave them where they are if there is not a better alternative.

If it's raining tomorrow I'll use an umbrella, but if not I won't :j

dunstonh

JoeEngland wrote: »

If it's raining tomorrow I'll use an umbrella, but if not I won't :j

You dont know if it is going to rain tomorrow. However, with information and analysis, it is possible to tell if alternative pensions are better or not.

Without information and analysis, we are just guessing.