Switching small stakeholder pension to SIPP.

dutchism1958

Morning,

I turned 60 this year & have just received my latest pension statements.
I gave up work 6 years ago to care for my wife & we live comfortably from her private & SP. No mortgage,no debt, 200K in S&S ISA, 3 final salary DB pensions.
As a carer I receive Carers allowance but no other income.
My query concerns a small Standard Life stakeholder Pension with HL Corporate solutions.
I have held it for 7 years & it has grown from £850-£1350.
My thought was to move it to a SIPP with HL,add cash to £2880, get the £720 tax relief,leave in £1000 to avoid fees & repeat this until I'm 75.
I have read the many threads on this topic and it all seems to be too good to miss out on.
Thanks.

mgdavid

if it's already in a pension you've already had the tax rebate. You can transfer it into a SIPP, then add 2880 new money each year.

dutchism1958

Thanks for confirming that mgdavid

Albermarle

It is probably worth it as long as your income stays within the personal tax allowance .
If you have to pay tax on the remaining 75%, then the overall benefit is only the tax free part of the 25%, which is less than £200.