Opening H-L SIPP Account

PensionSort

Hello,

I am 55 , unemployed and have a small H-L SIPP which I am hoping to take under the small pots rule this financial year.

if I do this I assume that closes my H-L SIPP account

Can I open another H-L SIPP with them after this one is closed?
Can this be done shortly after the other one is closed?

Thanks

drumtochty

Yes but you will be limited to a maximum contribution of £4,000 a year from now on if you take any taxable money out of the existing SIPP, If you only take the 25% tax free money that is not the case.

OldBeanz

You may want to empty the pension but you shouldn't want to close it because of the charges.

ffacoffipawb

drumtochty wrote: »

Yes but you will be limited to a maximum contribution of £4,000 a year from now on if you take any taxable money out of the existing SIPP, If you only take the 25% tax free money that is not the case.

Not true (i.e. the £4,000 limit) if a small pot is taken. Also nil LTA is used up this way.

Assuming LTA hasnt already been exceeded in crystallising other pensions of course.

EDIT: Being unemployed means the maximum £3,600 applies until they get another job.

AnotherJoe

PensionSort wrote: »

Hello,

I am 55 , unemployed and have a small H-L SIPP which I am hoping to take under the small pots rule this financial year.

if I do this I assume that closes my H-L SIPP account

Can I open another H-L SIPP with them after this one is closed?
Can this be done shortly after the other one is closed?

Thanks

I suggest you ask them not to close it when you take it allot, that will save you a lot of paperwork and time.

PensionSort

Thanks for the replies.

Can you keep the SIPP open when you take
the money under the small pots rule?

That would be great -If not can you open another
H-L SIPP straight away?

Thanks

AnotherJoe

PensionSort wrote: »

Thanks for the replies.

Can you keep the SIPP open when you take
the money under the small pots rule?

That would be great -If not can you open another
H-L SIPP straight away?

Thanks

Phone them and ask. They are very helpful on the phone. I've cleared out my SIPP twice and not deleted it. Actually here's the thing, when i cleared it out first time they did "close" it but close doesn't imply "deleted". It was still there and visible i just couldn't put any more money in until i called them and they opened it.