Sipp

Motherspride

Hi
All question about sipp’s , I currently have several pension listed below & values. What I’m wanting is to explore an idea of transferring them all to a Sipp HL “conservative fund “as hoping to retire in 2 years @ 55 & withdraw 6k annually from this as well as receiving 6k from a DB scheme (reductions applied)from local council pension to take me up to 67 at which time I will receive full state pension ,partner has similar values & we can comfortably live on 24k a year have no debt/mortgage
Cash45k for emergencies
Aviva 52k
Nest 20k
Prudential 40k(ex contracted out)
Zurich 6k
AVC 4K
St James place 15k

dunstonh

What I’m wanting is to explore an idea of transferring them all to a Sipp HL “conservative fund

That is quite an expensive option. Indeed, it makes you a bit more expensive than using an IFA. (HL is 0.45% plus 1.32% fund charges = 1.77% A bespoke portfolio from an IFA would be around 0.27% platform, 0.32% fund and 0.5% adviser. Total 1.09%. A simple multi-asset solution via an IFA on a transactional basis would be around 0.3x to 0.4x%).

DIY is about doing things cheaper. So, what has drawn you to increase your charges significantly compared to what you already have? (apart from SJP which will be on par with HL plus the chosen portfolio)

Motherspride

Tbh never thought of the charges also I’ve had 3 dealings with IFA’s all a joke & 1 was a family member
I notice you’re an IFA do u have a website ?

dunstonh

Tbh never thought of the charges also I’ve had 3 dealings with IFA’s all a joke & 1 was a family member

That's very unusual. Most people have never used an IFA. So, for you to have used 3 different ones makes you rare. Most people used FAs rather than IFAs. (and you should avoid using FAs).

I notice you’re an IFA do u have a website ?

I do. But I don't post here for personal gain.

You dont have to rule out DIY yet. You just need to improve your investment research.

Albermarle

Have you checked the charges on your current pensions? It could be that Aviva or one of the others could be cheaper than HL . Also as your total fund would be over £100K you might be eligible for a further discount . Be careful when checking as if you intend to also change funds you will need to find the charge for the 'conservative fund ' with Aviva or one of the others .
In other words do not assume that a SIPP is necessarily a better product for you , although it might be of course.

Motherspride

Many thanks dunstoneh

OldMusicGuy

Transferring everything to HL is pretty straightforward (I moved several pensions to my HL SIPP fror no cost). Stay away from the HL managed funds, they are a waste of money IMO. Either do it yourself using multi-asset funds or pay an IFA to do it properly.

There's plenty of advice on sites like Monevator about low cost investing and "DIY Simple Investing: A Guide to Simple but Effective Low Cost Investing" by John Edwards is a great booj for learning more.