Moving part of existing workplace pension pot to SIPP

rossiuk

I've been unable to find a clear answer on this, so hoping someone here may be able to help.

I have an old workplace pension pot that is annualising about 7%. I want to move this to a SIPP as the fee is quite high and I feel like I can get better returns by picking my own funds. This part is fairly straight forward.

Now, I am currently paying into my existing workplace pension which is matched to quite a generous amount. Again, I feel like I can get better growth on the pot by picking my own funds in a SIPP, but obviously do not want to sacrifice the matched employer contributions. Is it possible for me to move say 90% of the pot into a SIPP and leave the rest gradually building up from monthly contributions? If yes, could another option just be for me to repeat the process say every few months so that I get the benefit of matched contributions in addition to the flexibility of picking my own funds by periodically shifting the majority of the pot across to a SIPP? Obviously I would need to factor transfer fees etc. into the equation if I'm allowed to do this.

For reference I am 31, so have a long term growth horizon.

Diddidi

Are you able to pick funds in your workplace pension? What i’ve done is simply to match as closely as possible both my SIPP and my workplace pension -that way I didn’t lose out on the employer contribution but am able to more actively manage the funds than if left to the usual lifestyle funds they tend to provide.

Albermarle

Is it possible for me to move say 90% of the pot into a SIPP and leave the rest gradually building up from monthly contributions?

Usually yes but you would need to check directly with your employer pension provider

Obviously I would need to factor transfer fees etc. into the equation if I'm allowed to do this.

Many pensions do not have transfer /exit fees . If they do some SIPP providers offer to pay them and/or offer some kind of transfer cashback ( depending on the sums involved )

I want to move this to a SIPP as the fee is quite high and I feel like I can get better returns by picking my own funds. This part is fairly straight forward.

It is not always the case by any means that transfer from an employer pension to a SIPP is the best idea. Often the employer pension has discounts and a reasonable level of funds choice ( enough for most people ) . Also SIPPS can be more expensive , especially of the recommended /promoted funds are used.

Thrugelmir

rossiuk wrote: »

I have an old workplace pension pot that is annualising about 7%. I want to move this to a SIPP as the fee is quite high and I feel like I can get better returns by picking my own funds. This part is fairly straight forward.

You'd be doing extremely well to achieve 7% annual investment returns on a consistant basis.

AnotherJoe

rossiuk wrote: »

Is it possible for me to move say 90% of the pot into a SIPP and leave the rest gradually building up from monthly contributions?

Thats completely dependent upon your employer and the pension scheme they use, not government regulations.

Dox

rossiuk wrote: »

Is it possible for me to move say 90% of the pot into a SIPP and leave the rest gradually building up from monthly contributions?

Legally there is nothing to stop you doing so, but many employers would treat you as opting out of their pension scheme if you wanted to transfer funds from 'their' scheme to another one. It could then be up to 3 years before they have to auto-enrol you into their pension scheme, so do make absolutely sure what rules your employer imposes.