Has anyone succeeded transferring their BT pension into a SIPP?

Keep_pedalling

ZPal said:

Points taken.  I guess my only significant financial 'safety net' is my house and I do expect to downsize when I retire, which will free up more capital.

One of the key reasons for wanting to move the pension, aside of my (possibly naive) belief that I can make better returns, is that I'd like to be able to leave the funds to my beneficiaries (no spouse or dependants).  Leaving it with BT, the pension will die with me, but a SIPP will be part of my estate.  
Also, I'm not completely unsupported with trading as am getting assistance from a well-seasoned family member who has been trading very successfully for many years, which is why I moved my smaller pension to start with.  With his guidance and assistance, I'm pleased with my results but totally take on board the risks.

With crown protection, if BT goes bust, and uncapped CPI inflation linking you have one of the safest pensions you could have. No IFA is going to recommend you switch that to your very high risk alternative. You already have plenty assets to leave on your death so adding your BT pension to that pot is not a strong argument for doing so.

p00hsticks

ZPal said:

One of the key reasons for wanting to move the pension, aside of my (possibly naive) belief that I can make better returns, is that I'd like to be able to leave the funds to my beneficiaries (no spouse or dependants).  Leaving it with BT, the pension will die with me, but a SIPP will be part of my estate.  

If you have no dependants, then it's not really a strong argument that transferring is in your best interests.

Marcon

ZPal said:

  Leaving it with BT, the pension will die with me, but a SIPP will be part of my estate.  

Actually it almost certainly won't be part of your estate...

Albermarle

ZPal said:

Points taken.  I guess my only significant financial 'safety net' is my house and I do expect to downsize when I retire, which will free up more capital.

One of the key reasons for wanting to move the pension, aside of my (possibly naive) belief that I can make better returns, is that I'd like to be able to leave the funds to my beneficiaries (no spouse or dependants).  Leaving it with BT, the pension will die with me, but a SIPP will be part of my estate.  
Also, I'm not completely unsupported with trading as am getting assistance from a well-seasoned family member who has been trading very successfully for many years, which is why I moved my smaller pension to start with.  With his guidance and assistance, I'm pleased with my results but totally take on board the risks.

Another way of looking at it , is by taking the BT pension as is , you will need to draw less from your SIPP in retirement , so will be a bigger pot left when you die.

arnoldy

Most DB pensions offer very limited inflation linking. They are capped at 0%, 2.5% or 5% depending on when they were accrued. Even then rises are often depended on scheme funding - usually 105%.

The OP will be in section B of the BT pension scheme which is uncapped.

Ok so the OP has basically got a pseudo-government pension. Gold and Diamond encrusted, a thing of wonder and extraordinary generosity - and therefore should be kept at all costs