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Transfer part of a Workplace SIPP
ifonlyian
Posts: 28 Forumite
Hello, i would like to move approx 75% of my current workplace pension funds from SW to my Vanguard Sipp, i have messaged SW but they haven't responded yet - 7 days.
it is a DC pension that my employer & myself contribute into monthly.
I assume that
(a) that this is actually possible to do?
(b) do i need to change the amount from Funds to cash before i can transfer to Vanguard?
if the above is possible, then i would imagine doing this every 6 months or so,
Thanks
it is a DC pension that my employer & myself contribute into monthly.
I assume that
(a) that this is actually possible to do?
(b) do i need to change the amount from Funds to cash before i can transfer to Vanguard?
if the above is possible, then i would imagine doing this every 6 months or so,
Thanks
0
Comments
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I made a partial transfer from a SW pension to a SIPP , with no issues . No need to sell to cash. SW called me and asked which funds to sell.
However this was not the main SW site.
SW took over Zurich workplace pensions and it still operates as a separate entity. I had a copy of the Terms and conditions so no need to message them first ( they are slow) . Maybe if you could find these on the website you should be able to locate the info about partial transfers.1 -
I assume thata) potentially but some providers or plan types dont allow partial transfers
(a) that this is actually possible to do?
(b) do i need to change the amount from Funds to cash before i can transfer to Vanguard?
b) no.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
(a) Beware that doing so doesn't effectively mean you are opting out of the workplace scheme, which is how some schemes are structured. Check with your employer if that's the case. If it is, even if you ask to be re-enrolled, the employer need not do so for up to a year, meaning you'll miss out on employer contributions.ifonlyian said:Hello, i would like to move approx 75% of my current workplace pension funds from SW to my Vanguard Sipp, i have messaged SW but they haven't responded yet - 7 days.
it is a DC pension that my employer & myself contribute into monthly.
I assume that
(a) that this is actually possible to do?
(b) do i need to change the amount from Funds to cash before i can transfer to Vanguard?
if the above is possible, then i would imagine doing this every 6 months or so,
ThanksGoogling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
Update time, i transferred £1000 recently as a trial run, everything went very smoothly, took about 10 days max, no issues on either side which gives me confidence to move more in the future2
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