Cash-in Small DB Scheme to Aviva SIPP

Dyesie

Be grateful for any views in what I hope is a relatively minor issue.  

I am 57 and have a smallish Aviva SIPP, c£100k to help me bridge the gap until I can access my DB pension at 60.   I want to tidy things up; cash-in and consolidate into this SIPP a further 3 DB pensions I picked up along the way.    All below £30k.   Spoke to Aviva and they thought this was not possible but perhaps unsurprisingly did not really seem to know and said they would go away and check.   I have looked at Key Features & T&C docs and cannot immediately find any reference to DB Transfers.   

Would welcome any views (1) is the transfer to the Aviva SIPP likely to be unallowable and (2) if so, is it just a question of looking for an alternative SIPP product that does allow cash-in and transfer of "small" DB pensions. 

Thanks for your time on this..         

dunstonh

 Spoke to Aviva and they thought this was not possible but perhaps unsurprisingly did not really seem to know and said they would go away and check.  

Most Aviva plans require a financial adviser to transact DB pensions into them.  The Aviva platform SIPP is adviser only.   Is yours thee platform SIPP or a different SIPP? (not sure how many Aviva have but the Platform one is the only one that comes to mind).

mark55man

Under £30K should be possible without advice.  To be clear the £30K is the Transfer value which is given by the DB schemes - so I'm not clear if you have had a formal quote or are just best guessing.  AT multiples (income to CETV) of 30 or so (some may be higher) then you only need an estimated income of £1K to be close if not over

If Aviva won't do it, as you suggest then find someone else.  Hargreaves Lansdown are often seen a bit expensive but not so much for smaller pots and relatively easy to deal with.

Dyesie

Thanks for taking the time to come back on this.  

The T&C state "Your Pension is provided through My Aviva. a portfolio management service from Aviva.  Your Pension is a self-invested personal pension plan"  Can now see the in the maze of information its says "You won’t be able to move a:

• Defined contribution pension with a guaranteed annuity rate
  
• Defined contribution pension with any other safeguarded benefits or guarantees
  
• Defined benefit pension
  
• Pension you’ve already started taking an income from

Should of noticed this.  Goes to show you really do need a professional guide on even the most simple of tasks.  

I can now see there is a separate Advisor specific route, which I guess is what you are referring to.   Is there a potential option to engage an advisor to fulfill a small pot DB transfer or as mark55man suggests, I need to source another provider like HL. 

Thought this would be so simple, I am looking to just hold cash for 3 years and take a monthly income until I can access the DB scheme.  Did not think I really needed advice.  Have had a formal quote from Towers Watson for a very old Barclays UKRF pension and this gave a CETV of £22k.  The other two I am guessing.  


Pushing my luck with your time but I know the Aviva SIPP is charging 0.4% up to £50k and 0.35% up to £250k so its costing me, although not much to hold cash.  Quick glance at the HL site suggests there’s no charge for holding cash.  Does not look like there is much in it for them, would they take a case like this ?   

Thanks once again.. Cant quite believe the level of free expertise you get on this forum..

xylophone

Quick glance at the HL site suggests there’s no charge for holding cash.  Does not look like there is much in it for them, would they take a case like this ?   

HL SIPP does not charge to hold cash.

https://www.hl.co.uk/help/transferring-investments/pensions-and-sipps/pensions-and-sipps/can-i-transfer-my-existing-pension-to-the-vantage-sipp

You will need to ring HL on the number given above concerning the transfer of your deferred DB pensions.