Do I need a SIPP? 21 February at 10:11PM in Pensions, annuities & retirement planning 6 replies 305 views

stillEuropean

I have 5 different pensions, which together cover my current needs. Also have about £200,000, mostly in stocks and bond ISAs.  I'm a bit confused about how to take this money out should/when I need it in future. Would it be more favourable tax-wise to put it all in a SIPP, or does it make any difference?

Dazed_and_C0nfused

stillEuropean said:

I have 5 different pensions, which together cover my current needs. Also have about £200,000, mostly in stocks and bond ISAs.  I'm a bit confused about how to take this money out should/when I need it in future. Would it be more favourable tax-wise to put it all in a SIPP, or does it make any difference?

Put what into a SIPP?

The 5 different pensions or the money in the ISA?

Bimbly

How old are you?

MX5huggy

Are you working?
If so how much do you earn?
Have you ever taken any income from a pension?
If so what type of pension? 

dunstonh

Would it be more favourable tax-wise to put it all in a SIPP,

not with money that it already in a pension.     However, pensions beat ISA in most scenarios (but not all).

or does it make any difference?

Yes it can make a difference.  However, it will depend on your objectives.

Secret2ndAccount

I am assuming you are retired. Therefore, I'm assuming you have no earnings (pensions don't count). With no earnings, the most you can pay into a SIPP is 2880/yr, which gets topped up by the taxman to 3600. You will probably pay some tax on the way out, and end up about £200 better off after the round-trip. You might consider that worth it, or not worth the trouble - your decision.
You can do this every year until you are 75.

stillEuropean

Thanks. Yes, I'm retired and 68, working part time and making about  £4000/year.  I only want to put the ISAs into the SIPP