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Do I need a SIPP?

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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?

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  • 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
    Bimbly Posts: 500 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    How old are you?
  • MX5huggy
    MX5huggy Posts: 7,156 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    dunstonh Posts: 119,605 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.


    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.
  • 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.

  • 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
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