My wife suspicious of pension provider…wants to move to a sipp

GoldenOldy

Good afternoon
my wife has a personal pension with a company called Metlife.
She wants to move it into a sipp so she can control it (and possibly put it all into a nsi guaranteed bond if possible so she know what what)
She doesnt trust Metlife anymore (long story) and would rather control it herself.

She is semi retired already but may draw out in the next 2-8 years depending on what happens with savings rates/work etc.
Does anyone know of a sipp provider who can do this who will allow deposits into notice accounts at banks/nsi etc?

thankyou very much.

Stubod

What sort of pension is it?, (DB/DC). If DC could possibly transfer it to Hargreaves Lansdown or similar. I don't think you could withdraw it all and put it into a "normal savings account/NSI" as this could mean a large tax bill if you take it out in one go, (20%). If DB and its value is greater than £30k you would need to pay for financial advice and CETV's have taken a major downturn over the last few months and may not be a cost effective option.

Albermarle

As above if it is a DC pension with no guaranteed benefits, she can easily transfer it to a new DC provider. ( so a personal pension , SIPP etc ) 
However pension providers are really set up for you to invest the money. You can usually only keep cash in their cash account, which will pay some interest but not that much. Some providers do not even have a cash account as such.
If you want to hold the money in a savings account held in the pension, you have to go to a more specialised provider . Investec is often mentioned. Pretty sure though you could not hold an NS&I account there though.

shortseller09

Albermarle said:

 Investec is often mentioned. Pretty sure though you could not hold an NS&I account there though.

I think you may mean Investacc, and they do permit NS&I accounts

Albermarle

shortseller09 said:

Albermarle said:

 Investec is often mentioned. Pretty sure though you could not hold an NS&I account there though.

I think you may mean Investacc, and they do permit NS&I accounts

Yes thanks for both corrections !

GoldenOldy

Thankyou for all of these responses, really kind of you.

The pension is a personal pension defined contribution. She transferred it years ago into Metlife. Thank you for all the suggestions. She is an ultra low risk person , so I will point her in the direction of investaac then. She is defo worried re metlife because of all the shenanigans in america at the moment. Suffers from anxiery too which doesnt help! 

dunstonh

She is an ultra low risk person

Replacing investment risk increases shortfall risk and inflation risk.     All risks need to be considered.  Not just one of them.

She is defo worried re metlife because of all the shenanigans in america at the moment. 

What shenanigans?

Albermarle

She is defo worried re metlife because of all the shenanigans in america at the moment. 

Was she not worried when markets dived due to Covid, or again after Putin invaded Ukraine? These were both much bigger events in terms of global finance/markets, than a few jitters about banks.

Gary1984

Is she worried about MetLife going bust? Insurers face very different risks from banks. They will be matching the duration of assets held against their liabilities so interest rate shocks as we've seen this year shouldn't be overly concerning to them.  They also don't face the same run dynamic that banks do and in the UK need to hold very significant capital under the Solvency II regime against various risks. Also any assets held in a DC pension fund will be ring fenced so even if MetLife did go bust she'd still own her assets.

xylophone

 If  not yet at SPA, have you and your wife checked your state pension forecasts?

https://www.gov.uk/check-state-pension