Leave it or move it?

dunstonh

I think I need to point out that I don't need the SIPP as a pension per se.

Many investors do not.   Pensions are no longer just a product for income in retirement but an investment tax wrapper (like ISA, offshore bonds, onshore bonds and unwrapped).   

 It's served its purpose which was to get back some tax when I was made redundant and effectively went into retirement. It doesn't get any contributions and never will. 

Most investors, with enough money, will stop contributing to them at 75.   You mention earlier you are in your 60s.  Are you sure you wont invest in the pension wrapper again?  Its better than ISA and unwrapped for most people.

degs88

Sorry for the long delay, just decided to reread this and hadn't had notifications of the last couple of posts.
Yes, I'm sure it won't receive contributions. Which to my mind means there are no longer any tax benefits? So I'm paying circa £300 a year for SIP unnecessarily? Thing is if I "cash it in" I need to be careful I don't move into another tax bracket for that year, plus whatever I put it in will still incur a charge.

Albermarle

degs88 said:

Sorry for the long delay, just decided to reread this and hadn't had notifications of the last couple of posts.
Yes, I'm sure it won't receive contributions. Which to my mind means there are no longer any tax benefits? So I'm paying circa £300 a year for SIP unnecessarily? Thing is if I "cash it in" I need to be careful I don't move into another tax bracket for that year, plus whatever I put it in will still incur a charge.

However if you move the money from a SIPP to an ISA, you still have the same issue- what to invest it in.
Isas also have charges, as do the investments you hold within them.
From a quick scan through the thread it seems that picking the right low cost investments is the issue, rather than whether that investment is in the SIPP or in an ISA.

degs88

Yes, thanks for your opinion, I have been coming to that conclusion too.