Transferring Pension to SIPP - Tax Affected?

bfgun

Hi,

I want to move a pension to my SIPP, but my SIPP provider states that the investments in my pension need to be sold, and the cash moved to my SIPP.

Will this have any tax implications, even though I am just moving from my current pension provider to my SIPP.

I don't draw any pension as yet.

Sam_666

No, but is your current pension DC or DB?
Why moving in first place?

bfgun

Sam_666 said:

No, but is your current pension DC or DB?
Why moving in first place?

Thanks for your reply.

It's DC, relatively small, and the fees are high.

The investment I want to put the holdings into are not available by my current provider, hence I want to transfer it into a plan of my choice that has much smaller fees.

Hope that makes sense.

Marcon

Sam_666 said:

No, but is your current pension DC or DB?
Why moving in first place?

It'll be DC. DB pensions always offer a cash transfer value.

bfgun said:

Hi,

I want to move a pension to my SIPP, but my SIPP provider states that the investments in my pension need to be sold, and the cash moved to my SIPP.

Will this have any tax implications, even though I am just moving from my current pension provider to my SIPP.

I don't draw any pension as yet.

No tax implications - this is a transfer, not a withdrawal.

bfgun

@Marcon Thanks for your reply.