Withdrawal from a SIPP

Mike1960

I am 63 years old. I have a small SIPP that I manage myself and that I am planning to withdraw funds from. I also have a financial advisor who manages a much larger pension for me from which no funds have been withdrawn. If I start withdrawing money from my self-managed SIPP am I legally bound to tell my financial advisor so they are aware of any legal ramifications on the pension he manages on my behalf? Thanks. 

Marcon

Mike1960 said:

I am 63 years old. I have a small SIPP that I manage myself and that I am planning to withdraw funds from. I also have a financial advisor who manages a much larger pension for me from which no funds have been withdrawn. If I start withdrawing money from my self-managed SIPP am I legally bound to tell my financial advisor so they are aware of any legal ramifications on the pension he manages on my behalf? Thanks. 

You're not legally required to tell your adviser, but why would you pay someone for advice and not ensure they have all potentially relevant facts? The quality of advice you receive generally correlates pretty closely with how good a client you are in terms of keeping your adviser appraised of things which could impact - if not immediately, then at a later date. You'd need to declare the matter when you come to access your 'much larger' pension (eg to ensure you don't exceed maximum tax free cash from all pensions).

Mike1960

Thanks Marcon, that’s a good point. I’m sure my advisor will try to persuade me to combine both pensions and might want to charge for that, hence my question.  

Marcon

Mike1960 said:

Thanks Marcon, that’s a good point. I’m sure my advisor will try to persuade me to combine both pensions and might want to charge for that, hence my question.  

In that time honoured phrase: just say no!