Old Royal London Pension transfer to SIPP?

pbryd

Years ago (I'm 52) I remember something about opting out of SERPS. So now I have a letter from Royal London saying I have an Appropriate Personal Pension with a transfer value of £9K.

Would it be worthwhile transfering this into a SIPP?

I have recently set up a SIPP with Invest Engine but unfortunately they're only transfering from Vanguard atm.

I'm self-employed with no workplace pensions.

Any advice would be appreciated.

gm0

Nobody can give "advice".  In this world that term has a specific meaning.  And to give it is an FCA regulated activity.  Disclaimer aside.

Many people tidy up old small pension pots from brief employment or from "contracted out" contributions from long ago 90s etc.

A SIPP or other personal pension product - at costs you like the look of for the size of pot, a small cashback perhaps may be available as a switching incentive.  Though that may not be important relative to overall fees at 9k.  An investment range that suits you and digital support which works the way you want to work.  Full SIPPs obviously have a very wide investment range.  Simpler Fintech options also exist.  PenisionBee etc.

In your situation you could of course pull the small RL pot to VG.  And then later consolidate to one pot if your experience with and preferences make InvestEngine your single target.

The only other thing that could be an issue is if the age and particular features of your pension make transferring it more tricky.  There are rules and legislation on old protected features. Guaranteed annuity rates.  Things like that.  A simple DC pot should not present difficulties to move it for free with a little form filling.

Small pots rules are unlikely to apply when you get to retirement as you are at 9k of 10k now.

pbryd

Thank you for your reply.  I was hoping have it moved into a SIPP and put it into a global tracker ETF or fund.

Royal London have sent a transfer discharge form.

I don't want to open another SIPP if I can't transfer it. Perhaps I should wait and see if Invest Engine will accept transfers from other providers, this way I will avoid extra fees.

Albermarle

pbryd said:

Years ago (I'm 52) I remember something about opting out of SERPS. So now I have a letter from Royal London saying I have an Appropriate Personal Pension with a transfer value of £9K.

Would it be worthwhile transfering this into a SIPP?

I have recently set up a SIPP with Invest Engine but unfortunately they're only transfering from Vanguard atm.

I'm self-employed with no workplace pensions.

Any advice would be appreciated.

As you are 52 and only just started a SIPP, plus with only £9K in an old pension.
My advice would be to start adding a lot more every month, if you can afford it.

QrizB

pbryd said:

I don't want to open another SIPP if I can't transfer it. Perhaps I should wait and see if Invest Engine will accept transfers from other providers, this way I will avoid extra fees.

You could transfer it to Vanguard, and thence to InvestEngine?

What fees are you referring to?