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Transfer of SIPP to self managed fund
I consolidated a few DC pensions a few years ago under the advice of my FA. Having done the Rebel Finance School course, I now want to leave my FA and transfer to a self managed SIPP. I'm 60, don't need to start withdrawing for a few more years unless I need to access the lump sum. How do I go about finding out which fund I should transfer it to. It's currently about £129K in value.
Comments
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If you have completed a course and now feel ready to DIY, wouldn't that mean that you already have a fund selection in mind? Or do you mean that you are unsure how to go about leaving your adviser's platform?
Think first of your goal, then make it happen!1 -
I never completed any courses. Does that mean I shouldn't have any of my current SIPPs?
(tongue in cheek there of course…)0 -
Whatever platform you choose it should offer a set of ready-made funds to select from depending on your attitude to risk and so on. You could start with some of those and then transfer into more specialised funds once you have had time to read up on them and look at past performance.
Aviva allow me to move money between funds at no cost, although it does take a couple of weeks to execute each time.
A little FIRE lights the cigar1 -
You haven't given any indication of your priorities, attitude to risk, any other savings you have if your SIPP falls off a cliff and you urgently need funds etc. if your course simply suggested the DIY approach to save on fees but hasn't equipped you to choose suitable funds, that saving could be a false economy.
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
It's a process I'm still working on, and currently looking at everything in order to help make the right decision and to work out my position if SIPP took a nosedive. The course covered lots of things not just investor fees but the importance of tracking spending, net worth, the importance of compounding and passive/managed funds.
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Thanks Ali_bear, that's good to know.
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Not sure if I deserved my workplace pensions considering how little thought I gave them in the past 😉 At least they're being valued now!
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Which platforms are you considering…and why? next tell us which funds you are considering…and why? This will give us an idea of your requirements and financial attitudes. Also have you done a budget and estimated how much retirement income you need?
And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
Am looking at a global diversified passive funds, with maybe 20% bonds as my current SIPP has a mix but with a higher percentage of bonds to protect from volatility. At the moment, I can't manage my SIPP myself and have to go through my FA and would prefer to be able to do this myself. I also currently don't contribute to it but when I transfer it, I'll like to be able to make regular contributions. When it was set up, it was moderate risk but have decided maybe I'm not that moderate! Have recently started tracking spending levels to gain more idea of income needed. I started drawing on a DB pension, and with a rental income, I've not had to use my SIPP yet, and assume this should be the case for at least several years - this may depend on when my partner decides to stop working as I also get an income from his company. The Vanguard Global All Cap is one that's been mentioned a lot so have been considering that but I would like to know how to make the best decision myself!
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As you have DB and rental income you can probably take a bit more risk than most retirees, but you must be comfortable with that and realize that your balance will be more volatile than many other retirement portfolios. The Vanguard Global All Cap fund has a history of good performance.
Now you should decide on a platform and understand the process of the transfer.
And so we beat on, boats against the current, borne back ceaselessly into the past.1
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