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Can I transfer my Skandia Pension to SIPP

BrixMorta
BrixMorta Posts: 236 Forumite
in Pensions, annuities & retirement planning
I am frustrated about the fees and charges being applied to my Skandia PP5 pension. Is there a way of transfering the fund into a SIPP?
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Comments

  • dunstonh
    dunstonh Posts: 120,009 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You can but you may find the Skandia PP5 version is not as expensive as a SIPP. I have moved a couple of PP5s out (including my own) but some are actually cheaper left where they are. You can get amc's as low as 0.75% on the PP5 and a typical fund spread may see charges less than 1.5% p.a. which is the typical unit trust charge (assuming you were to use unit trusts on a SIPP).

    If charges are you concern before investment options, then a stakeholder or possibly personal pension could beat skandia. However, you wouldnt really ever consider a SIPP (for investment funds) as being a cheap option.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • averageguy11
    averageguy11 Posts: 421 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    they only asked the question if they could..lol..u do make me larf
  • dunstonh
    dunstonh Posts: 120,009 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The hype on SIPPs means many people automatically think they are better and cheaper. I was just making sure the OP was aware that it is not the case for funds.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    A total all-in charge of 1.5% at a discount broker (no amc for the SIPP) is likely to be cheaper of course.

    https://www.h-l.co.uk
    Trying to keep it simple...;)
  • dunstonh
    dunstonh Posts: 120,009 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    EdInvestor wrote: »
    A total all-in charge of 1.5% at a discount broker (no amc for the SIPP) is likely to be cheaper of course.

    www.h-l.co.uk

    The Skandia PPP default fund on the PP5 is 0.75%. Half that of the HL SIPP. The charges are dependent on the fund but a spread could come in lower than HL. Pick a spread of the most expensive and it could come in more. There is also a bonus on the PP5 which pays 1% back in again every 5 years. For longer term pensions that can make a difference.

    A stakeholder on execution only terms could come in at 0.5%. A personal pension on execution only terms could come in at 0.3%. So, in what way is HL's Sipp at 1.5% a cheap option?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Now now DH, what's that you're always saying about comparing like with like?

    For the best quality unit trusts in a SIPP wrapper, it's hard to beat HL's 1.5%.Of course inferior investment options can be had for less.
    Trying to keep it simple...;)
  • dunstonh
    dunstonh Posts: 120,009 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Please can you describe what inferior investment options exist on say a personal pension with 100-300 funds?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • averageguy11
    averageguy11 Posts: 421 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    lol..biased or what
  • jem16
    jem16 Posts: 19,693 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    averageguy11 wrote: »
    lol..biased or what

    No - just not blinkered.
  • averageguy11
    averageguy11 Posts: 421 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Lol..u can talk...sing from the same songsheet far as i can c..thankgdnes we hav Ed to balance things up
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