Transfer out part of company pension to SIPP

Is it possible to transfer out part of my company (stakeholder) pension into a SIPP? I'd like to keep the company pension open for the employer contributions but transfer the majority of the pot into my SIPP for lower changes and wider choice of funds.

Thanks in advance :)

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  • SonOf
    SonOf Posts: 2,631
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    Is it possible to transfer out part of my company (stakeholder) pension into a SIPP?

    Yes if the provider allows it. No if they do not.
  • Thanks. Is it generally something that is allowed? Struggling to find anyone who can answer within my company.
  • Albermarle
    Albermarle Posts: 21,635
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    You need to read the terms and conditions of the stakeholder to see if they allow part transfers .They will be available on the website somewhere.
    into my SIPP for lower changes
    I am sure you have done this but make sure you are fully aware of the charges you are paying ( often employer/workplace pensions have a discount that is not always immediately obvious ).
    Also then do not fall into the trap of SIPP automatically = low cost . It's quite easy to end up paying high charges, especially if you follow their guidance to invest in their own managed funds .
  • MallyGirl
    MallyGirl Posts: 6,564
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    There are certainly people who do this but it will be down to the specifics of your scheme as to whether they allow it
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  • Albermarle wrote: »
    I am sure you have done this but make sure you are fully aware of the charges you are paying ( often employer/workplace pensions have a discount that is not always immediately obvious ).

    Great advice. I looked into this further. Was comparing fund charges between company pension and HL SIPP. HL have lower charges for the same fund but HL also have a platform fee of 0.45% which it looks like my company pension does not have. This means my company pension is actually quite a lot cheaper for the same funds.
  • AnotherJoe
    AnotherJoe Posts: 19,622
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    Thanks. Is it generally something that is allowed? Struggling to find anyone who can answer within my company.


    Until you can, knowing whether its "generally" allowed wont help you one jot will it? :D


    HL can be quite expensive for funds. If you can get cheaper than your company its unlikely to be with them for funds. ITs, ETFs, maybe, but they wont be in a stakeholder pension.
  • mightbedave
    mightbedave Posts: 60
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    edited 14 October 2019 at 2:04PM
    AnotherJoe wrote: »
    Until you can, knowing whether its "generally" allowed wont help you one jot will it? :D

    I know what you mean but if I found out that virtually every pension provider allows this then I would continue to plan assuming it was possible, whereas if it's quite unusual I'd assume it wouldn't be. It just helps with planning until I can find the real answer for my scheme.
  • Prism
    Prism Posts: 3,794
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    So Aviva and Scottish Widows have both worked for me (as partial transfers out) but they have different types of pension plan on offer too so might not work for all
  • Ciprico
    Ciprico Posts: 545
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    Is it possible to transfer out part of my company (stakeholder) pension into a SIPP? I'd like to keep the company pension open for the employer contributions but transfer the majority of the pot into my SIPP for lower changes and wider choice of funds.

    Thanks in advance :)

    You may find your existing pension provider has a lower cost pension product.

    For example Standard Life Stake Holder pension has higher costs than their newer product "Active Money Personal Pension" and I think you can hold the same funds in either. (ie they play the "customer apathy" card to charge old customers more...)

    Maybe your pension company is the same...

    I still moved my SH as I preferred a flat fee over a relatively high percentage fee onto which they apply various discounts. Seemed overly complex...
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