Transferring my pension
Discussion
I stopped working for my old company almost 9 years ago and my pension was frozen upon leaving.
I have received a letter telling me that I can transfer it to Friends Provident, and then transfer again to a government approved scheme if I want to.
Obviously I will be seeking advice as I know fook all about pensions, etc.
My question is, could I transfer it to FP, then on to a SIPP (are these even still in operation?).
If SIPP's are still active, I seem to remember something about the government allowing property to be bought through a SIPP - is this correct?
It also says that I can take a small cash advance now (£580)...
The total as it stands is just over £30,000.
any advice greatly appreciated.
Cheers All
N1S
ETA: is ther eanything else that I could do with the 'cash' or 'pot' now??
I have received a letter telling me that I can transfer it to Friends Provident, and then transfer again to a government approved scheme if I want to.
Obviously I will be seeking advice as I know fook all about pensions, etc.
My question is, could I transfer it to FP, then on to a SIPP (are these even still in operation?).
If SIPP's are still active, I seem to remember something about the government allowing property to be bought through a SIPP - is this correct?
It also says that I can take a small cash advance now (£580)...
The total as it stands is just over £30,000.
any advice greatly appreciated.
Cheers All
N1S
ETA: is ther eanything else that I could do with the 'cash' or 'pot' now??
Edited by no1special on Tuesday 5th October 17:30
musclecarmad said:
no1special said:
I stopped working for my old company almost 9 years ago and my pension was frozen upon leaving.
I have received a letter telling me that I can transfer it to Friends Provident, and then transfer again to a government approved scheme if I want to.
Obviously I will be seeking advice as I know fook all about pensions, etc.
My question is, could I transfer it to FP, then on to a SIPP (are these even still in operation?).
If SIPP's are still active, I seem to remember something about the government allowing property to be bought through a SIPP - is this correct?
It also says that I can take a small cash advance now (£580)...
The total as it stands is just over £30,000.
any advice greatly appreciated.
Cheers All
N1S
ETA: is ther eanything else that I could do with the 'cash' or 'pot' now??
the term is preserved not frozenI have received a letter telling me that I can transfer it to Friends Provident, and then transfer again to a government approved scheme if I want to.
Obviously I will be seeking advice as I know fook all about pensions, etc.
My question is, could I transfer it to FP, then on to a SIPP (are these even still in operation?).
If SIPP's are still active, I seem to remember something about the government allowing property to be bought through a SIPP - is this correct?
It also says that I can take a small cash advance now (£580)...
The total as it stands is just over £30,000.
any advice greatly appreciated.
Cheers All
N1S
ETA: is ther eanything else that I could do with the 'cash' or 'pot' now??
Edited by no1special on Tuesday 5th October 17:30
you can transfer it to whoever you want not just friends provident
yes you can transfer to a sipp
you can buy commercial property within a sipp but £30k isn't enough unless you have other pension funds.
this cash advance thing is strange
be careful
if it were me i'd want to know where it was invested, what the average return had been and you want to know where to move it to for good future growth.
Cheers
N1S
I've just transferred funds from 2 stakeholder pensions & a SIPP to a Personal Pension Plan.
The SIPP incurs higher charges & is good if you have around £100+K in property to add, but it has to be a commercial venture.
The PPP seemed to me to be a fairly good trade-off between Stakeholder & SIPP.
Check the fees taken charged on the old plan & any penalty for transferring. NatWest did a free enquiry to see if it was worth transferring my old fund into the new one, but the new one was with them. They were VERY thorough.
The SIPP incurs higher charges & is good if you have around £100+K in property to add, but it has to be a commercial venture.
The PPP seemed to me to be a fairly good trade-off between Stakeholder & SIPP.
Check the fees taken charged on the old plan & any penalty for transferring. NatWest did a free enquiry to see if it was worth transferring my old fund into the new one, but the new one was with them. They were VERY thorough.
musclecarmad said:
Smiler. said:
I've just transferred funds from 2 stakeholder pensions & a SIPP to a Personal Pension Plan.
The SIPP incurs higher charges & is good if you have around £100+K in property to add, but it has to be a commercial venture.
The PPP seemed to me to be a fairly good trade-off between Stakeholder & SIPP.
Check the fees taken charged on the old plan & any penalty for transferring. NatWest did a free enquiry to see if it was worth transferring my old fund into the new one, but the new one was with them. They were VERY thorough.
Pension transfers are the hardest thing to get through compliance they will be very thorough.The SIPP incurs higher charges & is good if you have around £100+K in property to add, but it has to be a commercial venture.
The PPP seemed to me to be a fairly good trade-off between Stakeholder & SIPP.
Check the fees taken charged on the old plan & any penalty for transferring. NatWest did a free enquiry to see if it was worth transferring my old fund into the new one, but the new one was with them. They were VERY thorough.
Yeah a SIPP is costly if you don't know what you are doing some people have the same funds in a SIPP as in a private pension so they CAN be pointless.
Why did a PPP seem a good trade off against a stakeholder? All a stakeholder is is a GOOD form of a PPP. Stakeholders must follow a certain standard when it comes to charging - no set up charges, no exit charges, max 1.5% annual management charge in first ten years and then dropping to 1% thereafter. A private pension just means it may not meet these critieria so a stakeholder is often better than a private pension.
Do look at fund performance as well as charges as I bet nat west only recommend a transfer or not based on charges.
As for the SIPP, I should never have been sold it. There was a very slim chance that I may have put some property into it, but I was told I'd have access to functions on the day-to-day management that never materialised, ok if you are a trader or regularly dabble.
I use these people for my SIPP https://www.transact-online.co.uk/ you can only join them through an IFA that is registered with them. I don't know what the fees are on a PPP but I think 0.6% is pretty good for a SIPP with all the flexibility....they have 000's of funds to choose from and there is hardly a listed equity or bond (vanilla or structured) you can't buy through them. You can also have your ISA on the platform and move assets between your ISA and your SIPP as you so desire if that's what you want to do. I love being able to see everything in one place, that's worth something on it's own.
Back to a SIPP you could do a commercial property investment through a syndicated deal in a SIPP, the one's I have invested in the past generally have a minimum investment of £25k though so probably too high a % of your £30k. I think they're can be some great investments as the risk profile matches pension liability so well, they generally are investments in a specific property so you know exactly who the tenant is, how much leverage in in the deal even down to the bank covenants if you want to. Tenants in deals I have invested in my SIPP in the past include HM Govt and Sainsbury's so pretty much as good as it gets. Again need a good IFA who have access to these type of deals. They also have a lock up of something like 5 years initially.
Back to a SIPP you could do a commercial property investment through a syndicated deal in a SIPP, the one's I have invested in the past generally have a minimum investment of £25k though so probably too high a % of your £30k. I think they're can be some great investments as the risk profile matches pension liability so well, they generally are investments in a specific property so you know exactly who the tenant is, how much leverage in in the deal even down to the bank covenants if you want to. Tenants in deals I have invested in my SIPP in the past include HM Govt and Sainsbury's so pretty much as good as it gets. Again need a good IFA who have access to these type of deals. They also have a lock up of something like 5 years initially.
Smiler,
If you think you have been mis-sold the SIPP you can raise a formal complaint against the seller, which will be either an IFA or an insurer I suspect. If you do this and the complaint is not concluded to your satisfaction then contact The Pensions Advisory Service (TPAS) and ask them to investigate it..their services are free. Don't go the Financial Ombudsman Service as they will only delay things until they decide to send the case papers to TPAS.
R.
If you think you have been mis-sold the SIPP you can raise a formal complaint against the seller, which will be either an IFA or an insurer I suspect. If you do this and the complaint is not concluded to your satisfaction then contact The Pensions Advisory Service (TPAS) and ask them to investigate it..their services are free. Don't go the Financial Ombudsman Service as they will only delay things until they decide to send the case papers to TPAS.
R.
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