Small pension options?
Discussion
I have a small pension currently worth £1100. It's a pension I paid into briefly for 10 months and isn't my main pension.m
What are my options? I can't pay it into my NHS pension as I have missed the window.
Can I transfer it into my SIPP? The other option is via online I can set it to be a speculative rather than defensive which it is now.
I would appreciate a bit of advise. Thanks.
What are my options? I can't pay it into my NHS pension as I have missed the window.
Can I transfer it into my SIPP? The other option is via online I can set it to be a speculative rather than defensive which it is now.
I would appreciate a bit of advise. Thanks.
If you're suggesting how it should be invested and where, why is it no good where it currently is? If you're nearing the age at which you can take it as a trivial pot, do nothing and just take it on one go. Don't automatically bother with a SIPP, find a dirt cheap product and don't diminish the value with large fees.
Ginge R said:
If you're suggesting how it should be invested and where, why is it no good where it currently is? If you're nearing the age at which you can take it as a trivial pot, do nothing and just take it on one go. Don't automatically bother with a SIPP, find a dirt cheap product and don't diminish the value with large fees.
30+ years before I can take it. I have an NHS pension and a SIPP so this one is small in comparison.
"The requirement to notify early leavers of their rights
When a member of an occupational pension scheme leaves pensionable service after three months and with less than two years' pensionable service and without vested rights to benefit under the scheme rules, they must be notified of their statutory rights to take a cash transfer sum or a contribution refund.[6]
Those rights are to take either a cash transfer sum, calculated in the same way as a cash equivalent transfer value, or a refund of their own contributions, if any (less tax and any contributions equivalent premium [7] paid as appropriate). These may be reduced or increased where permitted/required by legislation, eg if the scheme is underfunded."
Yes, you can transfer it into your SIPP quite easily. The above regulation might also apply, you should have been informed. There would be not much pojnt in doing so however, you would lose your tax relief. Bear in mind, if you are currently in your 20s/early 30s the chances are you will be the far side of 60 before you're able to access personal pension provision, and with possibly, a drastically modified method of state retirement financial support.
So, honestly? Unless you are really obsessed with your SIPP and get a demonstrable gain from using it, strongly consider putting it somewhere cheap instead. Why spend ages looking for an expensive needle and hoping it stays bright, shiny and sharp, when you can have the whole haystack? Good luck and well done for engaging with your retirement planning.
When a member of an occupational pension scheme leaves pensionable service after three months and with less than two years' pensionable service and without vested rights to benefit under the scheme rules, they must be notified of their statutory rights to take a cash transfer sum or a contribution refund.[6]
Those rights are to take either a cash transfer sum, calculated in the same way as a cash equivalent transfer value, or a refund of their own contributions, if any (less tax and any contributions equivalent premium [7] paid as appropriate). These may be reduced or increased where permitted/required by legislation, eg if the scheme is underfunded."
Yes, you can transfer it into your SIPP quite easily. The above regulation might also apply, you should have been informed. There would be not much pojnt in doing so however, you would lose your tax relief. Bear in mind, if you are currently in your 20s/early 30s the chances are you will be the far side of 60 before you're able to access personal pension provision, and with possibly, a drastically modified method of state retirement financial support.
So, honestly? Unless you are really obsessed with your SIPP and get a demonstrable gain from using it, strongly consider putting it somewhere cheap instead. Why spend ages looking for an expensive needle and hoping it stays bright, shiny and sharp, when you can have the whole haystack? Good luck and well done for engaging with your retirement planning.
Ginge R said:
"The requirement to notify early leavers of their rights
When a member of an occupational pension scheme leaves pensionable service after three months and with less than two years' pensionable service and without vested rights to benefit under the scheme rules, they must be notified of their statutory rights to take a cash transfer sum or a contribution refund.[6]
Those rights are to take either a cash transfer sum, calculated in the same way as a cash equivalent transfer value, or a refund of their own contributions, if any (less tax and any contributions equivalent premium [7] paid as appropriate). These may be reduced or increased where permitted/required by legislation, eg if the scheme is underfunded."
Yes, you can transfer it into your SIPP quite easily. The above regulation might also apply, you should have been informed. There would be not much pojnt in doing so however, you would lose your tax relief. Bear in mind, if you are currently in your 20s/early 30s the chances are you will be the far side of 60 before you're able to access personal pension provision, and with possibly, a drastically modified method of state retirement financial support.
So, honestly? Unless you are really obsessed with your SIPP and get a demonstrable gain from using it, strongly consider putting it somewhere cheap instead. Why spend ages looking for an expensive needle and hoping it stays bright, shiny and sharp, when you can have the whole haystack? Good luck and well done for engaging with your retirement planning.
Thanks for the advice I will take it on board.When a member of an occupational pension scheme leaves pensionable service after three months and with less than two years' pensionable service and without vested rights to benefit under the scheme rules, they must be notified of their statutory rights to take a cash transfer sum or a contribution refund.[6]
Those rights are to take either a cash transfer sum, calculated in the same way as a cash equivalent transfer value, or a refund of their own contributions, if any (less tax and any contributions equivalent premium [7] paid as appropriate). These may be reduced or increased where permitted/required by legislation, eg if the scheme is underfunded."
Yes, you can transfer it into your SIPP quite easily. The above regulation might also apply, you should have been informed. There would be not much pojnt in doing so however, you would lose your tax relief. Bear in mind, if you are currently in your 20s/early 30s the chances are you will be the far side of 60 before you're able to access personal pension provision, and with possibly, a drastically modified method of state retirement financial support.
So, honestly? Unless you are really obsessed with your SIPP and get a demonstrable gain from using it, strongly consider putting it somewhere cheap instead. Why spend ages looking for an expensive needle and hoping it stays bright, shiny and sharp, when you can have the whole haystack? Good luck and well done for engaging with your retirement planning.
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