Oh no, another pension question!

[anonymous-user]

I sold a business a couple of years ago and still have a pension under the scheme with the provider we used back then. From what I can see it has performed pretty well.

It's an 'executive scheme' and I have established that I cannot make any payments into this scheme now, as an individual, and so would like to move it.

The options are as follows:
The provider offer their own 'personal pension' that I could move it into
I could transfer it into my SIPP
I could transfer it (I think) to any other personal pension scheme available.
I enlist an IFA to help - don't want to really.

Initially I thought about the SIPP option but I'm concerned I might become a little too watchful of the performance and tweak it too often maybe?

If it helps, the company is SW.
Thanks all.

[ringram]

Sounds like SIPP is best for control, management and visibility unless you dont trust yourself, in which case if its performed ok why not leave it there!? (Assuming charges are low)

[cejsmith]

A lot of Sipp are sold as vanity products , by that I mean some people think it makes them look better, but for most they are just an expensive wrapper that doesn't add any value at all.

Find out what the charging structure is of you existing pot and if it's ok and the performance is fine I wouldn't bother moving it for movings sake.

[Bobajobbob]

It's worth checking on the charges. I have a company scheme that for as long as I am an employee has extremely competitive annual fees. If I leave then the fees increase quite significantly.

[anonymous-user]

Thanks for the thoughts. The problem leaving it where it currently is, is that I can't make additional payments in as an individual which I intend to do.

So I do need to do something with sadly!

[Ean218]

Badda said:

Thanks for the thoughts. The problem leaving it where it currently is, is that I can't make additional payments in as an individual which I intend to do.

So I do need to do something with sadly!

No you don't, just leave it there, if as above the charges are low and the return decent. Then open a new one with your choice of provider and pay some money in. You are allowed to have as many pensions as you want, subject to annual contribution limits and total values.

[anonymous-user]

Badda said:

Thanks for the thoughts. The problem leaving it where it currently is, is that I can't make additional payments in as an individual which I intend to do.

So I do need to do something with sadly!

Could you not just pay into a new pension, in addition to your old one?

I have an older work pension and every time I look into whether I should move it, the cost and current low fees mean there's no real benefit in doing so. It just means I'll have a few smaller sources of income when I retire rather than a single larger one.

[anonymous-user]

ScotHill said:

Could you not just pay into a new pension, in addition to your old one?

I have an older work pension and every time I look into whether I should move it, the cost and current low fees mean there's no real benefit in doing so. It just means I'll have a few smaller sources of income when I retire rather than a single larger one.

Yes I suppose that's an option - I'd not really considered it for some reason. I think because it's a decent chunk, it feels like it should be added to. Illogical I know! Food for thought and it also keeps it managed while I tweak my own SIPP - possibly the best outcome, thanks!