Pension - fund being wound up options?

[Welshbeef]

My first ever pension scheme where I have c£5k fund value has written to me informing me that the fund is winding up so options available are either allow them to move that into another fund of their choice (annual charges 0.18%) or as I'm a very long way away from being to draw it I can elect to have it transferred to another scheme of my choice - so it could join another money purchase scheme I have.


Note I'm awaiting the details but as its being wound up I believe there are no transfer fees in which case in my eyes moving it into a consolidated pot seems a better option than having a small fund.

Thoughts?

Or should I set up a SIPP I don't have one currently and dump this into it and as and when move other money purchase funds into the SIPP to join it.
Thoughts?

Amazingly I built up that fund value during college and Uni working for a supermarket - given the low salary I was earning casual hours too I'm impressed .

[Welshbeef]

swerni said:

Aren't you a financial advisor?

No and personally this is te first time this has happened to me

[northandy]

swerni said:

Aren't you a financial advisor?

No, finance director. Different thing.

[northandy]

Im surprised you need advice/thoughts.

But in my opinion if you are asking for advice on £5k dont bother with a SIPP.

Stick it with your other funds. Or pay for proper advice