Moving money into a SIPP
Moving money into a SIPP
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Discussion

Condi

Original Poster:

20,487 posts

201 months

Saturday 1st March 2014
quotequote all
Anyone know how I do this? Will someone like HL or SL be able to find my existing (2) pensions and put them in a SIPP? Also, the HL document mentioned that minimum transfer amount could be up to £5000! My pension, 2 years into 'work' isnt anywhere near that size.

Obvious answer is to ask a financial adviser, but Im sure it can be done in house!

Ginge R

4,761 posts

249 months

Sunday 2nd March 2014
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In October 2013, the regulator launched its third thematic review into Sipps - expect new guidance and restrictions on what may and may not be invested in to be announced this week. Only you know if you would benefit from a Sipp, but the market for them might be about to change how it looks anyway.

Condi

Original Poster:

20,487 posts

201 months

Sunday 2nd March 2014
quotequote all
Thanks, I know a SIPP is right for me, but are unsure as to how to actually move the money from my existing pensions to a new one.

PurpleMoonlight

22,362 posts

187 months

Sunday 2nd March 2014
quotequote all
Condi said:
Thanks, I know a SIPP is right for me, but are unsure as to how to actually move the money from my existing pensions to a new one.
Basically.

You establish your SIPP.

You ask your existing pension providers for a transfer value quotation and documents to transfer.

You complete your part of the transfer documents, and send together with the receiving scheme document to your SIPP provider. The SIPP provider will complete and return to the existing pension provider.

Transfer gets paid to your SIPP bank account.

Your SIPP provider may have a transfer in form for you to complete too.

NicD

3,281 posts

287 months

Sunday 2nd March 2014
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I have a SippDeal account for many years.

You can transfer in instantly from debit card

Ginge R

4,761 posts

249 months

Sunday 2nd March 2014
quotequote all
Condi said:
Thanks, I know a SIPP is right for me, but are unsure as to how to actually move the money from my existing pensions to a new one.
Your new partner will do most of the legwork, anything they can't do, they will give you the specifics. In terms of pressing the button and sitting back, the principle is not much different from changing a bank account.

Condi

Original Poster:

20,487 posts

201 months

Sunday 2nd March 2014
quotequote all
PurpleMoonlight said:
Condi said:
Thanks, I know a SIPP is right for me, but are unsure as to how to actually move the money from my existing pensions to a new one.
Basically.

You establish your SIPP.

You ask your existing pension providers for a transfer value quotation and documents to transfer.

You complete your part of the transfer documents, and send together with the receiving scheme document to your SIPP provider. The SIPP provider will complete and return to the existing pension provider.

Transfer gets paid to your SIPP bank account.

Your SIPP provider may have a transfer in form for you to complete too.
Thank you kindly. Looks do-able.


pacoryan

671 posts

261 months

Monday 3rd March 2014
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NicD said:
I have a SippDeal account for many years.

You can transfer in instantly from debit card
Op is talking about transferring an existing Personal Pension in, not cash.

contractor

922 posts

215 months

Monday 3rd March 2014
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whoever you choose, bear in mind that the costs are changing, take a look at http://www.telegraph.co.uk/finance/personalfinance... for more info

PetrolTed

34,468 posts

333 months

Monday 3rd March 2014
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I did just this a few months ago, using Hargreaves Lansdown. Very, very simple. You join up, download and fill out some simple forms giving them details of who's managing your pension and within a couple of weeks it's all done and dusted.