- Obtain CETV (Cash Equivalent Transfer Value) of your existing pensions (our advisors can help you with this even if you do not have policy numbers or even know where the pension is held)
- Complete an application to open a SIPP with a regulated trustee
- Trustee opens an account on preferred terms with an Offshore Investment Platform or Portfolio Bond; depending on your circumstances your advisor will suggest the best solution
- Transfer cash to new account
- Discuss with your advisor an investment strategy based on factors such as risk appetite, investment time horizon, income needs and tax planning.
- Select underlying investments through a low cost open architecture platform (equities, bonds, funds, ETF’s)
Pension Transfer to a SIPP
Consolidate your UK pensions into one tax efficient, flexible,
cost effective SIPP (Self-Invested Personal Pension)
What is a SIPP?
A Self-Invested Pension Plan (SIPP) is a pension plan that allows individuals to make their own investment decisions. They work similarly to most other personal pension plans, but with more flexibility. This gives investors more control over their accounts — stocks and shares, investment trusts, insurance funds, commercial property, ground rents, open-ended investment companies, and more.
They are also tremendously tax-efficient and employers and spouses can contribute.
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How to transfer a pension to a SIPP
Consolidating all or some of your retirement savings into a SIPP can be an efficient way to manage your finances in your golden years. Here are the steps we can help you work through:
Whatever your risk tolerance or interests, your advisor will help you select the appropriate investments for your portfolio. Some examples include:
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Frequently Asked Questions
So, should you transfer your final pension to a SIPP?
This decision is conclusively up to you. Consider investment goals, savings horizon, and both current and future financial obligations before committing. However, with the right investments, opting for a final pension transfer can without a doubt work to your advantage and put you on track for the future you desire.
The fate of your pension and investments will ultimately be up to you. When opening a SIPP you will be given an option to name beneficiaries to receive the remaining value of your pension when you pass. This can be spread across several beneficiaries as a lump sum or paid out through installments to provide the beneficiary with financial security over a period of time. Inheritors who receive a payment from an account holder age 75 or younger will not be subjected to additional taxes, but marginal tax rates will be payable if the account holder was over the age of 75 at the time of death.