SIPP Transfers
SIPP Transfers
Before transferring to a SIPP it is important to check whether the benefits, such as your tax-free cash entitlement, are comparable with those offered by your existing pension.
Make sure, too, that you are aware of any penalties you could be charged or any bonuses or guarantees you may lose.
If you have had an annual income of £130,000 or more since April 2007 and make regular contributions to a pension, changes announced in the 2009 Budget could affect you. Switching regular contributions to a new pension may mean future regular contributions are subject to a £20,000 limit.
A SIPP will typically accept most types of pension, including:
- Stakeholder Pension Plans
- Personal Pension Plans
- Retirement Annuity Contracts
- Section 32 Buy Outs
- Other SIPPs
- Executive Pension Plans (EPPs)
- Free-Standing Additional Voluntary Contribution Plans (FSAVCs)
- Most Paid-Up Occupational Money Purchase Plans
- Small Self Administered Schemes (SASS)
Speak to the independent pension advice team from one our partner firms over the benifits and risks associated with transfering funds to a SIPP, and to discuss which SIPP might be right for you.
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