Frequently asked questions
Questions we are often asked
Most types of pension can be transferred to a SIPP (the total combined value of pensions being transferred must be £1,000 or more).
- Personal and stakeholder pensions
- Retirement Annuity Contracts (RACs)
- Other SIPPs
- Most Additional Voluntary Contribution plans (AVCs) including Free Standing AVCs
- Executive Pension Plans (EPPs)
- Most paid-up occupational money purchase pensions
- Old protected rights pensions accrued from contracting out of the State Second Pension or SERPS (State Earnings Related Pension)
- Pensions in income drawdown
Most providers can transfer your pension by same-day electronic payment once they have finalised the transfer. This can speed up the process and minimise your time out of the market. Most pension companies charge a small fee for this, which is usually deducted from your pension.
Transfers to the SIPP take on average 4-6 weeks. Normally you would be out of the market for about a week of this time but this can vary. Selecting the CHAPS or an alternative quick payment option should reduce the time you're out of the market by a few days.
This is a pension scheme an employer offers to its employees. It can also be known as an occupational or works pension scheme.
If you are trying to trace a company pension scheme, start by working out:
- whether the employer traded under a different name
- the type of business the employer ran
- whether the employer changed address at any time
- when you belonged to the pension scheme
With a personal pension you pay regular monthly amounts or a lump sum to the pension provider who will invest it on your behalf. The fund is usually run by financial organisations such as building societies, banks, insurance companies or unit trusts.
Yes you can.
We would recommend using the Pension Tracing Service. The Pension Tracing Service is a free service run by the Department for Work and Pensions which can help to trace an old pension scheme if the details are unclear or have been lost. This is done by matching any information provided to information held on the pension scheme database.
The Pension Service
Newcastle upon Tyne
Call: 0845 600 2537
View website and application form online here.
Yes, however once your pensions are transferred, you can hold part of your funds in cash until you are ready to invest them.
You can normally transfer the following types of pension into a SIPP:
- Personal Pension Plan
- Stakeholder Pension Plan
- Retirement Annuity Contract
- other SIPPs
- FSAVC (Free Standing Additional Voluntary Contribution plan)
- EPP (Executive Pension Plan) and most paid up Occupational Money Purchase Plans.
The transfer normally takes 4-6 weeks to complete and is surprisingly straightforward.
Yes, the SIPP can accept transfers from Free Standing AVCs (FSAVCs), most paid-up money purchase occupational schemes, and Executive Pension Plans (EPPs). We strongly recommend that you take advice from a professional financial adviser.
Yes, they can contribute by Direct Debit, cheque or by bank transfer (BACS). Employer contributions are paid gross, so basic rate tax relief is not deducted from the amount they contribute.
Simply fill in our simple form and we will contact you at a suitable time. All investments should be held for the long term. They can go down in value as well as up, so you could get back less than you invested. Any yield is variable and not guaranteed.
Tax rules can change and the reliefs depend on your personal circumstances.
Once in a pension your money is not usually accessible until at least age 55, when up to 25% can normally be taken as a tax-free lump sum with the remainder made available to provide a taxable income.
The SIPP puts you in control of your own investment decisions. Nothing on this website should be regarded as personal advice. We will be happy to introduce you to an Independent Financial Advisor. If you have any doubts as to the suitability of an investment for your personal circumstances please take the advice of our panel of IFA's.