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Old moth infested Group Pension

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    Old moth infested Group Pension

    Back in my permie days (to 2007) I was a member of my employers personal pension scheme, after I left they kept sending statements and I've just recently converted it to online management and even switched what fund the money is invested in (circa £8k). It's not had any contributions since I left.

    Question is, can I (or what do I need to do to) use this as my SIPP/Directors Pension? I'm keen to reduce MyCo profits and squirrel some money into a pension pot, to go with my ISAs.

    From memory, when I had queries about the pension (Standard Life) they used to tell you to GTFO and talk to the pension provider, whom my old company used to use to administer these pensions.

    Any ideas?
    Originally posted by Nigel Farage MEP - 2016-06-24 04:00:00
    "I hope this victory brings down this failed project and leads us to a Europe of sovereign nation states, trading together, being friends together, cooperating together, and let's get rid of the flag, the anthem, Brussels, and all that has gone wrong."

    #2
    It can be done but my Personal Assistant sorted it with my IFA so not sure exactly what the process was sorry. My PA said it wasn't very hard. I can only assume she was talking about the transfer.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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      #3
      I transfered an occupational pension into a SIPP with Hargraves Lansdown, you will probably be asked to see an IFA which on a pot that small might not be worth it
      Originally posted by Stevie Wonder Boy
      I can't see any way to do it can you please advise?

      I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

      Comment


        #4
        Talk to your SIPP provider and ask them what documentation you need to transfer it. It's normally none but you will need to know their full details plus your pension account number.

        Then talk to the pension provider. They should give you a transfer value, send you some forms to sign plus ask for a few other things to transfer it to the SIPP provider.

        You then send them back the pension provider and if they aren't useless will take a couple weeks to transfer the pension.
        "You’re just a bad memory who doesn’t know when to go away" JR

        Comment


          #5
          Originally posted by SimonMac View Post
          I transfered an occupational pension into a SIPP with Hargraves Lansdown, you will probably be asked to see an IFA which on a pot that small might not be worth it
          I transferred one as the scheme was being wound up.

          As it wasn't a final salary pension it just involved form filling and proving I was who I said I was.

          I didn't actually have to do the transfer cos they would have dumped it in some random scheme they set up but I thought bugger looking for a lost pension in decades time.
          "You’re just a bad memory who doesn’t know when to go away" JR

          Comment


            #6
            Originally posted by SueEllen View Post
            Talk to your SIPP provider and ask them what documentation you need to transfer it. It's normally none but you will need to know their full details plus your pension account number.

            Then talk to the pension provider. They should give you a transfer value, send you some forms to sign plus ask for a few other things to transfer it to the SIPP provider.

            You then send them back the pension provider and if they aren't useless will take a couple weeks to transfer the pension.
            Good reply thanks, I've not actually got a SIPP provider yet, so do you mean just set one up with 0 balance like you do with an ISA, before they sort out transferring from the old group one?
            Originally posted by Nigel Farage MEP - 2016-06-24 04:00:00
            "I hope this victory brings down this failed project and leads us to a Europe of sovereign nation states, trading together, being friends together, cooperating together, and let's get rid of the flag, the anthem, Brussels, and all that has gone wrong."

            Comment


              #7
              Originally posted by rl4engc View Post
              Back in my permie days (to 2007) I was a member of my employers personal pension scheme, after I left they kept sending statements and I've just recently converted it to online management and even switched what fund the money is invested in (circa £8k). It's not had any contributions since I left.

              Question is, can I (or what do I need to do to) use this as my SIPP/Directors Pension? I'm keen to reduce MyCo profits and squirrel some money into a pension pot, to go with my ISAs.

              From memory, when I had queries about the pension (Standard Life) they used to tell you to GTFO and talk to the pension provider, whom my old company used to use to administer these pensions.

              Any ideas?
              Is it a defined benefit pension i.e. final salary) and 8k is the annual amount you'd get, or is 8k the total pot size?

              If it's a defined benefit, you should ask for a transfer value, you might be surprised how much you'd get. I'm in the process of transferring mine, see http://forums.contractoruk.com/accou...t-pension.html

              Comment


                #8
                Originally posted by SimonMac View Post
                I transfered an occupational pension into a SIPP with Hargraves Lansdown, you will probably be asked to see an IFA which on a pot that small might not be worth it
                I also did this recently. It took a couple of phone calls to get an account number and then had to wait for a letter to get the value but after that it was as simple as filling out one of the transfer forms HL insist on sending me every month. Also about £8k as it turned out but at least I know where it is now.
                Will work inside IR35. Or for food.

                Comment


                  #9
                  Originally posted by rl4engc View Post
                  Good reply thanks, I've not actually got a SIPP provider yet, so do you mean just set one up with 0 balance like you do with an ISA, before they sort out transferring from the old group one?
                  I actually had a SIPP so can't answer you in that.

                  I suggest you contact one of the SIPP providers and ask them. As most of them want your business they will answer you.
                  "You’re just a bad memory who doesn’t know when to go away" JR

                  Comment


                    #10
                    I've recently started a SIPP, so here's my understanding, per an IFA:

                    Start a SIPP, one which accepts company contributions, and you can dump money in from yourco, which reduces your corporation tax bill. e.g. save £2k CT for each £10k transferred.

                    You can also transfer old company and personal pension pots in to the same SIPP.

                    You might find that your old company pot has better benefits than a SIPP offers e.g. allows more than 25% tax free lump sum. If so, your IFA is likely to recommend that you keep the old company pension as is.

                    HTH.

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