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The DIY Investor by Andy Bell

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chapter 6

Transferring existing pensions into, or out of, a SIPP

This is the moment, I am afraid, where you need to take a deep breath and dig out all of those old dusty files marked pensions, if you have any. Hopefully you may be pleasantly surprised at how much has accumulated in your various pensions over the years – or maybe not.

Transferring your various pensions into a SIPP can make sense for a number of reasons. The average person in the UK will have 11 employers through their working life, which means most people end up with lots of pension pots, none of which on their own is of any great value.

The paperwork that pensions can generate knows no bounds, so consolidating your plans into one place will help you to keep track of your ...

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