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Eddie_George

Pension To Sipp

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I have a Personal Pension Plan with Scottish Widows. Anyone know if I can transfer it to a SIPP that I can manage myself? Would it be likely that I'd pay a penalty to move it over if it were possible?

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I have a Personal Pension Plan with Scottish Widows. Anyone know if I can transfer it to a SIPP that I can manage myself? Would it be likely that I'd pay a penalty to move it over if it were possible?

I see where you are going with this.. :)

How to Invest Gold In Your Pension Plan – Part 2

Gold bullion and pensions are a powerful combination for UK SIPP and SSAS schemes.

Today’s AM fix was USD 1,281.00, EUR 956.90 and GBP 807.03 per ounce.

Yesterday’s AM fix was USD 1,283.75, EUR 957.81 and GBP 801.54 per ounce.

Gold fell $3.90 or 0.3% yesterday, closing at $1,283.50/oz. Silver slipped $0.09 or 0.42% closing at $21.36. Platinum inched down $9.51 or 0.7% to $1,428.99/oz, while palladium fell $4.47 or 0.6% to $751.50/oz.

Gold dipped again in London on fears that a stronger U.S. economy will entice the U.S. Fed to taper its stimulus program and on positive economic data from China. Silver bullion slid to its lowest in four weeks, while gold is hovering at three week lows. In South Africa, the National Union of Mineworkers at Northam Platinum Ltd. continue their strike that started on November 4th.

Read more at http://www.maxkeiser.com/2013/11/how-to-invest-gold-in-your-pension-plan-part-2/#VxqgoVGXLsTRSZvv.99

goldcore_bloomberg_chart1_12-11-13.png

SIPPs or Self-Invested Personal Pensions were launched by the UK government in 2006 in order to enable UK citizens to gain more control over their pension investment portfolio. The UK government also launched the Small Self-Administered Scheme known as a SSAS, an occupational pension scheme which is designed for up to 12 members.

From the perspective of the gold bullion industry this was welcome news, as the newly launched SIPP and SSAS permitted individuals or groups to invest in a range of approved types of gold bullion as part of their pension provision. To protect SIPPs and SSASs from inferior product, all gold must come in the form of ‘good delivery bars’ as per the London Bullion Market Association who maintains a list of approved bar manufactures such as the Perth Mint of Western Australia.

Gold bullion and pensions are a powerful combination. Pensions are extremely tax efficient investment structures that have been ignored by the general public for too long despite being very easy to set up. Gold is a form of financial insurance and essential diversification that empowers investors to hedge and therefore reduce the long term risks involved in all investment strategies.

Contributions into SIPPs and SSASs qualify for income tax relief up to the highest rate. Important to note that once invested in your SIPP or SSAS, all investments grow capital gains tax free and there is no further liability to income tax.

In times gone by it was common to stay in the one job with the same company for one’s entire working career. Today’s working environment is dramatically different and it is not uncommon for professionals to have more than one pension scheme which reflects their career to date; having worked in a variety of different positions with different companies, all who have different pension schemes.

The SIPP affords you the opportunity to consolidate your pension schemes into one scheme. As we have long advocated here at GoldCore, when taking advice on your financial affairs, particularly your pension, seek the advice of a fee based financial advisor.

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I moved mine from Virgin to a SIPP with Halifax/A J Bell. No problems.

Thanks! Doesn't sound too bad.

I see where you are going with this.. :)

How to Invest Gold In Your Pension Plan – Part 2

Haha! No, that's the first I've seen of that. I've been meaning to do it for a while and couldn't find any meaningful info on the Scottish Widows website to do so.

I guess the easiest thing to do is pick a cheap and reputable provider and get them to go through the hassle of moving it, if it's possible at all. There's not much in my pot, but I just wanted to give the fund managers as little as possible for gambling with my money.

Edited by Eddie_George

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I have a Personal Pension Plan with Scottish Widows. Anyone know if I can transfer it to a SIPP that I can manage myself? Would it be likely that I'd pay a penalty to move it over if it were possible?

Yes I converted my co-op SERPS opt out pots of £60k into Hargreaves landsown sipp in 2010. You just get policy details of the personal pension and fill in a few forms from the sipp provider and they do the rest. Look into the share centre sipp too, www.share.com. It can be cost effective on fees for smaller pots.

M

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Yes I converted my co-op SERPS opt out pots of £60k into Hargreaves landsown sipp in 2010. You just get policy details of the personal pension and fill in a few forms from the sipp provider and they do the rest. Look into the share centre sipp too, www.share.com. It can be cost effective on fees for smaller pots.

M

Thanks. Will do.

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I guess the easiest thing to do is pick a cheap and reputable provider and get them to go through the hassle of moving it,

Exactly.

Your new provider will be only too happy to deal with the boring details of moving it.

FWIW I'm with Hargreaves Lansdown, who were in the vanguard of driving down costs from the outrageous levels of a generation ago, but nowadays are one of many providers to offer a competitive product.

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Exactly.

Your new provider will be only too happy to deal with the boring details of moving it.

FWIW I'm with Hargreaves Lansdown, who were in the vanguard of driving down costs from the outrageous levels of a generation ago, but nowadays are one of many providers to offer a competitive product.

Thank you. Will make a few enquiries this afternoon.

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