Pension Transfers (QROPS & SIPPs)
Have you got a UK Defined Benefit pension with your employer?
With three out of four UK Defined Benefit (DB) schemes in deficit (as of June 2017) and transfer values at an all-time high, now is a good time to consider your options if you have one, or more, company pension plans.
A well-considered move might be to transfer your DB pension into a SIPP. A SIPP (self-invested personal pension) is designed for internationally mobile individuals who want to manage their own pension fund investments. It holds investments until the fund owner retires and draws a pension income, and offers a range of powerful benefits.
A SIPP works in a similar way to a standard UK personal pension, within the strict protections set out by HMRC, but instead of inclusion in a mandatory pooled investment fund, a SIPP owner can choose from a wide range of different asset types. It is common for the owner to employ an authorised Investment Manager for this purpose.
Speak to your IFA about your pensions generally and rest assured that we will have your long-term interests at heart. If a DB pension transfer does not suit you, we here at RP Financial will tell you. And if it’s best to stay where you are, then we’ll tell you that too.
Speak with one of our expert advisors today.