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Thread: Moving British Pension to a SIPP

  1. #1
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    Moving British Pension to a SIPP

    I am considering moving my British pension to a SIPP (in the UK) (Self Invested Pension Plan) which looks a bit like a 401K.


    I am considering using the Agent *******who uses MC Trustees as the trustee.


    Has anyone heard of these? any comments?


    Also what would be considered reasonable charges for a pension?


    These people want:
    a 2.5% one time commission to move the pension


    500 pounds a year maintenance fees


    ****** the agent want 0.25% a year commission.


    Are these reasonable fees?


    Has anyone done this with an old UK pension?

    Thanks!
    Last edited by abbey; 11-27-2007 at 05:30 PM. Reason: removed company name

  2. #2
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    Re: Moving British Pension to a SIPP

    dear wigintwat,
    I just sent off the forms today to transfer my funds from my UK pension administrator to an MC Trustees SIPP. I'm a US citizen, but I worked in London for four years and built up some pension savings. I would have liked to transfer my assets to a US IRA or 401K, but that is not allowed.

    I did a fair amount of research and found that the representatives from xxxxxxxwere the most knowledgeable on my situation and they were eager to business with me. So I went with them. They are somehow in bed with MC Trustees which I guess manages the SIPP. Once the money is in the SIPP, they are also pushing me to invest in a type of mutual fund with ****** I haven't decided where to how to invest my funds yet. I know that it is going to be a royal pain in the ass trying to manage my own investment choices. This is not going to be like the online system I have here in the US with Fidelity or USAA to manage my own 401K and IRS. I suspect I will have to fill out forms in triplicate and have them notarized before they will buy or sell shares months later. But this seems like the most desirable option I had.

    One thing I will do is request the 25% up front drawdown and then the maximum drawdown periodic allowed under UK regulations.

    You are correct on the 2.5% commission to move and the .25% annual commission. But I didn't see anything about a 500 pounds annual maintenance fee. I hope I didn't misread the fee schedule. That would be real ugly.

    I'm wondering if your situation is similar to mine as you mentioned a comparison to US 401Ks.

    I would appreciate any information you could add from your research. Respond to my post if you have any questions for me.

    Cheers,
    David
    Last edited by abbey; 03-12-2008 at 02:48 PM. Reason: Company names removed

  3. #3
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    Re: Moving British Pension to a SIPP

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    Quote Originally Posted by wigintwat View Post
    I am considering moving my British pension to a SIPP (in the UK) (Self Invested Pension Plan) which looks a bit like a 401K.


    I am considering using the Agent *******who uses MC Trustees as the trustee.


    Has anyone heard of these? any comments?


    Also what would be considered reasonable charges for a pension?


    These people want:
    a 2.5% one time commission to move the pension


    500 pounds a year maintenance fees


    ****** the agent want 0.25% a year commission.


    Are these reasonable fees?


    Has anyone done this with an old UK pension?

    Thanks!
    Shop around get yourself a decent IFA, if necessary talk to two or three. The better ones will happily talk to your before you commit yourself to anything. either fee up front or a fee in the form of commission. If they want to charge you a fee just to talk to them walk away. There is a lot of choice out there and you need to be clear how elaborate a sipp you actually need, just because you can have all the bells and whistles doesn't mean you should. What exactly are tgheyb going to do for £500 a year. You don't say what the fund management charges are.

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