It is possible to transfer benefits from other pension schemes to the Pointon York SIPP - the eligibility rules relating to contributions do not apply in this respect.
Reasons for transferring existing benefits to the Pointon York SIPP may include:
- The wish to have more control over investment and retirement strategy
- Consolidation of several previous pension arrangements into one scheme
- Interest in acquiring commercial property
- Dissatisfaction with the service from an existing pension provider/manager
In some instances, transfers to The Pointon York SIPP may be made in the form of assets rather than in cash. This is known as a transfer in-specie. This can mean that the costs of dis-investing (selling) and (buying) re-investing can be avoided.
If you are considering transferring pension benefits into your SIPP from another pension scheme you may be giving up the promise of a guaranteed pension and other rights not provided by a SIPP. You should take professional advice before transferring.