Pension question - SIPP

[GallusAlice79]

Question for any pension experts...

I have a very small pension pot (less than a grand) from a previous employer. I am considering transferring it into a SIPP to see if I can turn it into more than a grand.

I have a career average DB pension from the civil service so do not need this small pot for retirement.

What, if anything, do I need to consider?

Is the small pension pot a defined contribution pension, ie a pot of money being invested on stock market.

If the latter, then transfer should be easy, but look out for fees from both the old and new provider.

I moved a pot that I had a few years ago, wasn’t happy with the lack of growth in previous company. I have continued to add to it and whilst some funds have dropped, others have grown, but at least I have control of it, unlike the old one.

Yes, it's DC. I did a transfer quote and they took off about £80 from value.

So you reckon the only thing I need to consider is the fees of new provider? I just figure as I don't need it for retirement I may as well try and grow it.

Do some research on SIPP providers, their ongoing fees and transfer in costs (if any, I don’t think mine charged me).

My DS had a retail job from April until early Dec, joined DC pension scheme in summer, left to take up a graduate job with a different DC scheme. He also has a SIPP.

I have suggested he look at options to transfer retail pension scheme (wont be much!) into SIPP or his new employer scheme, I think latter will probably have lowest ongoing cost.

But given that your work scheme is not DC, you just need to check different SIPP providers.