So, from reading this thread about IE SIPPS, it looks like it’s an accumulation SIPP with no option to drawdown when you’re ready to take your pension. So can somebody tell me how you can withdraw from this IE SIPP please?
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From what I’ve read elsewhere, they are working on it, along with the ability to support transfers in too. In a few years’ time I will need to start drawing down; it would be disappointing if the only option is to transfer out to a more complete pension provider.
I’m a recently-unemployed developer; if InvestEngine want any help they are welcome to DM me 
Any news on transfers in? Unless we’re locked in to turn this on before the summer I feel like I should find alternative provision.
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I bet it’s not technical capacity, more just ensuring all the red tape around transferring pensions is sound.
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I’m noting for the benefit of many in this thread that no one from IE has yet responded to my consolidated chaser re: SIPP Transfers from another provider to IE.
The last IE comms I can see is from 21st April saying ‘Final Countdown’…
It’s nearly 2 months.
IE Team:
@DeeFunds @tom.winterton @aelita.cherniakova @Paul_M @elina.sim
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Other Community People awaiting updates:
@MattG @lee @conm @bsuk @Carl @sfletc @jackoboy9 @TravellerSeko @vvsvin @rds
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Thanks @JHBEM mate for the reminder. I almost forgot it. Trading212 will be announcing SIPP as well. I’ll have a look at that as well.
Mine is all with AJ Bell now - Actually works out cheaper but I really wanted everything in one place - Maybe one day!
Hi @MattG
How does it work cheaper? I assume the amount you invested in SIPP is considerably high amount, don’t you?
My circumstance is that I have a workplace pension which my employer is still paying into (Aviva [Expensive funds / Poor Selection]). So effectively I will do 1 ETF transaction per year into my SIPP which works out at £125pa compared to the £200 max fee ill get from IE.
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I hope transfer fuctionality is released before T212 launch their SIPP.
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Thanks @MattG . I have defined pension from NHS Scotland so workplace pension is different. I’ll pa separately for SIPP with small amount of money every month. I believe now Vanguard looks reliable and logical option at this stage as they have every option, only drawback is we need to buy Vanguard funds.
@Tom_Whitehead i hope so. If trading212 comes with better options, IE will miss many clients.
My wife has a defined NHS pension - I keep meaning to try and understand them but I can never be bothered! She’s a good 25yrs before retirement!
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These are the 2015 scheme calculations:
Average salary x number of years contributing x 0.0185 = annual pension.
For example:
£40,000 x 35 x 0.0185 = £21,700
This is not exact because benefits also keep up with inflation by being revalued each year. “Active revalued income is increased in line with treasury orders plus 1.5%. This means that if CPI growth is nil or negative the revaluation factor may be less than 1.5%.”
For example, the increase for 2023-24 was 6.7%.
NHS Pension access age is tied to state pension age, but you can access it earlier with a penalty. For example, accessing your NHS pension 8 years early results in you obtaining around 66% of your annual pension amount.
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Thanks Tom, this is helpful. Much appreciated.
Where can I nominate a beneficiary for my SIPP? Struggling to find it.
You just need to contact support. For my SIPP I have been assured that they will record the details with your account (offline).
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