Where can I put £13K where I can decide the Fund allocation or let a Robo-advisor take over?

23 June 2021

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Question by Andrew

Hi, I'm 58 and have recently been made redundant due to the Coronavirus crisis. I was contributing to a workplace pension with Scottish Widows which has grown to about £13K at current value after 5 years. I would like to transfer this value into a SIPP but and I would also transfer £10K of cash savings into an ISA to run alongside. This cash will come from my Local Authority pension lump sum of about £16K plus £600/ month.

Answered by Tamsin Caine

Hi Andrew. I'm sorry to hear about your redundancy. I'm not sure what your question is but you can transfer your workplace pension into a SIPP, although you don't mention why you would like to do so, and, with many platforms, can also have an ISA running alongside to hold your pension commencement lump sum from your local authority pension.

Answered by

Tamsin Caine

Director of financial planning

I’m a single mum of two wonderful teenagers. I divorced in 2017 and grew up from the age of 12 with divorced parents. Following these experiences and realising how my financial planning experience could help, I founded Smart Divorce in 2018.