Moving DC pensions to my SIPP for drawdown

[CautiousPaul]

I have two decent pension pots (way over 30K each) from former employers. Unfortunately, neither currently offer drawdown options and the annuity rates I'm being offered seem pitiful. I'm in my late 60s and over the next few years I'm looking to move the pots to my SIPP so that I can drawdown income, probably annually. I know that moving a Defined Benefit pension is far from straightforward and requires paying an IFA a fortune. Are there similar gotchas when transferring DC pensions ?

Thanks in advance for any replies.

[kempiejon]

I know that moving a Defined Benefit pension is far from straightforward and requires paying an IFA a fortune. Are there similar gotchas when transferring DC pensions ?

Nope, in fact it should be easy you said you have a SIPP already - you could ask them if they'll take transfers in and what the process is. Or shop around for a new SIPP provider I'm pretty sure you can have as many as you want. I set up a SIPP with HArgreaves Lansdowne to collect 4 pensions from various employers and private plans so they'd all be in once place with low fees to enable me to manage easily.

[mc2fool]

I have two decent pension pots (way over 30K each) from former employers. Unfortunately, neither currently offer drawdown options and the annuity rates I'm being offered seem pitiful. I'm in my late 60s and over the next few years I'm looking to move the pots to my SIPP so that I can drawdown income, probably annually. I know that moving a Defined Benefit pension is far from straightforward and requires paying an IFA a fortune. Are there similar gotchas when transferring DC pensions ?

Maybe.

"If you have what’s called ‘safeguarded benefits’, in particular if you have a guaranteed annuity rate and the value of these benefits is more than £30,000, you’ll have to get regulated financial advice before you can transfer."

https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/transferring-your-defined-contribution-pension

Easiest is just to ask your existing scheme(s) if they'll let you transfer out without advice.