SIPP used to protect savings

I've saved for a number of years but have recently been made redundant. Since I have savings I can't claim benefits. Would it be advisable to move my savings into a SIPP so that I could start to receive benefits (which I've paid for via my Tax and NI while I worked)
Reply to
Will
Financial re-arrangements intended to get round means tests are normally ignored by the powers that be, so that there is a good chance that you would end up with no immediate access to the money and NO means tested benefits.
You should still qualify for Job Seekers' Allowance, as that is not means tested.
Reply to
David Woolley
wrote:
You'd have to "Retire" for the purposes of that SIPP and comply with the Mis- Government regs to get access to your cash.
The Mis-Government treats small private pension schemes as a plaything.
Other issues aside remember that SIPPs are performing abysmally badly at the moment and yet the providers continue to collect their charges. Your fund could be depleted to the extent of a few tens of percent.
BTW. Right or wrong, my IFA tells me there is no such thing as a "Cash SIPP" (As per "Cash ISA" ).
DerekG
Reply to
DerekG

A SIPP will perform as well, or as badly, as the underlying investment that *you* choose to put the money into.
I don't look into this stuff normally, but there must be some market sector somewhere that has performed very positively in the past 6/12/24 months, though, of course, you could easily not have chosen such a fund.
Either one of you has misunderstood, or he isn't looking hard enough. Though don't expect cash funds inside a SIPP wrapper to be competitive with outside. They're meant as a "risk free" holding position during uncertain times (usually for people close to retirement), not as genuine investment choice.
tim
Reply to
tim....

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