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
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
You should still qualify for Job Seekers' Allowance, as that is not
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
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" ).
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