I have taken the plunge and opened a SIPP after procrastinating for a while.
I have now filled in the online forms to get two old company DC pensions transferred into it so these can form the basis of my new plan. One has already transferred and is about to be invested so only out of the market for a very short time, a matter of a few days in fact, pretty impressive.
A monthly regular payment has also been setup so that I can pump money into these as other tax efficient paths are now full. The SIPP can be accessed from age 55 so this means that I can access the old DC funds at an earlier age than originally permitted.
I have picked some funds and will use these as a basic selection for my DCs with another set of funds used for my regular monthly contributions. My intention is to add occasional additional payments (I don’t get bonuses like I use to – in fact what is a bonus?) and either buy shares or funds to balance the portfolio.
I have also been focused by listening to Tim Ferriss podcasts as he interviewed Mr MM and it was great to be reminded of what I am aiming to achieve, choices!
I now need to re-organise my spreadsheets and get focused on FI savings as my HP fund is unbalanced and hit hard by the market fluctuations. I am running at a -4% drop as I hold too many old employer shares which have dropped since Jan due to market sector downgrades. I should have sold some last year and moved this cash into other shares. My bad!