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Transfer wife's pension into mine to buy a property?

Retirement | SIPP Helpful? 5

Asked by johnrowe, submitted 21 October 2014.

Open Quote My wife and I each have some pension policies that we want to put into a SIPP for purchase of commercial property I understand we cannot have a joint SIPP but is it possible for my wife to transfer her policies to a SIPP in my name or vice versa.

End Quote

Answered by Justin on 28 October 2014

Pensions are specific to an individual, so it is not possible to transfer your wife’s pensions into yours or vice-versa. However, it is technically possible for a commercial property to be held by one or more SIPPs with the same provider, for example James Hay offers this facility.

The members, i.e. you and your wife, would need to agree respective proportional shares at outset. And you might want to put in place some sort of legal agreement covering what happens to each share in the event of death, retirement or any subsequent dispute (although hopefully less of a potential issue with a spouse than say with business partners).

Obviously when transferring pensions be careful that there are prohibitive penalties for moving existing schemes and that you do not lose potentially valuable benefits such as guaranteed annuity rates.

Please note this answer does not constitute a recommendation or financial advice and should not be relied upon when making specific investment or other financial decisions. You should always undertake your own research into whether a product or service is appropriate for your needs and, if necessary, use a qualified professional adviser.

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