Sart -Getting out

L

littlet

Guest
Does anybody know if you can leave a sart. I have 1 for the past 2 years but all i am doing is paying fees!! Has anubosy got an exit plan?
 
SART(?)

I presume you are referring to something like a SSAP (Small Self Administered Pension)?

Are there any assets in the scheme or were you advised to set it up with the intention of buying some at a future date?
 
I believe you can get out. Similar to GSheey, I think it depends on what assets (if any) you have in the SART.

Bearing in mind that you have probably paid a fee to set this up and ongoing annual management charges can I ask the question why haven't you used it or have you used it?
 
littlet,

It's not clear what you meam by leaving a SART?

Funds invested into a SART (or SSAP) are locked-in until retirement, just like any pension plan. That said you can transfer the value (assuming it is liquid) into another occupational pension structure (e.g. Insured Scheme).

The real question is what assets the money is invested in and whether they are sufficiently liquid. Most people who establish a SARtT do so because they have a specific investment policy which they wish to follow (typically to buy a property). So my questions would be:
  • Why did you go the SART route day 1?
  • What assets are you invested in?
  • Why are you looking to "leave" now?
  • Where do you want to transfer the funds to and why?
Conan
 
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