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    • Georgevoller
    • By Georgevoller 10th Mar 17, 3:14 PM
    • 3Posts
    • 1Thanks
    Georgevoller
    SIPPs
    • #1
    • 10th Mar 17, 3:14 PM
    SIPPs 10th Mar 17 at 3:14 PM
    I took out a SIPP whilst I worked in Saudi in 2007 with Brooklands - it made a bit of money initially then started losing. Basically my FA at the time was not helpful so I moved it to another FA who told me that I could not move my pension or have access to it until I was 55 years old. I am in the UK now and have been told by an FA here that I cannot really do much with it either. It has lost and is losing money yearly (due to admin payments also which wasn't explained to me at the start, amongst other things). They have moved the SIPP now to Metro Bank - there is a bank account with them but not enough in this cash account so they are basically taking money out the assets in order to keep the bank account topped up. Therefore my assets are reducing and by the time I am 55 there will be a 0 balance it seems, the rate I am going. Can anyone advise what to do - there is still money in the bond and I would like to keep it or claw back some of what I have left. I haven't been paying into either for some time. I just don't know what to do with it really - whether start paying into it again or start another private pension. Thanks Jill
Page 1
    • xylophone
    • By xylophone 10th Mar 17, 3:24 PM
    • 21,277 Posts
    • 12,216 Thanks
    xylophone
    • #2
    • 10th Mar 17, 3:24 PM
    • #2
    • 10th Mar 17, 3:24 PM
    You have a SIPP (administered by?) and there is access to a Metro bank deposit account so that you can hold cash within the SIPP?

    What investments are held within the SIPP?

    Why can't it be transferred to another provider?
    • dunstonh
    • By dunstonh 10th Mar 17, 3:25 PM
    • 87,671 Posts
    • 52,903 Thanks
    dunstonh
    • #3
    • 10th Mar 17, 3:25 PM
    • #3
    • 10th Mar 17, 3:25 PM
    Basically my FA at the time was not helpful so I moved it to another FA who told me that I could not move my pension or have access to it until I was 55 years old.
    You can move it to other pensions but you cannot access it until after 55. After all, it is a pension. Not much point calling it a pension if it is not there until the retirement years.

    Can anyone advise what to do
    What do the advisers say?

    They have moved the SIPP now to Metro Bank -
    Is that all of the assets in the SIPP or just part of it?

    there is still money in the bond and I would like to keep it or claw back some of what I have left.
    What is this bond? Is that the bit that is losing money?

    We have some snippets but you can see we are missing details we need. Tell us more about the SIPP. What is it invested in? (all of it). Who is the SIPP with?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Georgevoller
    • By Georgevoller 15th Mar 17, 2:49 PM
    • 3 Posts
    • 1 Thanks
    Georgevoller
    • #4
    • 15th Mar 17, 2:49 PM
    • #4
    • 15th Mar 17, 2:49 PM
    The funds are split between J47, L36, P67 and R80. I understand that they have just moved the bank account to Metro Bank recently and I am being told that there is not enough balance in the account so they have to disinvest some amounts from the bonds to make up the bank account. The policy is with Friends Provident, the bank account with Metro Bank and the administrators are IVCM. They have an office in the UK who will not give me any advice and I am trying to work with IVCM at their Dubai office although they are challenging at the best of times. Could I move all of it to P41? I am looking at surrendering it too - if I am allowed. Thanks Jill
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