Help please with an H-L Group SIPP

RichyRich

Hi everyone

I'd like a little assistance with my H-L Group SIPP if possible which I have through my employer. Under the scheme I contribute 6% of my salary and my employer matches my contribution and the tax benefit.

Currently I have my investments set up to go into five different funds in various ratios, and this is the way I have had it set up since I started.

My query is how I go about changing where my money is invested. The only clue I can get from the H-L web site is the "Place Deal" option, but that's not really relevant as I don't want to add additional money, my contributions are taken directly from my pay and invested automatically as per my pre-determined investment selections.

Once I figure out how to change where money is invested, would this only affect new money going into the pension, and if so, how would I change where the investments that are already placed are invested?

Or if I change the investment options would that change the funds in which my current investments are already placed, and if so, is it not possible to keep all current investments where they are but place new money into the pension in different investments?

I'm sorry this is probably such a dumb set of questions but I can't seem to get my head round how to do it - and if I could then the rest would probably make sense - and I'm probably missing something really obvious that would make sense of it all. On this basis, any help would be greatly appreciated.

Thanks

david78

Hi RichyRich.

You can't amend regular savings instructions on the website. The only way I have done it in the past is to set out in a letter what you want to do and send it to them in the post. (I use one of business reply envelopes they send my with the newsletter and other sales literature to save on postage). Sometimes, they send out a special form to do this with their application forms but a letter has always worked for me. (You have to invest a minimum of £50 in each fund you pick).

As you say, this only changes where new money is invested (from yourself and your employer). You can also switch the funds you have already bought into new ones (assuming you don't want to keep them anymore).

For current investments, you have to use the "arrow button" under Options on the right to switch each fund you don't want into new ones. (clicking the arrow gives you the option to sell and hold cash, buy more, or switch.) If you "hover" your mouse pointer over the button it says "Place a deal" but it leads to a different screen than the "Place a deal" tab at the top.

Switches are flexible -- you can switch each fund into a number of different funds if you want. Or if you do two switches, specify the same target fund (to consolidate funds).

Of course, you can keep the funds you have already bought if you are happy with them and just buy different ones each month from your regular payments.

Hope this is clear.

RichyRich

Crystal clear. Thanks a lot mate.