How can I transfer my scandia PEP?

Vickster39

I have a Scania PEP which is losing money fast - I looked into transfering money out of it but no one will touch it, the banks I asked all said get a financial advisor. I tried that and he disappeared and another one that I asked hasn't got back to me! Please advise. Vickie.

david78

If its a PEP (now technically its an ISA) you can cash it in whenever you like (I don't understand why you say the banks won't touch it.). You can also transfer it to any other stocks and shares ISA provider.

BTW most ISAs/PEPs are losing money fast at the moment, so your's isn't unusual.

(love the disappearing IFA line -- I sometimes wish mine would disappear.)

If you could post some more details of what your account is we can advise further.

dunstonh

Skandia are a fund supermarket. PEP (or now ISA) is just a tax wrapper. neither of these are losing money. Your investments within the ISA do that. You dont change fund supermarket on the basis of an investment fund. That would be a bit like saying you dont like Tea so you are not shopping at Tesco any more.

The fact you have a PEP means you have already been in a market crash at least once before, maybe twice. So, why do you want to do something now that you didnt do before?

Vickster39

Thanks for your advice. All I can say is it is a multifund pep which I have had for 10yrs and have done nothing with it but it has built up well on it's own. Now I'm losing lots on it. Is it because I wanted to transfer it into a cash ISA & that its a long term investment that the banks wouldn't touch it? What would you do with it? Vickie

dunstonh

Now I'm losing lots on it.

Multi-fund is Skandia's fund supermarket name. Skandia Multifunds. PEPs no longer exist but are ISAs (same thing really).

That isnt where you are invested. Skandia are the administrator. Multi-funds is the product name and ISA is the tax wrapper. Inside all that you will have investment funds. Investment funds range from low risk to high risk. Skandia have access to about 1900 funds. Its the funds that make or lose money. If you feel you no longer have the risk profile for the funds you are in then you can switch funds within the ISA to a spread that matches your risk profile. You dont need to encash it.

Now I'm losing lots on it

As you did in 2001/2 by a similar amount. However, the 5 years that followed would have seen you recover and make more. Now we have had another drop of a similar amount. November saw large drops. December saw large gains. January has started poorly.

I wanted to transfer it into a cash ISA & that its a long term investment that the banks wouldn't touch it?

you cannot transfer it to a cash ISA and bank sales reps are not allowed to give advice on other providers products as they are not independent.

What would you do with it?

Find out what you have, ascertain your risk profile and timescales you want to leave it and review the investments and make sure what you have is still suitable. If not, adjust it within the Skandia product to suit what you are after. That is what any IFA should do. If you can do that yourself, then you should. If not, get an IFA to do it for you. It doesnt need to be the original one if you no longer use them. You can appoint a new IFA to take on the Skandia holdings.

Vickster39

Thanks for all your help and good advice. I will look into it further and post my findings and perhaps may even ask for more advice from you! Vickie