We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Quirky SIP question - please help!
Devo
Posts: 236 Forumite
Hi all,
Hopefully this will make sense to someone but I'm posting this on behalf of my father who now lives in Asia.
He has a SIP which is in drawdown but he takes zero payments and instead has the money invested in stocks & shares through Hargreaves Lansdown. What he would like to do is take half the money out (c45k) to invest in a shopping mall he is looking to build in Asia.
Is this possible?
Sorry if that doesn't make sense but he's asked me to find out as I am still in the UK and it's very difficult for him to get any sensible answers from where he is
Hopefully this will make sense to someone but I'm posting this on behalf of my father who now lives in Asia.
He has a SIP which is in drawdown but he takes zero payments and instead has the money invested in stocks & shares through Hargreaves Lansdown. What he would like to do is take half the money out (c45k) to invest in a shopping mall he is looking to build in Asia.
Is this possible?
Sorry if that doesn't make sense but he's asked me to find out as I am still in the UK and it's very difficult for him to get any sensible answers from where he is
0
Comments
-
It's not, no. If he's in drawdown and has already taken a PCLS, then he is unable to simply draw out half of the rest whenever he wants the money. A full SIPP, can be used to invest in commercial property, but I don't believe that H-L's SIPP offering has this feature, so he would have to transfer to a different (possibly more expensive) provider.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Thanks for the quick reply. So if he were to move to a different provider at a cost he might be able to achieve what he wants?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards