HL to III

cepheus

Does anyone know if there is a period of time during the transfer when any funds might not be tradable (in limbo) either at HL or II, or will the account disappear one day at HL and open the next at II?

koru

Mattygroves2 wrote: »

I can't see anything on the II website offering conversion to clean funds and I don't really want to stay in dirty funds. If anyone can point me in the right direction I'd be grateful.

They are not doing conversions. You can, of course, sell the old class and buy the clean equivalent, but this means you are out of the market for a couple of days and on some funds you might suffer initial charge or dilution levy.

Mattygroves2 wrote: »

There is also the extra cost of dealing as I currently drip feed into 3 funds each month which will cost me an extra £280 with II - I know I could get round this by buying one each month but that is extra effort and likely to get forgotten some months.

Regular investment is £1.50 with II, so your £20 trading credit per quarter will cover 13 trades per quarter, so just over 4 per month. Accordingly, the drip feeding should cost you nowt.

Sillychuckie

avfc1982 wrote: »

I'm not sure I see the point in this, you're buiying 10 funds to get £100 on the iii side, but you'll be paying £25 a pop to transfer them from HL to iii (£250)

HL don't charge £25 a pop to transfer them.
They have a single charge for their exit fee of £75.
I don't want these funds, but am only buying them for the II incentive - no other reason.

The new charging structure of £25 per line is only being introduced in from 2nd June.

Where are you getting this information from?

SC.

Sillychuckie

This is HL's official response to a query I submitted:

We currently charge a flat fee of £75 to transfer a Vantage SIPP out of Hargreaves Lansdown to another UK Registered Pension Scheme. Should you choose, this fee can be paid by a cheque made payable to Hargreaves Lansdown. Please note, as of 2nd June our transfer charge is changing to £25 to close the account plus £25 per line of stock for an in specie transfer.

masonic

Sillychuckie wrote: »

HL don't charge £25 a pop to transfer them.
They have a single charge for their exit fee of £75.
I don't want these funds, but am only buying them for the II incentive - no other reason.

The new charging structure of £25 per line is only being introduced in from 2nd June.

Where are you getting this information from?

SC.

Presumably the confusion has arisen from you posting a link to the transfer form for unwrapped shares in #29. HL *do* levy a £25 fee per line of stock for unwrapped or ISA wrapped investments. If you are transferring a SIPP then you will only pay the £75 flat rate, but according to this page, you need to use a different form.

Sillychuckie

Yes - the text in my posts (most of them) specifically mentioned the word SIPP, but I might have been too quick when referring to an III form.

Glad it doesn't apply to the SIPP transfer, else I wouldn't bother with the 10 new purchases.
Thanks.

Sillychuckie

Can I ask how you actually found that form?
I'm navigating all over the place on III (as a new customer, so not logged in). How did you find it?

Mattygroves2

koru wrote: »

Regular investment is £1.50 with II, so your £20 trading credit per quarter will cover 13 trades per quarter, so just over 4 per month. Accordingly, the drip feeding should cost you nowt.

The way I read the portfolio builder pages is that the £1.50 trade applies to shares, ETFs and ITs but not funds. So I'm expecting to pay £10 a trade for each fund bought. Happy to accept I'm wrong but I can't find any mention of funds on the portfolio builder pages.

masonic

Sillychuckie wrote: »

Can I ask how you actually found that form?
I'm navigating all over the place on III (as a new customer, so not logged in). How did you find it?

If you aren't logged in, several of the SIPP links redirect you to open a 'Share & fund' account first.

You have to be logged in (you might only need to register for a free "research account"), then you will see a set of links at the top of the page "New users: ... Open a SIPP account ..." and from there you'll get access to all the forms available to manage SIPPs.

Sillychuckie

Ok, last question - I hope.

I want to transfer a SIPP from HL to III, and apply next week in order to get in in time for the III incentive ending Feb.

However, I just chucked 5k into the HL SIPP to top it up before moving, forgetting all about the fact that HL send a request off for 20% back from HMRC, and apply it in March/April.

Is this going to get too messy? Has anyone got experience of how they deal with it?
Can you transfer providers in between contributing, and waiting for your basic rate tax relief?
I guess I'll risk it, since it will ultimately be their responsibility to sort out.
Worst case scenario, I can record it on my tax return as a pension contribution (which didn't automatically receive basic rate relief).

Thanks.
SC