SIPP Transfer Advice

Dizzypole1958

I am transferring a sipp from @SIPP to Hargreaves Lansdown.
The process has been going since October 2014 and is not yet complete. Of the 2 funds I have only one has gone across to HL. @SIPP tell me that the one remaining fund manager is not responding. They even suggested I contacted HL to see if they could gee up the fund manager. HL say they have no way of doing this as the fund is not held by them. Meanwhile besides the remaining fund I have a substantial cash amount sat with @SIPP not doing anything. Is there anything I can do? @SIPP say the fault is with the fund manager but I can't contact them as the fund is held by @SIPP....Any advice would be gratefully received. Thanks

SeniorSam

Tell @SIPP that you intend making a formal complaint to the company. I would expect that to get things moving.

@sipp Limited is authorised and regulated by the Financial Conduct Authority
FCA Number 462907. Registered in Scotland No SC217126

Dizzypole1958

I take it the length of time taken is excessive?

xylophone

Tell @SIPP to transfer the cash to HL.

What is the fund that is causing the trouble?

Dizzypole1958

Aberforth UK Smaller Companies is the fund holding things up. I did ask @SIPP if I could transfer part of the cash, leaving enough to cover their fees, but they said it wasn't possible to do that.

xylophone

but they said it wasn't possible to do that.

And the reason is? Can they point to any regulation that prevents their doing this?

Can you simply sell the holding and transfer as cash?

If the company continue to be obstructive, write to them, making it clear that you are making a formal complaint.

Contact Us
If you require any further information, please contact us by telephone on 0141 204 7950 or write to us at:-
@sipp Limited
6th Floor, Mercantile Building
53 Bothwell Street
Glasgow G2 6TS

Complaints

If you have a complaint about any aspect of our service please write to the Operations Manager at the address shown under Contact Us.

If you are not satisfied with our response to a complaint, you may then refer your complaint on to one of
the following:

Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Tel: 0800 023 4567

The Pension Ombudsman
11 Belgrave Road
London
SW1V 1RB
Tel: 020 7630 2200

xylophone

Aberforth UK Smaller Companies is the fund holding things up

http://www.aberforth.co.uk/aberforth-smaller-companies-trust/aberforth-smaller-companies-trust.htm

According to the literature

"Aberforth Smaller Companies Trust plc is an investment trust whose shares are traded on the London Stock Exchange. It is the largest trust within the UK Smaller Company sector."

So not some obscure hard to trade investment.

It is certainly held on HL. http://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/a/aberforth-uk-small-companies-accumulation

dunstonh

sell the fund to cash and get rid of it. Then rebuy it back in the new SIPP if you still want it

Dizzypole1958

Apologies for the late response, I had a family bereavement yesterday, thanks for the advice, really appreciated.