Are pensions capital?

xylophone

It could be to your advantage to move your CT/utility DDs to the 123?

http://www.santander.co.uk/uk/current-accounts/123-current-account

" You'll get monthly cashback on selected household bills you pay by Direct Debit"

r_i_c

xylophone wrote: »

It could be to your advantage to move your CT/utility DDs to the 123?

http://www.santander.co.uk/uk/current-accounts/123-current-account

" You'll get monthly cashback on selected household bills you pay by Direct Debit"

Thanks. This will be a huge jump but obviously if I'm going to save by doing this I will do it. I think I will wait though until everything is up, running and stable: I have only just confirmed with NatWest that Scottish Power have in fact activated the DD as I requested weeks and weeks ago.

Also got to get the 123 set up, but before this the estate accounts must be formally closed and transferred, I have started doing this but it is not complete yet.

r_i_c

Thanks jamesd and jem16,

That is extremely useful information and I have saved it for later on

r_i_c

jamesd wrote: »

...you can hold OEICs (just another form of fund) inside any fund and share account, including HL's. Pick income units, not accumulation...most "funds" these days are the OEIC type.

Thanks. Am about to instruct M&G to close mum's ISA, value of about £7K. But why don't I ask to transfer the value of the ISA into an OEIC like 'Global Growth Fund' or something - as long as it's in income units - under my name? It seems silly closing > transferring funds > opening > re transferring funds, when it could all be done 'in house' so to speak?

Mum's ISA concerned a High Yield Corporate Bond Fund which seemed to do quite well, it gained very slowly. Can I find a parallel M&G OEIC for this high yield fund but not in an ISA? The unit type was 'income'.

neilvw

The actual fund is the same - it will still be M&G High Yield Corporate Bond (the OEIC), just outside an ISA wrapper.

Some funds aren't available within an ISA, but those that are will almost always be available outside an ISA.

r_i_c

neilvw wrote: »

The actual fund is the same - it will still be M&G High Yield Corporate Bond (the OEIC), just outside an ISA wrapper.

Some funds aren't available within an ISA, but those that are will almost always be available outside an ISA.

Thanks. So, hopefully I can just ask M&G to close the old ISA & transfer the value, when sold, to a non-ISA OEIC in my name?

neilvw

r_i_c wrote: »

Thanks. So, hopefully I can just ask M&G to close the old ISA & transfer the value, when sold, to a non-ISA OEIC in my name?

It shouldn't require a sale. If you want to keep that fund, they can just 'stock transfer' it into your name.

r_i_c

neilvw wrote: »

It shouldn't require a sale. If you want to keep that fund, they can just 'stock transfer' it into your name.

M&G are looking at this now. Will update with thanks

r_i_c

Hi,

After four months of wondering, a lot of things have suddenly happened all at once. The bank holding an element of the estate seems to have transferred it to me, but there is no written confirmation, just the sum in my statement, some 26K. Slightly less than I anticipated so will be hoping their notification, when it arrives, contains a comprehensive figures breakdown, and whether there were 'hidden charges' anywhere?

I retire (modest retirement) next March. There is half a year to stretch to between then and now. I estimate my outgoings are going to come to some £400 a month, excluding food but including services, house and car insurance.

Hargreaves have paid on my instructions the IHT property tax to HMRC. Who can smile at that, it's just a fact of life, like the FD bill :-| . From the investments which remain, the holdings have been transferred to my own Vantage Fund & Share Account which was set up when my SIPP was, long time ago. Presumably you had to open the VFS Account before the SIPP could be created. Anyway, it has made the transfer straightforward so far.

From the holdings in my account - & to generate interest - I wish to start my own ISA for £15K. I want to top up my SIPP with £2.8K .

This leaves a Vantage Fund & Share Account which I wanted transferred into my own name, but here I become slightly confused because i already have a VS&F Account. Can I run a parallel one? I wanted to mirror the investments of the old one, because they seemed to be healthy in terms of what they returned.

Now, after I subtract the new ISA amount and the SIPP top-up from the initial old ISA, it still leaves quite a residue, too much to simply transfer into my current (bank) account. I will suggest to HL that I create a third VSF while again mirroring the original set-up for reasons explained above.

The old ISA was basically divided equally between a UK Equity Income, Multi Manager (income) account, and a Mixed Investment 40-85% Shares Multi Manager (accumulation) account.

The old VSF was again split between two accounts, a Mixed Investment 20-60% Shares Multi Manager (income) account, and a GBP Strategic Bond, Multi Manager (income) account.

That all looks quite sensible to me, no case of all eggs being in one investment basket? So I'd like to stay with this set up, indeed it would be rash of me to dive into unknown waters since I am a new comer to active investment.

How does this all sound please? Of course my main concern is to survive until I receive a small regular income from my TPS pension and any interest I receive from these holdings will be appreciated to say the least.

Many thanks.

xylophone

Surely what you want to end up with is a SIPP (which is already set up), a Vantage Fund and Share Account (which you already have) and a Vantage ISA?

It might make your life easier if you just immediately transfer £2880 from your bank account to your SIPP and use it to buy whichever fund/share/IT you require?

With regard to your own ISA, you could sell funds already with HL to the value of £15240 and open your ISA with this cash, buying the funds you want in it?

Don't forget to choose income funds if you want income.

The funds remaining you ask HL to transfer in specie to your own existing Vantage fund and share account?

A telephone call to those helpful people at HL should clarify?