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Changing SIPP provider
cogito
Posts: 4,898 Forumite
My wife and I have SIPPs with Standard Life and are both in drawdown.
Standard Life increased their charges and I asked my IFA to find a cheaper SIPP. After a few months of doing very little, he offered a choice of Old Mutual and Fidelity and I chose OM. He then advised me to remain with SL because of stock market volatility. He was vague on the question of whether I could transfer my fund holdings directly to avoid the 'out of market' risk. Can anyone tell me?
I should probably find an IFA who is more responsive or go down the DIY route but would like a definite answer.
I also currently live abroad but intend to return to the UK eventually. Is my residence an impediment to transferring my SIPP to another provider?
Standard Life increased their charges and I asked my IFA to find a cheaper SIPP. After a few months of doing very little, he offered a choice of Old Mutual and Fidelity and I chose OM. He then advised me to remain with SL because of stock market volatility. He was vague on the question of whether I could transfer my fund holdings directly to avoid the 'out of market' risk. Can anyone tell me?
I should probably find an IFA who is more responsive or go down the DIY route but would like a definite answer.
I also currently live abroad but intend to return to the UK eventually. Is my residence an impediment to transferring my SIPP to another provider?
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Comments
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Anyone, please?0
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You can usually do an in specie transfer for SIPP assets as long as the holdings can be replicated within the new SIPP. If they can't then you'll need to transfer as cash instead.My wife and I have SIPPs with Standard Life and are both in drawdown.
Standard Life increased their charges and I asked my IFA to find a cheaper SIPP. After a few months of doing very little, he offered a choice of Old Mutual and Fidelity and I chose OM. He then advised me to remain with SL because of stock market volatility. He was vague on the question of whether I could transfer my fund holdings directly to avoid the 'out of market' risk. Can anyone tell me?
I should probably find an IFA who is more responsive or go down the DIY route but would like a definite answer.
I also currently live abroad but intend to return to the UK eventually. Is my residence an impediment to transferring my SIPP to another provider?
Your residence may cause issues with some providers, though it depends where you live.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 -
I've moved pensions/SIPPs several times and have been 100% DIY for well over a decade. I've usually done it in specie but you may need to switch to something that both providers let you hold, so I tended to use a global fund or tracker.
You need to find a new SIPP provider with the combination or service and fees that you need, and who's also OK with your residence status.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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