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SIPP over 100k
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LULULU1
Posts: 462 Forumite
My partner has a SIPP with AJ Bell which is now over 100k.
It just occurred to me that only a certain amount of this is covered if they should go bankrupt.
Would it be possible to move some of this money to another SIPP provider to ensure all of the money is covered in the event of a problem with AJ Bell.
Thanks
It just occurred to me that only a certain amount of this is covered if they should go bankrupt.
Would it be possible to move some of this money to another SIPP provider to ensure all of the money is covered in the event of a problem with AJ Bell.
Thanks
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My partner has a SIPP with AJ Bell which is now over 100k.
It just occurred to me that only a certain amount of this is covered if they should go bankrupt.
Would it be possible to move some of this money to another SIPP provider to ensure all of the money is covered in the event of a problem with AJ Bell.
Thanks
If AJB becomes insolvent (in the UK, only individuals can become bankrupt, not firms), so what?
The assets in the pension arrangement are beneficially held by the member, and can't be used to pay the creditors of the insolvent firm.Thus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...THE WAY TO WEALTH, Benjamin Franklin, 1758 AD0 -
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Yes it would be possible.
I doubt its worth the effort and the extra costs though, probably not until its around double that.
As said by FA, AJ Bell going bust wouldnt be the issue, (though it would cause a few months delay no doubt). To lose the money you'd need massive fraud at AJ Bell. Something along the lines of LC&F though with many many more people involved.0 -
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Hi Thrugelmir,
They are currently Shares.0 -
Shares don't have FSCS protection. So, it is just the administrator that you need to worry about. However, if you are investing in shares, then you pretty much dont care about FSCS protection anyway. A minute concern.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Sorry, I don't understand ?0
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Shares are not covered by the FSCS. However if your provider goes bust it doesn't matter much because your shares are ring fenced. They will get moved to a new provider and you will carry on (much like your gas and water supplier switch if the company running it goes bust).Sorry, I don't understand ?
The only time the FSCS comes into it is in the case of fraud. If your provider pretended to buy shares as instructed but actually put the cash into a Swiss bank account.0 -
Thank you Reaper. Got it now.0
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