Information from SIPP trustees

Paul2212

I have a SIPP which is managed by trustees and constantly have difficulty getting information from them. I have now been waiting almost six weeks for a valuation with a detailed breakdown for each holding. Under the terms of the trust I cannot be a joint trustee and cannot therefore have direct contact with the platform provider. Is it normal to have this lag in obtaining information?

xylophone

have a SIPP which is managed by trustees

Can you explain further?

Marcon

No. Who is the SIPP provider?

Paul2212

The funds are being held with Fidelity and the trustees are Sovereign Group, based in the North West. I obviously know most of the holdings and can prepare my own valuations based on current prices but some of the holdings change on a regular basis through income contributions. I am unable to obtain access to the platform directly as I cannot be a joint trustee under the terms of the SIPP. I obtain annual valuations but like to assess the performance of investments on a monthly basis to see if adjustments are required. Any request for information takes weeks if not months to resolve. I would welcome comments as to whether others have the same issues, or how I should go about resolving the issue. I have considered changing the trustees but understand this to be a costly exercise and worthless if the problem isn't resolved. I mentioned the problem to a friend who flippantly replied that all trustees are the same.

wjr4

Why is it managed by trustees?

xylophone

https://en.wikipedia.org/wiki/Sovereign_Group

The above?

Are you a UK resident?

AnotherJoe

Paul2212 wrote: »

The funds are being held with Fidelity and the trustees are Sovereign Group, based in the North West. I obviously know most of the holdings and can prepare my own valuations based on current prices but some of the holdings change on a regular basis through income contributions. I am unable to obtain access to the platform directly as I cannot be a joint trustee under the terms of the SIPP. I obtain annual valuations but like to assess the performance of investments on a monthly basis to see if adjustments are required. Any request for information takes weeks if not months to resolve. I would welcome comments as to whether others have the same issues, or how I should go about resolving the issue. I have considered changing the trustees but understand this to be a costly exercise and worthless if the problem isn't resolved. I mentioned the problem to a friend who flippantly replied that all trustees are the same.

Why are there trustees involved at all?

Paul2212

The SIPP has to be managed by trustees as a commercial property is also held within it.

Paul2212

Xylophone, yes that is the company and yes, we are UK residents.

The SIPP needs to be managed by trustees as a commercial property is also held within it.

Prism

I imagine you are not getting a many answers is because what you are doing is pretty obscure stuff. Most people don't seem to have direct property in their SIPP or have anything to do with trustees. All I can say is that if the lack of clarity and response time frustrates you (it would me) I would move to something more transparent.

xylophone

Find a more responsive provider?

Google sipp zone commercial property for a list

https://www.moneyobserver.com/our-analysis/pension-awards-2016-best-sipp-providers