Come Full Circle IFA Frustration

segovia

beamyup wrote: »

As I said - the pensionbee sipp is very good for consolidating pensions.

SonOf says Pensionbee isn't a SIPP ?

cloud_dog

beamyup wrote: »

If I was you I would ditch the IFA and use a SIPP provider to help you transfer your funds.

Take a look at pensionbee as they specialise in consolidation and have facilities and offer support that other sipp providers do not. (i used pensionbee for consolidating my 5 pensions)

Later, you can transfer out of pensionbee to another provider if you wish (that is a simpler transfer of course!)

I'm intrigued, do tell, do tell, what is it they offer?

segovia

xylophone wrote: »

Are you happy with the investments in your PPP?

If so, would it be possible either to transfer in specie to a SIPP of your choice or to sell, transfer in cash and then replicate the investments in the SIPP?

Current PPP does not provide drawdown capability and charges are 1.33%, I was hoping to reduce charges by transferring. Plus the range of funds is limited and they are a bit behind the times in terms of online access. Every time I want to make a lump sum deposit I have to call them, wait 4 weeks for the paperwork to arrive which is about 4 trees worth, fill in forms and post them back. It can take six weeks to make a lump sum contribution.

Albermarle

As I said - the pensionbee sipp is very good for consolidating pensions.

Pension Bee selling point is that they makes things as easy as possible . This includes having only 7 funds to choose from .
A typical SIPP will have thousands of funds + Investment trusts+ ETF's + individual shares etc etc

Clive_Woody

segovia wrote: »

I think I can confidently transfer the post myself to a SIPP, I'll just need to choose the investment vehicles. I have the recommended DIY books so I'll revisit. I would like to move ASAP as the charges on my current PPP are a bit high, is there a safe option other than cash that I can invest in as a holding position while I do my research?

Not sure what you mean by a "safe option other than cash"

As mentioned HL and others are options to consider and I believe will pay interest on cash held with them while you make a decision on where to invest.

I believe it's pretty straightforward to move your money into a SIPP, the fun part is deciding where to invest. There are lots of resources to help you choose or maybe once you have complete the transfer into a SIPP you could consult an IFA for guidance (one off guidance from an IFA...not sure if they do that kind of thing but I'm sure someone on here will be able to confirm)

SonOf

segovia wrote: »

SonOf says Pensionbee isn't a SIPP ?

It's not a SIPP. It is a pension.

segovia

SonOf wrote: »

It's not a SIPP. It is a pension.

Maybe the subject of another discussion then, the difference between Pensionbee and a SIPP. Pensionbee are offering a drawdown function which as far as I was aware was only available via a SIPP.

J

Albermarle

Maybe the subject of another discussion then, the difference between Pensionbee and a SIPP. Pensionbee are offering a drawdown function which as far as I was aware was only available via a SIPP.

Many personal pension providers like Standard Life and Scottish widows offer drawdown. The only issue is that of you have a older pension with them you usually have to transfer to a newer version.
You do not have to have a SIPP to drawdown.

segovia

Albermarle wrote: »

Many personal pension providers like Standard Life and Scottish widows offer drawdown. The only issue is that of you have a older pension with them you usually have to transfer to a newer version.
You do not have to have a SIPP to drawdown.

My current pension has no drawdown capability, hence the move to a SIPP. I don't think they have any alternative offerings i.e newer versions.

SonOf

Pensionbee are offering a drawdown function which as far as I was aware was only available via a SIPP.

No. Indeed, the largest provider of pension drawdown in the UK is Royal London using a personal pension.