How to set up a new AJ Bell SIPP account

[Deleted User]

I plan to set up a new SIPP and to transfer two old pensions into it, including:

1. An old DC workplace pension
2. An old Equitable Life pension plan

The EL (or rather Reliance) plan will have to be transferred after January first, which is when the uplift to EL’s with profit funds will be applied.

I plan to transfer in cash and buy ETFs once the funds are within the newly set up SIPP account.

How long does it typically take to set up an AJ Bell SIPP account? When should I start the process?

How much hassle is involved?

Has anyone been through a similar process? Any “lessons learnt”?

Thanks!

fronty

I'm going through a similar process, but I decided to go with II after looking at http://www.comparefundplatforms.com. The SIPP took just a few minutes to open, I have no idea how long the transfer will take, I just submitted the transfer form on Friday evening. Happy to share my experience if anyone is interested, maybe I'll start a new "SIPP transfer" thread. I'm guessing it'll take a few weeks to sell all my existing investments (my pension is invested in something like 18 funds at the moment, it's ridiculous) and move the cash across.

Albermarle

To set up a SIPP account online takes a few minutes. Then a short delay whilst they send you your customer number etc .
Transferring in cash is quicker than transferring funds 'in specie'
I instigated my first transfer from Aviva to Fidelity on a Sunday, and the funds arrived sometime on Tuesday . I understand since that Aviva are known to be quick acting .
Two later partial transfers from Scottish Widows took about two weeks .
If one of the parties is not on the Origo electronic transfer system , then this can delay matters significantly I think.
In all cases as soon as the cash arrived it could be invested immediately.
All quite simple but maybe I was lucky .

cloud_dog

Deleted_User wrote: »

I plan to set up a new SIPP and to transfer two old pensions into it, including:

1. An old DC workplace pension
2. An old Equitable Life pension plan

The EL (or rather Reliance) plan will have to be transferred after January first, which is when the uplift to EL’s with profit funds will be applied.

I plan to transfer in cash and buy ETFs once the funds are within the newly set up SIPP account.

How long does it typically take to set up an AJ Bell SIPP account? When should I start the process?

How much hassle is involved?

Has anyone been through a similar process? Any “lessons learnt”?

Thanks!

You can create the account now if you wish. Transferring in cash can be completed relatively quickly or can take months. I recently transferred an AVC company DB pension (in cash) in to AJ Bell and it took just over 3 months.

'Lessons learnt'.... You'll just have to be patient

[Deleted User]

cloud_dog wrote: »

You can create the account now if you wish. Transferring in cash can be completed relatively quickly or can take months. I recently transferred an AVC company DB pension (in cash) in to AJ Bell and it took just over 3 months.

'Lessons learnt'.... You'll just have to be patient

Will they start applying platform charges as soon as I set up the account? I have to wait until the new year before I can initiate the transfer.

Albermarle

If it is a % based platform like A J Bell they charge a % of the funds you have on their platform .
If you have zero and waiting for a transfer then no charge until the money arrives.
For a fixed fee platform it could be different, I am not sure .

cloud_dog

There is also no charge for holding cash.

EDIT: Which is what Albemarle said but with a different focus

[Deleted User]

No inactivity fees? That’s good. If I were to have cash in the account, they ought to be paying me for lending them lots of pounds to use as they see fit.

Albermarle

My Sipp pays interest for cash but does charge the platform fee. By 'coincidence ' they are both exactly the same , so they cancel each other out . You can't win sometimes !

[Deleted User]

Albermarle wrote: »

My Sipp pays interest for cash but does charge the platform fee. By 'coincidence ' they are both exactly the same , so they cancel each other out . You can't win sometimes !

The trick is to never ever have cash sitting there but lots of people do

ffacoffipawb

Albermarle wrote: »

My Sipp pays interest for cash but does charge the platform fee. By 'coincidence ' they are both exactly the same , so they cancel each other out . You can't win sometimes !

Aviva Pension?