Timetable for ii SIPP OEIC switching

Notepad_Phil · 1 December 2019 at 10:21PM

Hello all,

Having only recently had my SIPP transferred across from ATS to ii.co.uk I have not needed so far to do any fund trading on my new platform. However I'm now considering some limited reorganisation but can't find any answer on the site as to the timetable of OEIC fund purchases/selling so I wondered whether there was anyone out there who knew when the money from selling a fund would appear in my account ready for me to then purchase a new fund - hopefully it would appear in time so that I could sell on one day and purchase the next, but I can't see anywhere that it's mentioned.

I've sent them a message but I've no idea when they'll get back to me - so hopefully someone out there might know the answer as I might want to do this fairly soon.

I don't want to ring them as I prefer to have answers in a form that I can readily access in case things don't go as the answer says they should.

Many thanks

SonOf · 2 December 2019 at 10:38AM

If you did a cash transfer, then it's a few days after the money has been recevied by the new provider. If you did a re-registration then its anything from a couple of weeks to 6 months.

Albermarle · 2 December 2019 at 10:46AM

I have no experience with II but normally with OEIC's on other platforms, you can just switch from one to another . No need to sell for cash and then rebuy. The prices used for the switch will be at the next valuation point which will be within 24 hours maximum , unless you do the switch at the weekend.
Behind the scenes the actual transactions take a couple of days I think, but that should not affect you .

Notepad_Phil · 2 December 2019 at 11:03AM

SonOf wrote: »

If you did a cash transfer, then it's a few days after the money has been recevied by the new provider. If you did a re-registration then its anything from a couple of weeks to 6 months.

Thanks for that but I think I can't have expressed myself too well.

The transfer has gone through and the funds are now in my account. What I might want to do in the near future is to sell some of the funds and re-invest the money into new funds and I'm trying to figure out when the money from the sell would arrive into my account ready for the purchase.

I know that it would depend on the fund dealing time, but most funds seem to operate at about 11 am or noon, so provided that I submitted the sell/buy requests in plenty of time (e.g. the night before) then would ii allow me to sell a fund on one day and get the money into my account so that I could buy a new fund on the next working day.

Albermarle wrote: »

I have no experience with II but normally with OEIC's on other platforms, you can just switch from one to another . No need to sell for cash and then rebuy. The prices used for the switch will be at the next valuation point which will be within 24 hours maximum , unless you do the switch at the weekend.
Behind the scenes the actual transactions take a couple of days I think, but that should not affect you .

Unfortunately ii doesn't have a switch, you have to sell and then buy. My wife uses Fidelity for some of her funds and I know that a switch there does work on the basis that the fund is sold on day 1 and the new fund is bought on day 2. I hope ii will work behind the scenes in such a way that in reality I can do it like a switch even if the money hasn't officially been received.

shinytop · 2 December 2019 at 11:44AM

I haven't sold any OEICs via II yet but I have bought them. It took 2-3 working days between requesting the purchase and it appearing in my account. The money was in a 'pending' phase during that time. The price I bought at was that of the next valuation time after the request - 11am or so as you say. I called II to check this and they were very helpful. I suspect with selling, the funds may take a similar time to appear as cash that can then be used to buy - but I don't know for sure. Why not call them and ask? I doubt they will commit to anything in writing anyway. I'd be interested to know though.