In Specie Partial SIPP Transfer Question

BearWhite

Hi,

I have a SIPP with my employer which is with HL. It's got big enough that it's time to move the majority of it to IWeb where I have the bulk of my pension. Given the recent fluctuations in the markets I don't want to be out of them at all so I don't want to transfer the money as cash. I gather I can keep the money invested and transfer 'in specie'? IWeb don't have the same fund class for my fund, will this cause a problem? If so what are my alternatives? I thought I could move the money I want to transfer out of HL to a fund which has the same class at both HL and IWeb, then instigate the partial transfer process?

Thanks

cloud_dog

Is the iWeb class available on the HL platform?  Could you switch to the iWeb class for the transfer process?

bowlhead99

BearWhite said:

 thought I could move the money I want to transfer out of HL to a fund which has the same class at both HL and IWeb, then instigate the partial transfer process?

If you are in a fund that both providers offer but they don't offer the same class, you are on course for inevitable delays when the platforms say they can't handle each others' classes and argue about who should get it switched for you as part of the process.

So yes, that is an easy solution - find something that both platforms carry and switch your HL fund into that on HL's system (which can mostly be done without being out of the market). Then you have something that can be picked up and 'transported' between the platforms as part of a transfer process. 

Just be aware that 'in specie' transfers can take weeks or months to conclude sometimes, so if you were likely to want to release cash or rebalance over the coming weeks, do it before you 'lock up' the assets to transfer. 

BearWhite

cloud_dog said:

Is the iWeb class available on the HL platform?  Could you switch to the iWeb class for the transfer process?

No unfortunately not.

@bowlhead99.  I assumed the difference in class could cause problems. I'm many years from needing the money so I'll find a comparable fund with a common class. Thanks for your input.