Personal Pension to SIPP

Gsea

Is transferring from a Personal Pension - SIPP straight forward? 
Something along the lines of:
Complete transfer request with new provider
RL sell off the units in my fund
RL transfer the cash to the new provider
I log in to new platform and allocate funds as desired

Any idea of the typical time scale? 

MallyGirl

anything that happens within a fund is out of your hands/invisible and therefore not chargeable. If you hold multiple funds and choose to adjust your holdings periodically then you would pay transaction fees for that.
I am with II and the fees include a transaction credit each month - I am still accumulating so I have changed my holdings every now and then and the credit has covered that. Other providers have their own fee structure.

Albermarle

Gsea said:

Is transferring from a Personal Pension - SIPP straight forward? 
Something along the lines of:
Complete transfer request with new provider
RL sell off the units in my fund
RL transfer the cash to the new provider
I log in to new platform and allocate funds as desired

Any idea of the typical time scale? 

I did one that took less than 48 hours and another two that took two weeks .
On some SIPP platforms they charge for all transactions , on some only for certain types . 

MallyGirl

if you transfer in cash and they both sign up to the electronic system whose name I have forgotten then it can be very quick. If you ask for 'in specie' transfer which is probably not an option here anyway then it can take weeks/months - you aren't out of the market but you can't make any changes to your holdings while the transfer is in progress.

Gsea

Albermarle said
I did one that took less than 48 hours and another two that took two weeks .

On some SIPP platforms they charge for all transactions , on some only for certain types . 

Thank you.

Gsea

MallyGirl said:

if you transfer in cash and they both sign up to the electronic system whose name I have forgotten then it can be very quick. If you ask for 'in specie' transfer which is probably not an option here anyway then it can take weeks/months - you aren't out of the market but you can't make any changes to your holdings while the transfer is in progress.

Thank you,
For this and the reply on charges. I don't think 'in specie'will be an option either.

Gsea

Out of curiosity, are partial transfers allowed? 

Albermarle

Sometimes, it depends on the rules of the provider you want to transfer away from .You need to check with them 
The receiving scheme should be fine to do this .

Alexland

Albermarle said:

The receiving scheme should be fine to do this .

It probably also depends on the receiving scheme too as some might not have the right tick box to complete on their transfer form to request a partial transfer and number entry box to specify how much to transfer.

Thrugelmir

Gsea said:

Linton said:

I see no very good reason to go for multiple multi-asset funds other than it may make you feel happier which is reason enough. Make your decision primarily on which you feel has the best range of assets and management strategy rather than simply looking at charges. If you want to base your investment on mult-asset fund(s)  40%-60% equity sounds reasonable.  With drawdown you will be invested for perhaps 30 years and will need to cope with inflation.  So you dont want to be over-cautious.

Your estimate of typical transaction costs is way out unless you are talking about very small transactions.  Platforms that have a % based ongoing charge either have free fund trading or there is a very small charge.  AJBell for example charge £1.50. Fixed price platforms which would probably be best for your pot size have somewhat higher transaction charges.  For example II charge £9.99/month for any size pot and have a transaction charge of £7.99.

The reason I was considering moving into multi-asset fund was that they have outperformed my RLGP funds year on year since I have been invested, is this not considered a good reason or do you think I’m better remaining where I am.

Never invest using hindsight. What's happened has past.  When did you first invest? There'll always be a better performing investment than the one you hold.