How do you specify a partial transfer to HL?

Notepad_Phil

Hi all, is there anyone out there who has done a partial transfer into a HL SIPP and if there is how did you specify how much should be transferred and what funds should be sold to fund the partial transfer?

I've been looking through their site to decide whether to open a SIPP with them which is to be funded from a partial transfer, but the only SIPP transfer form that I can find does have a checkbox to tick for partial transfers but other than that it seems to assume that the full pension is to be transferred, e.g. nowhere does it ask me to put down the amount to be transferred or which funds should be sold from the originating pension to fund the partial transfer, which are the kind of things that I'd expect to find there - I did a similar partial transfer to Alliance Trust a few years ago and their form certainly did.

Many thanks for any help.

garmeg

The HL form asks for approximate transfer amount.

If you tick partial transfer then this is the exact amount that gets transferred to HL. (*)

If you do not tick partial transfer the whole amount is transfered in, regardless of your approximation.

(*) Not sure what happens if your approximate transfer amount is greater than what you have in the other pension. Maybe they check back with you, dont transfer, or do a full transfer.

EDIT: You probably need to sell the required funds in the old pension to get the cash needed to do the transfer.
 

Tealblue

Notepad_Phil said:

Hi all, is there anyone out there who has done a partial transfer into a HL SIPP and if there is how did you specify how much should be transferred and what funds should be sold to fund the partial transfer?

I've been looking through their site to decide whether to open a SIPP with them which is to be funded from a partial transfer, but the only SIPP transfer form that I can find does have a checkbox to tick for partial transfers but other than that it seems to assume that the full pension is to be transferred, e.g. nowhere does it ask me to put down the amount to be transferred or which funds should be sold from the originating pension to fund the partial transfer, which are the kind of things that I'd expect to find there - I did a similar partial transfer to Alliance Trust a few years ago and their form certainly did.

As you are transferring in cash, you would need to give the ceding scheme (i.e. the one from which you are transferring) the relevant instructions about which funds to sell and specify the amount you want transferred to HL.

Notepad_Phil

garmeg said:

The HL form asks for approximate transfer amount.

If you tick partial transfer then this is the exact amount that gets transferred to HL. (*)

I can see two fields 'Approx. value of funds in drawdown £' and 'Approx. value of funds not in drawdown £' is that what you meant?

Tealblue said:

Notepad_Phil said:

Hi all, is there anyone out there who has done a partial transfer into a HL SIPP and if there is how did you specify how much should be transferred and what funds should be sold to fund the partial transfer?

I've been looking through their site to decide whether to open a SIPP with them which is to be funded from a partial transfer, but the only SIPP transfer form that I can find does have a checkbox to tick for partial transfers but other than that it seems to assume that the full pension is to be transferred, e.g. nowhere does it ask me to put down the amount to be transferred or which funds should be sold from the originating pension to fund the partial transfer, which are the kind of things that I'd expect to find there - I did a similar partial transfer to Alliance Trust a few years ago and their form certainly did.

As you are transferring in cash, you would need to give the ceding scheme (i.e. the one from which you are transferring) the relevant instructions about which funds to sell and specify the amount you want transferred to HL.

With my previous partial transfer Alliance Trust passed the details on their form of what to sell across to the ceding scheme, so I kind of thought that HL would do it that way too. But if that's the way that HL do it then it's easy enough to do.

Albermarle

I did a partial transfer from Scottish Widows to Fidelity in cash ,  and I got a call from SW asking me which funds I wanted to sell .
I thought I might get quizzed about why I wanted to move money away from them but nothing mentioned.
Unlike when you move energy, mobile phone supplier etc these pension companies do not hassle you about leaving . Maybe they are not allowed as it would constitute advice of some sort. 

garmeg

ÎNotepad_Phil said:

garmeg said:

The HL form asks for approximate transfer amount.

If you tick partial transfer then this is the exact amount that gets transferred to HL. (*)

I can see two fields 'Approx. value of funds in drawdown £' and 'Approx. value of funds not in drawdown £' is that what you meant?

Tealblue said:

Notepad_Phil said:

Hi all, is there anyone out there who has done a partial transfer into a HL SIPP and if there is how did you specify how much should be transferred and what funds should be sold to fund the partial transfer?

I've been looking through their site to decide whether to open a SIPP with them which is to be funded from a partial transfer, but the only SIPP transfer form that I can find does have a checkbox to tick for partial transfers but other than that it seems to assume that the full pension is to be transferred, e.g. nowhere does it ask me to put down the amount to be transferred or which funds should be sold from the originating pension to fund the partial transfer, which are the kind of things that I'd expect to find there - I did a similar partial transfer to Alliance Trust a few years ago and their form certainly did.

As you are transferring in cash, you would need to give the ceding scheme (i.e. the one from which you are transferring) the relevant instructions about which funds to sell and specify the amount you want transferred to HL.

With my previous partial transfer Alliance Trust passed the details on their form of what to sell across to the ceding scheme, so I kind of thought that HL would do it that way too. But if that's the way that HL do it then it's easy enough to do.

That is exactly what i mean. Approximate is treated as actual when a partial transfer is made. However, funds in drawdown must be transferred in full. Partial transfer of drawdown / crystallised funds is not allowed.

Funds NOT in drawdown can be partially transferred.

Blackavar

Why not give them a call? Always found HL helpful/amenable if funds being paid in. In this techno age we often forget that you can actually talk to people Maybe difficult in these Covid times but worth a shot?