SIPP transfer question

hoofy

I have just applied to move my HL Sipp to IWeb and on the form I was asked to name the funds that would be transferred. I have decided I would like to sell the funds I listed and buy another fund before the transfer begins. Might that be a problem if the list doesn't match the actual fund?

AlanP_2

Sounds likeley to me, but why not ask IWeb and / or HL?

Albermarle

Transferring funds in specie can be a long drawn out process and HL have a reputation for dragging their heels on transfer anyway.

I think that changing funds at the same time is asking for trouble/more delays/mistakes etc 

dunstonh

Don't switch funds with the ceding scheme after you have submitted an in-specie transfer.

hoofy

AlanP_2 said:

Sounds likeley to me, but why not ask IWeb and / or HL?

I rang IWeb but I couldn't wait on the phone for the 40 minutes they were saying it would take to answer.

As far as not changing an in-specie transfer goes, I have only just sent off the paperwork through the post so the process won't have begun yet.

On the forms I sent to IWeb I wrote that I want to transfer these funds from HL



I would like to sell those funds and buy a HSBC all world tracker instead.

I'm not even sure if IWeb will transfer the iShares fund as I don't think they have them on their list of funds, so selling and buying the HSBC all world might make the process go more smoothly, but only if there isn't an issue with the paperwork saying one thing and the fund being another.

dunstonh

Why not just switch to a cash transfer instead?   It will achieve what you want and speed up the process massively.

hoofy

dunstonh said:

Why not just switch to a cash transfer instead?   It will achieve what you want and speed up the process massively.

But will that involve having to contact IWeb and changing the order or will I be able to just sell the funds and the transfer would go through anyway?

dunstonh

hoofy said:

dunstonh said:

Why not just switch to a cash transfer instead?   It will achieve what you want and speed up the process massively.

But will that involve having to contact IWeb and changing the order or will I be able to just sell the funds and the transfer would go through anyway?

It would involve cancelling the in-specie transfer and doing a cash transfer.   However, the alternative is waiting up to 6 months before the in-specie transfer completes before being able to switch.