Old Allied Dunbar/Zurich PP to AJB Sipp transfer

hotncold47

Hi a newbie here who would appreciate some feed back if possible. My PP is presently in Managed AP and Equity AP managed by Threadneedle Asset Management Ltd. I have been informed by Zurich that it is not possible for me to access Drawdown in its present form so I have opened a SIPP with AJB and I am in the process of trying to transfer. As I have been reasonably happy with the performance I have been trying to do an "inspecie transfer" which I was told on several occasions by Zurich would be possible, AJB were of the opinion It may not possible? After months, now Zurich are now saying "an inspecie transfer is not available at the current time as you are not currently within a SIPP"? So I have to assign to a SIPP wth Zurich?

Does this sound the normal proceedure? No mention was ever made about the availablity of a SIPP with Zurich when I enquired about accessing drawdown. Would there be any pitfalls to this arrangement? If Zurich can assign my pension to their SIPP why couldn't it go straight to the AJB SIPP? Apologies in advance for my inexperience i am trying to improve my knowledge but as they say " a little knowledge is a dangerous thing".

dunstonh

As I have been reasonably happy with the performance I have been trying to do an "inspecie transfer" which I was told on several occasions by Zurich would be possible,

I'm afraid you were given incorrect information by Zurich.  Whilst the Zurich platform (recently renamed) allowed in-specie transfers in and out (as it used whole of market assets), Life and pension funds do not allow in-specie transfers.

So I have to assign to a SIPP wth Zurich?

allied dunbar funds are not available via any SIPP.  Not that you would want them anyway (I know you say you do but you really do not).

If Zurich can assign my pension to their SIPP why couldn't it go straight to the AJB SIPP?

There is no assignment.  It is a pension transfer.

Bianchiintenso

dunstonh said:

As I have been reasonably happy with the performance I have been trying to do an "inspecie transfer" which I was told on several occasions by Zurich would be possible,

I'm afraid you were given incorrect information by Zurich.  Whilst the Zurich platform (recently renamed) allowed in-specie transfers in and out (as it used whole of market assets), Life and pension funds do not allow in-specie transfers.

So I have to assign to a SIPP wth Zurich?

allied dunbar funds are not available via any SIPP.  Not that you would want them anyway (I know you say you do but you really do not).

If Zurich can assign my pension to their SIPP why couldn't it go straight to the AJB SIPP?

There is no assignment.  It is a pension transfer.

This is interesting, l appear to have the same pension/fund as the OP, and performance seems to be reasonably good, with (now) low fees and wondered if you could expand on why OP would not want these funds?

dunstonh

This is interesting, l appear to have the same pension/fund as the OP, and performance seems to be reasonably good, with (now) low fees and wondered if you could expand on why OP would not want these funds?

Managed equity is quite good but managed is quite poor compared to mainstream multi-asset funds of the type you see mentioned here frequently.  Managed AP is the one you see most often on these plans.