Transferring SIPP from AJBell to Iweb - your thoughts

bd10

Hi all,

Now that my SIPP is above 100k, I am thinking of moving it from AJBell to Iweb. (One of my ISAs is with Iweb and am happy with their services). Now I noticed that Iweb's SIPPs are also administered by AJBell but Iweb's cost structure is more favourable to me. In general AJB charges £9.95 per holding when transferring in specie to another UK registered pension scheme. Iweb would charge a one off £60 fee per pension plan transferred in.

As AJBell is administering both is own SIPPs and that if Iweb, would moving my SIPP count as actual transfer with charges involved on both sides? Perhaps it's wishful thinking, but because my SIPP never leaves AJBell, could this be done for free? On top of that, again perhaps overly optimistic, could this be done at a fraction of the time it usually takes?

What are your thoughts/experiences?

Thanks in advance.

Alexland

What investments do you hold? Would you consider holding exchange traded assets to take advantage of the £45pa ongoing charges cap at Fidelity?

Marcon

bd10 said:

Hi all,

Now that my SIPP is above 100k, I am thinking of moving it from AJBell to Iweb. (One of my ISAs is with Iweb and am happy with their services). Now I noticed that Iweb's SIPPs are also administered by AJBell but Iweb's cost structure is more favourable to me. In general AJB charges £9.95 per holding when transferring in specie to another UK registered pension scheme. Iweb would charge a one off £60 fee per pension plan transferred in.

As AJBell is administering both is own SIPPs and that if Iweb, would moving my SIPP count as actual transfer with charges involved on both sides? Perhaps it's wishful thinking, but because my SIPP never leaves AJBell, could this be done for free? On top of that, again perhaps overly optimistic, could this be done at a fraction of the time it usually takes?

What are your thoughts/experiences?

Thanks in advance.

Unless there's some sort of special offer (and you'd need to wait until AJ Bell are back answering questions and check direct), then it would be a normal 'arms length' transfer/transaction. What sounds delightfully simple is, unfortunately, riddled with the usual complexities of pension schemes!

Chickereeeee

IWeb have almost nothing to do with the SiPP. It's all handled by AJBell. Although, when transferring my SIPP out recently, there were a number of email groups copied, including iwebsip, halifaxsip, lloydssip  and ajbelliwebsip, only the last actually  seemed to do anything).

But s Marcon says, they will probably charge you for the transfer. Only AJBell can tell you.