In specie transfers

CRAIGSVILLE1

hi all,

Quick question.

When transferring a pension, or ISA to another provider in specie , say 10 funds, does the new provider charge for buying the new 10 funds ?
e.g. Interactive Investor charge £8 to buy each fund normally, so would there be a £80 charge for transferring ?

Thanks

Malchester

My understanding is that an in specie transfer transfers the funds without them being sold and bought back therefore no charge (I stand to be corrected though). I am transferring funds in specie from Vanguard to HL at the moment and I understand there are no charges as they will be transferred still invested.

CRAIGSVILLE1

Thanks Malchester, good to know.

Im transferring a pension, and a few ISA's to interactive Investor, so don't want loads of fees, if I can avoid it, and keep my free monthly trade if needed.

Thanks

Aegis

Interactive Investor won't charge for incoming in specie transfers, so check with the ceding scheme to see if they charge anything per line of stock transferred (ii don't, from what I can tell, nor do Hargreaves Lansdown)

CRAIGSVILLE1

Most coming from Fidelity, and they don't charge for in specie seemingly, but do if cash transfer I think

IvanOpinion

I did an in specie transfer from Fidelity a few years back.. There were no charges for buying or selling of funds.  X units of a fund disappeared from Fidelity and a few days later appeared in II.

CRAIGSVILLE1

Thanks for that Ivan , good to know 

mears1

From the inconsistent info from Iweb's chat, iweb cannot do in specie transfer of funds from a General account to an Isa. Iweb says you they have to sell the fund in the General account and then rebuy as they cannot get a price for the fund immediately Is that other iweb users understanding?
 Was particularly wanting to transfer investments from a General account to my ISA account. And wondering whether I could set up a SIPP with iweb then transfer in specie to another platform with cheaper drawdown charges when I am ready to drawdown. Can anyone clarify this?

Malchester

I think this is common. My transfer from Vangusrd to HL could not be done from Vanguard General Account to HL ISA. Either I had to seel with Vanguard and transfer cash to HL ISA or transfer funds in specie  to HL then do a bed and ISA within HL 

GeoffTF

The ISA rules do not permit transfers in. Some brokers will sell your stock at mid-market and rebuy at mid-market in another account for two commissions. That is sometimes done for bed and breakfasting.

ColdIron

ISA subscriptions must be cash