Std life group stakeholders pension to SIPP transfer possibility

calltobala

Hello Experts, my employer moved for. Standard life group stakeholders pension scheme to different. I hold SIPP in Interactive investors and planning to transfer to ii.co.uk. SL funds are mostly rubbish and it's their own funds and you cannot find outside std life. I m ok to take 5 out of 6 risk rating to use SIPP for Etfs and shares .

I want to sell all funds in std life before any crash and remain as cash in my account and then transfer all to ii.co.uk SIPP account.

Standard life says due to scheme I am in group stake holders fund its not possible to sell when I want. Transfer is possible but need 12 to 16 weeks processing time they say. It means std life will try to sell at low level in this crazy period.


Did anyone know how to sell funds quickly and remain as  cash before moving to SIPP and I will buy good Etfs later ? 

Please guide me any easy way to transfer. If anyone already done this that would be great.

Marcon

calltobala said:

Hello Experts, my employer moved for. Standard life group stakeholders pension scheme to different. I hold SIPP in Interactive investors and planning to transfer to ii.co.uk. SL funds are mostly rubbish and it's their own funds and you cannot find outside std life. I m ok to take 5 out of 6 risk rating to use SIPP for Etfs and shares .

I want to sell all funds in std life before any crash and remain as cash in my account and then transfer all to ii.co.uk SIPP account.

Standard life says due to scheme I am in group stake holders fund its not possible to sell when I want. Transfer is possible but need 12 to 16 weeks processing time they say. It means std life will try to sell at low level in this crazy period.


Did anyone know how to sell funds quickly and remain as  cash before moving to SIPP and I will buy good Etfs later ? 

Please guide me any easy way to transfer. If anyone already done this that would be great.

I wonder if there's confusion in terms of the terminology you and Standard Life are using? You are talking about 'selling', but could you not simply switch your funds within Standard Life to whatever their nearest equivalent is to a cash fund? Have a look at your current stakeholder scheme documentation to see what's available to you.

Albermarle

calltobala said:

Hello Experts, my employer moved for. Standard life group stakeholders pension scheme to different. This statement does not really make any sense , can you clarify? I hold SIPP in Interactive investors and planning to transfer to ii.co.uk. SL funds are mostly rubbish and it's their own funds and you cannot find outside std life. I m ok to take 5 out of 6 risk rating to use SIPP for Etfs and shares . SL have funds with risk rating 6 out of 7 .

I want to sell all funds in std life before any crash and remain as cash in my account and then transfer all to ii.co.uk SIPP account. How do you know when there will be a crash ? In any case it could happen the day after you transfer to II 

Standard life says due to scheme I am in group stake holders fund its not possible to sell when I want. Transfer is possible but need 12 to 16 weeks processing time they say. It means std life will try to sell at low level in this crazy period. Why will SL ' try to sell at a low level ? What crazy period ?


Did anyone know how to sell funds quickly and remain as  cash before moving to SIPP and I will buy good Etfs later ? Probably the SL stakeholder does not have a cash facility.

Please guide me any easy way to transfer. If anyone already done this that would be great.

See comments in bold.
It may be a good idea to transfer to II but you seem to think that this will somehow magically produce a better return. It might and it might not.

Have you checked that you will not lose your ongoing free employer contributions if you transfer out of SL? If so then it would be a very bad idea.

dunstonh

I want to sell all funds in std life before any crash and remain as cash in my account and then transfer all to ii.co.uk SIPP account.

You can't.  Stakeholder pensions don't have a cash account.

Standard life says due to scheme I am in group stake holders fund its not possible to sell when I want. Transfer is possible but need 12 to 16 weeks processing time they say. It means std life will try to sell at low level in this crazy period.

Their response is correct.  However, std life transfer outs take about 3-5 days.   They are one of the quicker ones. They are giving a generic response on timescales in case the receiving scheme is slow.

Did anyone know how to sell funds quickly and remain as  cash before moving to SIPP and I will buy good Etfs later ? 

You cannot.  However, there may be a deposit fund on your product.

calltobala

dunstonh said:

I want to sell all funds in std life before any crash and remain as cash in my account and then transfer all to ii.co.uk SIPP account.

You can't.  Stakeholder pensions don't have a cash account.

Standard life says due to scheme I am in group stake holders fund its not possible to sell when I want. Transfer is possible but need 12 to 16 weeks processing time they say. It means std life will try to sell at low level in this crazy period.

Their response is correct.  However, std life transfer outs take about 3-5 days.   They are one of the quicker ones. They are giving a generic response on timescales in case the receiving scheme is slow.

Did anyone know how to sell funds quickly and remain as  cash before moving to SIPP and I will buy good Etfs later ? 

You cannot.  However, there may be a deposit fund on your product.

Many thanks dunstonh, Now I understand SL stakeholder pensions don't have cash account and they are not allowing to stay in cash. Glad to know they take 3-5 days to transfer out to II.co.uk SIPP .

calltobala

Hi
Hi Thanks for your reply.

I was assuming about group stake holders pension fund scheme will have same facility like SIPP to buy/sell funds whenever you like at your convenient. 

I saw for the last 1 year funds kept loosing its profit so thought of transferring funds to different SIPP provider where I could choose from 3000 available funds/etfs with great potential whereas SL stake holders funds got maximum 53 funds (46 active funds for new entries) to choose from.

I think I need to hold it for a while before switching fund or cash transfer to SIPP to avoid selling at low level. SL funds in stakeholders fund is tailor made funds and not available to transfer as investments to Private brokers like II or HL.

Thanks



 Albermarle said:

calltobala said:

Hello Experts, my employer moved for. Standard life group stakeholders pension scheme to different. This statement does not really make any sense , can you clarify? I hold SIPP in Interactive investors and planning to transfer to ii.co.uk. SL funds are mostly rubbish and it's their own funds and you cannot find outside std life. I m ok to take 5 out of 6 risk rating to use SIPP for Etfs and shares . SL have funds with risk rating 6 out of 7 .

I want to sell all funds in std life before any crash and remain as cash in my account and then transfer all to ii.co.uk SIPP account. How do you know when there will be a crash ? In any case it could happen the day after you transfer to II 

Standard life says due to scheme I am in group stake holders fund its not possible to sell when I want. Transfer is possible but need 12 to 16 weeks processing time they say. It means std life will try to sell at low level in this crazy period. Why will SL ' try to sell at a low level ? What crazy period ?


Did anyone know how to sell funds quickly and remain as  cash before moving to SIPP and I will buy good Etfs later ? Probably the SL stakeholder does not have a cash facility.

Please guide me any easy way to transfer. If anyone already done this that would be great.

See comments in bold.
It may be a good idea to transfer to II but you seem to think that this will somehow magically produce a better return. It might and it might not.

Have you checked that you will not lose your ongoing free employer contributions if you transfer out of SL? If so then it would be a very bad idea.

Thanks

Albermarle

I was assuming about group stake holders pension fund scheme will have same facility like SIPP to buy/sell funds whenever you like at your convenient. 
I saw for the last 1 year funds kept loosing its profit so thought of transferring funds to different SIPP provider where I could choose from 3000 available funds/etfs with great potential whereas SL stake holders funds got maximum 53 funds (46 active funds for new entries) to choose from.
I think I need to hold it for a while before switching fund or cash transfer to SIPP to avoid selling at low level. SL funds in stakeholders fund is tailor made funds and not available to transfer as investments to Private brokers like II or HL.

You have to realise that for the vast majority of pension fund holders, they have no wish or knowledge to be in cash/changing funds. Whether the SL fund has 53 or 46 funds is not an issue, when probably over 90% never switch out of the default fund, or even aware that they can.

Glad to know they take 3-5 days to transfer out to II.co.uk SIPP .

This assumes everything goes smoothly, so could be a bit longer.

dunstonh

Glad to know they take 3-5 days to transfer out to II.co.uk SIPP .

This assumes everything goes smoothly, so could be a bit longer.

3-5 days is from when Standard Life receives the request and provided it is using Origo.   If ii don't use Origo then it will take longer.  And if ii sit on it for a while, then it will take longer.   

It is an unusual state of affairs that nowadays, the old insurers often more efficient on transfers than the modern platforms.

MallyGirl

Albermarle said:

See comments in bold.
It may be a good idea to transfer to II but you seem to think that this will somehow magically produce a better return. It might and it might not.

Have you checked that you will not lose your ongoing free employer contributions if you transfer out of SL? If so then it would be a very bad idea.

This is important. Is SL your current employer pension? If so, do they allow transfers out without opting out of the scheme and losing out on future employer contributions?