Moving SIPP from Standard Life 25 January at 10:48AM in Pensions, annuities & retirement planning 1 reply 118 views

Solo5726

Hi, newbie here. I'm trying to move my SIPP from Standard Life to HL but have hit a snag. By the way the IFA has proven to be useless and this has been going on since Feb 2020.

Most of my pension pot is now in cash but 1 fund - Maples Fund Services Cayman) Ltd Assured Fund Sterling Class B - remains. Apparently this company is in Administration - although internet search does not confirm - and SL state that they cannot make the transfer to HL without this fund being sold.

Has anyone else had this problem, and is there a way around it? Any suggestions gratefully received. Thanks.

dunstonh

If a fund is unable to be traded then it becomes an illiquid asset in run down.   It can take a decade or two for obscure illiquid funds to be unwound.

If this fund was a result of a recommendation then you should complain.    Most complaints about illiquid assets under advice tend to succeed unless it is very small amounts (i.e. no more than 5%).