Scottish widows to SIPP

monaymadlol

Hi

I'm looking at transferring my decade plus, actively managed SW pension where fees average 1.5+% to a SIPP. Kinda scary taking responsibility for such a move! But I'm inspired by so many of you that have and have the belief that 'you can't beat the market' and just need to ride it.? with multi asset passive funds.

I'm likely dumping around 70k split between vls 80 ACC and HSBC global strategy dynamic for around 10-15 years til I'm 50-55 and then winding a bit to vls 60/HSBC global strategy for another 5 years or so before going for a 50/50 bond/equity split. How's that?

Is Cavendish the best platform for me, cheapest? Is it easy to set up a standing order? I suppose the transfer to it from SW will be free, just take ages?

Another thing - does the pot arrive as cash as first to the designated platform and I split it up from there?

Any other things to consider when parting with SW?

Thanks 

dunstonh

Is Cavendish the best platform for me, cheapest?

Cavendish don't have a platform.  They white labelled Fidelity for a while but sold up some years ago.

 Is it easy to set up a standing order?

Most will not accept standing order.    

 I suppose the transfer to it from SW will be free, just take ages?

SW use Origo. So, as long as your chosen platform uses Origo, it should be pretty quick. 

Another thing - does the pot arrive as cash as first to the designated platform and I split it up from there?

You will have to do cash tranfers as you cannot use in-specie transfers with insured funds.

Albermarle

actively managed SW pension where fees average 1.5+% to a SIPP.

Do you mean that within the SW pension , you have actively managed ( and expensive) funds? 
I am sure the SW pension will also have the possibility to invest in much cheaper passive funds ?
In my SW pension I have passive multi asset funds with a charge of only 0.1% (+ a platform charge)

On the other hand SW are not the most responsive or efficient organisation to deal with so that in itself could be a good reason to move.

Also as mentioned above, strange that you should mention Cavendish, who have not offered SIPP's for a couple of years.
Notification of sale - Cavendish Online

monaymadlol

Albermarle said:

actively managed SW pension where fees average 1.5+% to a SIPP.

Do you mean that within the SW pension , you have actively managed ( and expensive) funds? 
I am sure the SW pension will also have the possibility to invest in much cheaper passive funds ?
In my SW pension I have passive multi asset funds with a charge of only 0.1% (+ a platform charge)

On the other hand SW are not the most responsive or efficient organisation to deal with so that in itself could be a good reason to move.

Also as mentioned above, strange that you should mention Cavendish, who have not offered SIPP's for a couple of years.
Notification of sale - Cavendish Online

Hi -- thanks, I have been doing a lot of reading recently and saw them mentioned a lot as a SIPP platform, so assumed they were still around.

Do you have a link to the passive fund you have with SW please? Why did you choose them over the popular vanguard, HSBC etc funds can I ask?

Yes I have actively managed funds in my SW portfolio, that I believe although have performed very well, are expensive compared to today's standards, and were set up by an ifa over a decade ago.

I'm looking to moving to vls 80 & HSBC dynamic.

Albermarle

Do you have a link to the passive fund you have with SW please? Why did you choose them over the popular vanguard, HSBC etc funds can I ask?

When you have a pension with a traditional provider like Scottish Widows, you can only choose SW funds. So you can not invest in HSBC GS Dynamic directly for example. 

My SW pension is an ex workplace one and I keep it because it is cheap ( ex employer was very large and had done a good deal on charges) and I have a separate SIPP anyway.

Each SW pension will not always offer the same range of funds, so you will be better to log on to your pension/go to the website and see what funds are available.

dunstonh

Do you mean that within the SW pension , you have actively managed ( and expensive) funds? 
I am sure the SW pension will also have the possibility to invest in much cheaper passive funds ?

Depending on the version of the SW pension....  but yes, most will have access to some trackers.

Hi -- thanks, I have been doing a lot of reading recently and saw them mentioned a lot as a SIPP platform, so assumed they were still around.

Even when they were around, they didn't have a SIPP.   They used Fidelity during its days as a fund supermarket.   However, the word SIPP is bandied around willy nilly nowadays.   Its become a fashion term and some people think they have to have a SIPP and that automatically SIPPs are better.  

ian16527

Hargreaves Landsdown, AJ Bell, Fidelity and Interactive Investor are main stream SIPP providers that will meet your needs but at varying platform costs. Have a look yourself.
Vanguard personal pension is out as you want to use HSBC funds

I transferred my SW retirement plan to Fidelity without issue - took about 3 weeks

ex-pat_scot

I have SW SSgA Int Eq Indx in my Scottish Widows group pension.
It's a global tracker.
We have relatively cheap charges, thanks to my employer.

In my SIPP I have Vanguard global trackers.

The SW one mirrors the Vanguard quite closely.

In the past, I have done a partial transfer out of the SW pension, and into my SIPP.
It took about a week.

Once I finish employment, then I'll look at the ongoing costs and decide whether to transfer the SW pot into my SIPP, or to leave.