How to change SIPP provider

PaulCooper

Hi
I'm struggling with the service being provided by my SIPP provider (5 months to move some money from one building society account to another---- still not achieved)
All of the money within the SIPP is in building society accounts, bank accounts or NS&I, with most of the money being in drawdown, so things are relatively simple.
How easy is it to change provider and what process is involved?
Thanks
Paul  

MallyGirl

Transferring from one SIPP to another is easy. Finding another SIPP that allows you to hold those type of accounts may be less so

midlandsimon

We both have our plans with InvestAcc through their Minerva SIPP. We have a mix of NS&I guaranteed growth bonds along with other fixed term products from Cater Allen/ United Trust and Hodge Bank. Who is your current SIPP with now?  

dunstonh

What you are looking for is a proper SIPP.  Not a pretend SIPP.   Most of the pensions you see marketed as SIPPs are not actually SIPPs and won't offer you full SIPP functionality.

The problem is that the full SIPPs tend to be more expensive (generalisation) and spend less on marketing than the pretend SIPPs.    So, your research on best one for your needs is going to be a bit harder.  However, the transfer itself is pretty easy.

Albermarle

As said you can not hold building society accounts, NS&I accounts etc.,  with most pension providers, which are really geared up more for investing. So you need a more specialised SIPP provider ( like the one  mentioned above )

PaulCooper

Hi
Thanks for info, my existing SIPP is with Barnett Waddingham. Midlandsimon, do you get a decent service from InvestAcc? and what are the charges
Paul

Albermarle

PaulCooper said:

Hi
Thanks for info, my existing SIPP is with Barnett Waddingham. Midlandsimon, do you get a decent service from InvestAcc? and what are the charges
Paul

There are usually positive comments on the forum about them. I think the charge for their basic Minerva SIPP is £400 pa.

PaulCooper

Just to give feedback on a conversation with IvestecAcc. They were quite helpful although it's not as easy as indicated.
Firstly due to the fact that my SIPP is in drawdown, regulations don't permit partial transfer. This wouldn't be an issue if I had one fund, but I don't I've got 3 or 4 bank accounts/building society accounts (maturing at different dates)
The second obstacle is the willingness of the bank/building society to allow a change of the SIPP provider (the accounts are held in the name of the SIPP provider)
My first port of call is to establish if the banks/building societies will allow this change without penalty, according to InvestecAcc, some will, some won't.
I'm not over optimistic, but will persevere and hopefully keep this board updated with any progress
Paul 

midlandsimon

Yes a partial transfer of drawdown funds is not allowable so InvestAcc are correct there. Perfectly fine if not in drawdown. 

As you have established banks for a fixed term... moving SIPP provider can be seen by institutions as a change of borrower as the trustees are changing. We had a similar issue with a structured product when moving across. We just waited until maturity then brought over to InvestAcc to consolidate with other funds. 

Hope that helps.

PaulCooper

Thanks midlandsimon
I've checked with one of the building societies & they have confirmed no penalty to change trustee. Need to check with others, not exactly easy as there are some reasonable rates around now, if of course you lock in for a period. I think I'll have to persevere with changing as the service I'm receiving is appalling
Thanks