Transfer from Aviva to II

Pat38493

If I want to transfer my fund from Aviva to ii, and the II does not have the same fund because it's some kind of blended Mercer fund, am I right in thinking that the quickest way to do this is to launch the transfer from the ii side, and then sell the fund to cash on the Aviva side?

Do I normally wait for II to give me a date or an instruction to sell the fund?  I don't want it to be sitting in cash for weeks?

Will the fund then arrive in II in cash and I need to then invest it into the required fund(s)?

MallyGirl

I had to instruct Aviva to sell as in specie wasn't possible. II don't give out dates as they are at the mercy of the other end.
It then arrives in cash and you invest as you see fit.

Pat38493

MallyGirl said:

I had to instruct Aviva to sell as in specie wasn't possible. II don't give out dates as they are at the mercy of the other end.
It then arrives in cash and you invest as you see fit.

OK thanks - I guess if I have access to the Membersite system, I can instruct them to sell it on there if I can figure out how to do it.

So did you tell Aviva to sell it to cash as soon as you had set up your II account and filled in the transfer request or did you wait to hear something back from II first?

MallyGirl

I did it straight away. Over the space of a few months I consolidated pensions from Sun life of Canada, Aviva, Standard Life &  Aegon all into II. One was awful and took months with lots of chasing. I can't remember which - there will be posts with me moaning about it but I can't think of a unique search term to find them.

Pat38493

MallyGirl said:

I did it straight away. Over the space of a few months I consolidated pensions from Sun life of Canada, Aviva, Standard Life &  Aegon all into II. One was awful and took months with lots of chasing. I can't remember which - there will be posts with me moaning about it but I can't think of a unique search term to find them.

One thing I just noticed is that they want to collect the charges by direct debit on II - doesn’t this mean I am paying charges from my net of tax money so the “real” charges are 20% or 40% more compared to paying charges from cash inside the SIPP?

MallyGirl

yes - that is how it works for me. I have seen other providers allow use of SIPP cash for charges but I haven't seen a way to do this with II (although I haven't looked very hard as it isn't that big a number).

Doctor_Who

Pat38493 said:

One thing I just noticed is that they want to collect the charges by direct debit on II - doesn’t this mean I am paying charges from my net of tax money so the “real” charges are 20% or 40% more compared to paying charges from cash inside the SIPP?

I pay my II fees from the trading account balance. It says on the II website:

How are charges paid?

We collect your monthly subscription via Direct Debit.  If there is no Direct Debit set up then we will try to collect fees from cash you hold in your Trading Account.  If there is no cash in your Trading Account we will attempt to collect it from your ISA.  If you have a stand alone SIPP we will attempt to collect fees from cash you hold in your SIPP. We may regularly sweep across your accounts, if cash becomes available to settle part or all of a fee debt.

If none of these methods is successful, and we have your Debit Card details then we will attempt to charge that card the outstanding amount.  If there is no other means for payment we reserve the right to sell holdings to cover any outstanding fees.

Pat38493

Doctor_Who said:

Pat38493 said:

One thing I just noticed is that they want to collect the charges by direct debit on II - doesn’t this mean I am paying charges from my net of tax money so the “real” charges are 20% or 40% more compared to paying charges from cash inside the SIPP?

I pay my II fees from the trading account balance. It says on the II website:

How are charges paid?

We collect your monthly subscription via Direct Debit.  If there is no Direct Debit set up then we will try to collect fees from cash you hold in your Trading Account.  If there is no cash in your Trading Account we will attempt to collect it from your ISA.  If you have a stand alone SIPP we will attempt to collect fees from cash you hold in your SIPP. We may regularly sweep across your accounts, if cash becomes available to settle part or all of a fee debt.

If none of these methods is successful, and we have your Debit Card details then we will attempt to charge that card the outstanding amount.  If there is no other means for payment we reserve the right to sell holdings to cover any outstanding fees.

Oh right ok - so it doesn’t force you to set up a direct debit, but if not you need to keep some cash balance in the SIPP.

Doctor_Who

I found the above info here on the II website (you need to scroll quite a way down). I don't have a DD setup. I always have a cash balance in the trading account from dividend payments/VCT trail commission refunds etc. I don't think this has ever fallen so low that they have taken cash from the ISA, let alone the SIPP!

Pat38493

Doctor_Who said:

I found the above info here on the II website (you need to scroll quite a way down). I don't have a DD setup. I always have a cash balance in the trading account from dividend payments/VCT trail commission refunds etc. I don't think this has ever fallen so low that they have taken cash from the ISA, let alone the SIPP!

I have an AJ Bell GIA account and I realised it was in cash debit and I was overdrawn since about 6 months - up to that point they had just let it run.  I put some cash in after that to cover it.

MallyGirl

Doctor_Who said:

Pat38493 said:

One thing I just noticed is that they want to collect the charges by direct debit on II - doesn’t this mean I am paying charges from my net of tax money so the “real” charges are 20% or 40% more compared to paying charges from cash inside the SIPP?

I pay my II fees from the trading account balance. It says on the II website:

How are charges paid?

We collect your monthly subscription via Direct Debit.  If there is no Direct Debit set up then we will try to collect fees from cash you hold in your Trading Account.  If there is no cash in your Trading Account we will attempt to collect it from your ISA.  If you have a stand alone SIPP we will attempt to collect fees from cash you hold in your SIPP. We may regularly sweep across your accounts, if cash becomes available to settle part or all of a fee debt.

If none of these methods is successful, and we have your Debit Card details then we will attempt to charge that card the outstanding amount.  If there is no other means for payment we reserve the right to sell holdings to cover any outstanding fees.

ah - that does ring a bell. I don't use the GIA and don't want fees taking from the ISA so that is why I have a DD set up.