x-o abandoning SIPP customers?

wmb194

EnglishMohican said:

artyboy said:

Are they proposing a specific alternative platform to move you to? I'm not sure how else they could work this as it's not like they could just disinvest you and send a cheque with your SIPP proceeds...

No suggestions from x-o. I suspect they are trying to pass that buck to the SIPP administrator (Embark). Embark are owned by Lloyds so whether their advice can be considered unbiased I doubt. I have not contacted them yet as I do not like going into these things blind. Thus a morning of research and trying to get up to speed with the market of 2024. 

x-o (Jarvis) have been good until now - but this certainly casts a shadow over them as a reliable supplier 

Lloyds’ other brokers e.g., iWeb use AJ Bell as Sipp administrators. Given it’s a regulated activity I doubt any of these low cost brokers will give, “advice.”

gt94sss2

EnglishMohican said:

gt94sss2 said:

For a cheap SIPP, consider Trading212 as an option.

Just a note, I cannot find any sign that Trading212 offer a SIPP. It is not advertised on their pages and there is plenty of old discussions about when it was to be introduced and why it has not happened.

Probably because I was thinking of InvestEngine and not T212!

There is also Freetrade.

All depends what you invest in as to which is suitable!

clivep

My X-O Jarvis SIPP is administered by platform1online.com since they took over administration from Gaudi last May. I've not received any correspondence regarding any upcoming changes.
I previously had a X-O SIPP administered by Liberty until they upped the charges in 2018 and I transferred to the Jarvis one. After much complaining, I managed to get Liberty and X-O to drop all charges (including those for in-specie transfers) relating to the transfer.

olbas_oil

I have an x-o sipp, but the administrators are 'Platform One', who took over from 'Gaudi' last year. I have not received a letter (yet?). Does your letter suggest that Jarvis (x-o) are getting out of SIPPs altogether, or just the Embark administered ones? I note that on the x-o site they still have the banner advertising their SIPP, but there is no longer an apply button.

Would you be able to scan a redacted version of your letter?

boingy

EnglishMohican said:

I received a letter today from Jarvis saying that they are withdrawing from the SIPP market and that I have to move my account elsewhere. 

I wonder what they would do if you don't move it elsewhere. They can't just hand you the pension back! Not that I'm suggesting this as a tactic. They certainly should not be charging you for a transfer they are causing.

Probably best to ask on the pension board for recommendations where you'll get all the usual suspects mentioned, like Vanguard, Hargreaves Lansdown etc.

EnglishMohican

Scan of significant part of letter as requested.

Albermarle

Personally I always think that these types of arrangements ( One party looking after the investments and one the pension administration) are less than ideal.
Better to have it all under one roof.

Hoenir

Albermarle said:

Personally I always think that these types of arrangements ( One party looking after the investments and one the pension administration) are less than ideal.
Better to have it all under one roof.

Problem is they are two distinctly different activities that have no synergy.  Hence why pension/payroll services are generally outsourced. Even Vanguard in the USA has transferred it's internal function to an outsoucer. Processing is a volume driven service. That requires continual investment in approved software. 

airmark

boingy said:

EnglishMohican said:

I received a letter today from Jarvis saying that they are withdrawing from the SIPP market and that I have to move my account elsewhere. 

I wonder what they would do if you don't move it elsewhere. They can't just hand you the pension back! Not that I'm suggesting this as a tactic. They certainly should not be charging you for a transfer they are causing.

Probably best to ask on the pension board for recommendations where you'll get all the usual suspects mentioned, like Vanguard, Hargreaves Lansdown etc.

They could sell all your investments and send the proceeds to the SIPP administrator, so you end up with cash in the bank account within the SIPP wrapper. 

My wife is also with Jarvis, with PlatformOne as administrator. Haven't received the letter (yet). So we'll be looking for a new home as well.

artyboy

airmark said:

boingy said:

EnglishMohican said:

I received a letter today from Jarvis saying that they are withdrawing from the SIPP market and that I have to move my account elsewhere. 

I wonder what they would do if you don't move it elsewhere. They can't just hand you the pension back! Not that I'm suggesting this as a tactic. They certainly should not be charging you for a transfer they are causing.

Probably best to ask on the pension board for recommendations where you'll get all the usual suspects mentioned, like Vanguard, Hargreaves Lansdown etc.

They could sell all your investments and send the proceeds to the SIPP administrator, so you end up with cash in the bank account within the SIPP wrapper. 

My wife is also with Jarvis, with PlatformOne as administrator. Haven't received the letter (yet). So we'll be looking for a new home as well.

Really? They could unilaterally liquidate your holdings at a time of their choosing? 

Even when I was 'debanked' by LBG, the S&S ISA I held with Halifax was left open - they wouldn't go so far as to just sell down against my will!