x-o abandoning SIPP customers?

Hoenir

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.

I've already started to slowly liquidate some of my portfolio. Holding an eclectic mix of investments I can envisage hassle with some of the other mainstream platforms transferring some.  

After the RNS announcement. I contacted PlatformOne immediately, who were themselves were unaware. I've set a  minimum cash balance for the SIPP bank account. That will be progressively increased.  

Still early days though so waiting to see what unfolds. Might be somebody interested in acquiring the clients en masse