advice on regular payments into a SIPP please

sadexpunk

MallyGirl said:

I don't know HL's software but on ii it is incredibly easy to sell - click on the fund you own and you get 2 buttons Buy More and Sell. Is it harder than that?

thatll do for me  

thanks

Sarahspangles

sadexpunk said:

MallyGirl said:

I don't know HL's software but on ii it is incredibly easy to sell - click on the fund you own and you get 2 buttons Buy More and Sell. Is it harder than that?

thatll do for me  

thanks

AJ Bell is ‘Deal’ and then a big green ‘Buy’ button and a big red ‘Sell’ button. What I need is a banner that says ‘Don’t Mess’

DRS1

sadexpunk said:

oooh so they wont be 'sub-funds' then, elements of one of the funds i already have?  i dont have any other accounts with HL so id better check then.  thank you.

EDIT:  ive just sent them a secure message asking them to look into it and suspend the transfer until we're sure that theres not been a mix-up.  thanks

The Lindsell Train one is run by Lindsell Train which is not part of any of the groups managing the funds you have in your list of six.  The other one sounds as if there is a name missing at the start (perhaps it is another Lindsell Train fund?).  But if ii have listed them as being transferred by HL you would think HL would list them as being in your SIPP.

Hope it gets cleared up.

Years ago I transferred an ISA out of HL to Iweb.  I did it all as in specie transfers and Iweb converted the funds in share classes they didn't like into the share classes they did like.  It wasn't a problem.  Personally I think if you are happy with what you have got then you should stick with it.

sadexpunk

kinger101 said:

Firstly, I'd question whether you need six funds.  You might have a good reason, but there's also a very strong possibility that there is a single fund which would do the job more cheaply.  I'm 100% equities and use exclusively global index trackers.  But there are also funds with lower equity levels, and the option of using a combo to one equity and one bond fund in the proportions that work for.

With £130K, ETFs will be cheaper than OEICs.  HL's fees would be capped at £200 pa of ETFs within a SIPP.  Fidelity's would be capped at £90.

Paying in £100 pcm then investing in funds (either OEICs or ETFs) doesn't work.  For a start, there's a minimum purchase requirement.  And if you purchased 6 ETFs, even at £1.50 per trade, that's 9% of your money down the drain in acquisition costs.  Personally, I'd leave the money in a high interest bank account until I could make large contributions and purchase a single ETF.

Congrats on the matched betting!  That's some feat given the ease on which accounts are restricted or closed these days.

MallyGirl said:

6 funds is quite a few for the value involved and something that could probably be simplified using one of the popular multi asset funds with maybe one or 2 more to address anything you think is missing
vanguard life strategy/HSBC global/blackrock are commonly mentioned 

thanks.  i waited til id had confirmation from both parties on the issue before posting again.  

II have apologised for getting my funds wrong but say HL have refused the transfer due to a mismatch of names.  looking into it further it seems that when i opened the II SIPP i used a shortened version of my name, the one thats always used.  yet HL have my Full name inc middle name, so i now need to change it to that with II.

as far as the transfer goes, i asked HL about charges for selling the funds before transfer as i ws thinking of investing in different funds with II.  this is their reply....



so.... i assume it would be easir for me to ask HL to sell sell sell yes?  and pay no charges for that, then sk II to just do a cash transfer?  is that right?  im not missing anything?

and then probably invest in those 3 @MallyGirl suggestions?  

sound like a plan?

thank you very much

MallyGirl

cash transfer is simpler.

You will need to do a bit of reading to decide on which multi asset fund appeals - you would choose one of the ones mentioned (or something else) rather than all 3. No one can advise you on which to pick - advice is a regulated activity. Searching on here will give you plenty of mentions of these multi asset funds.

I don't know anything about the Blackrock ones.
Vanguard Lifestrategy comes in various versions based on the split between equity and bonds e.g LS 60 is 60% equity/40% bonds. There is LS 20, LS 40 etc - percentage of equity has a relationship with risk and potential reward. Vanguard rebalance the fund to maintain this ratio so no need for you to do anything if this feels like a good split.

HSBC Global Strategy target risk levels in their versions rather than a fixed split e.g. HSBC GS Balanced, HSBC GS Dynamic with dynamic being risker than balanced - higher risk can mean higher reward but also potentially bigger dips too. Again you choose your version and stick with it - they change the underlying investments to maintain the target risk level. 

sadexpunk

MallyGirl said:

cash transfer is simpler.

You will need to do a bit of reading to decide on which multi asset fund appeals - you would choose one of the ones mentioned (or something else) rather than all 3. No one can advise you on which to pick - advice is a regulated activity. Searching on here will give you plenty of mentions of these multi asset funds.

I don't know anything about the Blackrock ones.
Vanguard Lifestrategy comes in various versions based on the split between equity and bonds e.g LS 60 is 60% equity/40% bonds. There is LS 20, LS 40 etc - percentage of equity has a relationship with risk and potential reward. Vanguard rebalance the fund to maintain this ratio so no need for you to do anything if this feels like a good split.

HSBC Global Strategy target risk levels in their versions rather than a fixed split e.g. HSBC GS Balanced, HSBC GS Dynamic with dynamic being risker than balanced - higher risk can mean higher reward but also potentially bigger dips too. Again you choose your version and stick with it - they change the underlying investments to maintain the target risk level. 

ahhh thank you, i see.  so its just a case of pick one of them (rather than all 3) and then keep adding £100 each month to that one fund should i wish to do so yes?

thanks for clarifying that.  ill do a bit of research as to which has performed better over the last 10 years or so if i can find out these details.

ive just asked HL to sell my funds, and also asked II to postpone my transfer until its cash in there instead of funds.

cheers

sadexpunk

hmmm im confused.  could someone explain this in simple terms please?

HL told me initially that theres no fee in selling my funds ready to transfer....



now that ive asked them to do this, they imply that i need to do it myself, or ring this number and theyll do it i suppose?  i asked if id still be left with the full value of my SIPP (so no fees).  they didnt answer that part of my question.
it also implies that i need to ask II to transfer as cash before its actually been converted from funds to cash....



could someone advise me on the method for completing this transfer please?  is it simply asking II to ask HL to sell and then they will?  for no charge?

thanks, much appreciated :-) 

MallyGirl

sadexpunk said:

hmmm im confused.  could someone explain this in simple terms please?

HL told me initially that theres no fee in selling my funds ready to transfer....



now that ive asked them to do this, they imply that i need to do it myself, or ring this number and theyll do it i suppose?  i asked if id still be left with the full value of my SIPP (so no fees).  they didnt answer that part of my question.
it also implies that i need to ask II to transfer as cash before its actually been converted from funds to cash....



could someone advise me on the method for completing this transfer please?  is it simply asking II to ask HL to sell and then they will?  for no charge?

thanks, much appreciated :-) 

isn't there a box on the form to say transfer in cash? I can't remember as I did mine years ago

LHW99

MallyGirl said:

sadexpunk said:

hmmm im confused.  could someone explain this in simple terms please?

HL told me initially that theres no fee in selling my funds ready to transfer....



now that ive asked them to do this, they imply that i need to do it myself, or ring this number and theyll do it i suppose?  i asked if id still be left with the full value of my SIPP (so no fees).  they didnt answer that part of my question.
it also implies that i need to ask II to transfer as cash before its actually been converted from funds to cash....



could someone advise me on the method for completing this transfer please?  is it simply asking II to ask HL to sell and then they will?  for no charge?

thanks, much appreciated :-) 

isn't there a box on the form to say transfer in cash? I can't remember as I did mine years ago

I think the II transfer form should have a tick box to say transfer "in cash" or "in specie" (ie take the existing funds straight from HL to II) - which it appears you can't do for them all, hence the transfer got stuck.

You could sell the problematic funds yourself on HL, from that point you could tell II to get on with the transfer, and it's likely then that all the cash will arrive first, and the funds afterwards (but probably not all on the same day)

sadexpunk

isn't there a box on the form to say transfer in cash? I can't remember as I did mine years ago

i cant see the form now.  im looking in my account for any progress on my transfer request but all i can see is my SIPP thats worth £0.  the only record of my transfer request that i can see is just in my messages.  maybe im missing something obvious?

it looks like i need to tell II to change from an 'in-specie' transfer to a cash transfer, but dont know how.  should i just do it by sending them a secure message?

thanks