Anyone know if these pension providers support in specie transfers?

itm2

My wife is consolidating a few workplace pensions into a SIPP with II, and has gone through the lengthy process of getting through to the existing providers by phone to request discharge forms. Now II have asked her to confirm whether each of the providers supports in specie transfers of the funds held (which was the type of transfer requested). We were wondering if anyone knew whether any or all of the following providers support in specie transfers, to avoid the lengthy and painful process of having to get through to all of them on the phone again?
- Standard Life (Group Personal Pension One)
- Clerical Medical (Personal Pension Plan)
- Reassure (Personal Pension Plan)
- Aviva.(Personal Pension Plan)

dunstonh

- Standard Life (Group Personal Pension One)
- Clerical Medical (Personal Pension Plan)
- Reassure (Personal Pension Plan)
- Aviva.(Personal Pension Plan)

You cannot use inspecie with insured funds as the receiving scheme won't offer them.

Only on the Aviva platform and the SL SIPP, where you use UT/OEICs, ETFS or ITs, can you use inspecie.    

itm2

dunstonh said:

- Standard Life (Group Personal Pension One)
- Clerical Medical (Personal Pension Plan)
- Reassure (Personal Pension Plan)
- Aviva.(Personal Pension Plan)

You cannot use inspecie with insured funds as the receiving scheme won't offer them.

Only on the Aviva platform and the SL SIPP, where you use UT/OEICs, ETFS or ITs, can you use inspecie.    

Thanks for the info. If I re-do the transfer request at II to request a cash-only transfer, will the existing provider automatically sell any units held and transfer the full fund value as cash?

itm2

(the options for transferring into the II SIPP are: (a) Cash (no investments), (b) Investments (no cash), and (c) Cash and investments.
We chose (c), thinking that would be simplest. But I guess not?

MallyGirl

itm2 said:

dunstonh said:

- Standard Life (Group Personal Pension One)
- Clerical Medical (Personal Pension Plan)
- Reassure (Personal Pension Plan)
- Aviva.(Personal Pension Plan)

You cannot use inspecie with insured funds as the receiving scheme won't offer them.

Only on the Aviva platform and the SL SIPP, where you use UT/OEICs, ETFS or ITs, can you use inspecie.    

Thanks for the info. If I re-do the transfer request at II to request a cash-only transfer, will the existing provider automatically sell any units held and transfer the full fund value as cash?

That is certainly what happened for me when I transferred from L&G to ii

Albermarle

itm2 said:

(the options for transferring into the II SIPP are: (a) Cash (no investments), (b) Investments (no cash), and (c) Cash and investments.
We chose (c), thinking that would be simplest. But I guess not?

If you were transferring from another SIPP provider, like Fidelity or AJ Bell for example, then Inspecie is normally not a problem, although it can be a bit long winded sometimes.
However the pension providers you listed only allow you to invest in their own funds, which are not available elsewhere.

LHW99

Albermarle said:

itm2 said:

(the options for transferring into the II SIPP are: (a) Cash (no investments), (b) Investments (no cash), and (c) Cash and investments.
We chose (c), thinking that would be simplest. But I guess not?

If you were transferring from another SIPP provider, like Fidelity or AJ Bell for example, then Inspecie is normally not a problem, although it can be a bit long winded sometimes.
However the pension providers you listed only allow you to invest in their own funds, which are not available elsewhere.

So you would need to choose (a) in this case.

itm2

Many thanks for the feedback. We will contact II and ask them to proceed with a cash-only transfer

Time2Go_25

With one I recently helped a relative transfer we just told II to do an Inspecie transfer, they came back and said they couldn't do one and were we happy to do a cash transfer. If I remember correctly the II form when you applies suggests you should contact your current provider to ask, but as II have to contact them anyway we just left it to them.

dunstonh

Time2Go_25 said:

With one I recently helped a relative transfer we just told II to do an Inspecie transfer, they came back and said they couldn't do one and were we happy to do a cash transfer. If I remember correctly the II form when you applies suggests you should contact your current provider to ask, but as II have to contact them anyway we just left it to them.

Several providers do that, but in this case, we already know the existing providers use insured funds. So, no point asking for in-specie only to get rejected and then having to resubmit.

itm2

Time2Go_25 said:

With one I recently helped a relative transfer we just told II to do an Inspecie transfer, they came back and said they couldn't do one and were we happy to do a cash transfer. If I remember correctly the II form when you applies suggests you should contact your current provider to ask, but as II have to contact them anyway we just left it to them.

Did you have to regenerate a new transfer form on the II website to switch to a cash-only transfer?