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SIPP in Drawdown
brewerdave
Posts: 8,929 Forumite
Simple question - I have a SIPP already in drawdown with HL.
IF I decide to move my investments from HL elsewhere ie ISA and another SIPP not yet touched, can I also move the drawdown account.?
Further complication /question - the drawdown account is invested in various HL funds/trusts - does that mean that it would have to be transferred as "cash" then re-invested?
IF I decide to move my investments from HL elsewhere ie ISA and another SIPP not yet touched, can I also move the drawdown account.?
Further complication /question - the drawdown account is invested in various HL funds/trusts - does that mean that it would have to be transferred as "cash" then re-invested?
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IF I decide to move my investments from HL elsewhere ie ISA and another SIPP not yet touched, can I also move the drawdown account.?yesFurther complication /question - the drawdown account is invested in various HL funds/trusts - does that mean that it would have to be transferred as "cash" then re-invested?Depends on where you are transferring it to. However, since selecting a provider comes after knowing how you want to invest, you would likely choose one that offers the investments you want. In which case, they would likely offer in-specie transfers.
You should consider your holdings though. HL funds are expensive and you are possibly paying more for going DIY than you would if it was under advice. The main reason many go DIY is to save money. Not to pay more.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
Although normally you can transfer an uncrystallised SIPP or ISA on line, but you might have to contact the new provider before moving an account in drawdown.
As said if it means you move out of expensive HL funds ( on an expensive platform) it could save you some money.1
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