Transferring part of a SIPP

tribetown

I have an ii SIPP and a 212 stocks and shares ISA.

I much prefer the 212 platform and the lower fees.

I would like to leave my stocks/holdings in the ii SIPP and transfer the cash to a 212 SIPP.

Is that allowed? I do not want to go into drawdown.

dunstonh

yes it is allowed as long as the provider allows partial transfers

Sam_666

https://forums.moneysavingexpert.com/discussion/comment/81959856#Comment_81959856

And if new provider offeres sipp, which t212 currently doesnt.

gm0

The issues are two. Partial transfers from a pension to another pension (personal, SIPP, mastertrust, stakeholder - whatever variant offers what you want at the price you want.

Requirement 1 - the existing pension offers partial transfer out and not just "full transfer" (everything) as some older pensions do

Requirement 2 - the target needs to be a pension - not an ISA/LISA/Anything else. Only a pension. Moving money from a pension to another savings type is "taking your pension" and subject to minimum age limit and all the other taxation rules. Basically a non-starter.

The third issue assuming these two are finessed - is getting the existing provider to exit the correct amount of money - and only from the funds you want touched. Many pensions will by default do a partial transfer which preserves asset allocation i.e. not take all the cash and sell some of the other funds. Ask me how I know. And yes - I had put it on the instructions to take just £x from the cash element only. They just failed to step outside defaults (or read it evidently).

Marcon

Clearly set out on ii's website: https://www.ii.co.uk/pensions/transfer-options

If you're not on T212's waitlist to set up a SIPP, sign up now and you'll be contacted when the beta testing phase concludes (assuming, of course, that you aren't one of the 'test' batch of clients).

tribetown

Many thanks for the replies.

It appears that T212 are beta testing SIPPS.

I am on the waitlist now.

I do like the T212 platform.

gm0, that sounds like a pain. I definitely only want to transfer the cash to a new SIPP, not the investments.

No immediate rush, but if my SIPP grows the fees per month go up 150% on ii.

Georgemc

The fees on your SIPP are going to be 150%? What? You've got something wrong there.

NoMore

https://forums.moneysavingexpert.com/discussion/comment/81962270#Comment_81962270

I think, they mean the change in fees will be 150% not that the fee itself will be 150%.

II has tiers based on pot size, so it goes from 5.99 per month to 14.99 month.

Georgemc

https://forums.moneysavingexpert.com/discussion/comment/81962306#Comment_81962306

Ah that makes more sense.