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Moving SIPP provider

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    Moving SIPP provider

    Hi all,

    new to SIPP and just put some money in HL SIPP account.
    Now, I know HL are one of the expensive ones, so I might decide to move to likes of vanguard similar. I just opened the easier one to open last FY.
    If I want to move SIPP do I move money only or shares/funds? If I buy shares/funds do I need to sell them for cash and move the cash to another SIPP? Or move the shares/funds to the other provider?

    #2
    Why not ask the SIPP provider? They may have an inkling...
    Blog? What blog...?

    Comment


      #3
      Just initiate the transfer from the new provider. They'll take care of it all.

      Comment


        #4
        Originally posted by gisp View Post
        Hi all,

        new to SIPP and just put some money in HL SIPP account.
        Now, I know HL are one of the expensive ones, so I might decide to move to likes of vanguard similar. I just opened the easier one to open last FY.
        If I want to move SIPP do I move money only or shares/funds? If I buy shares/funds do I need to sell them for cash and move the cash to another SIPP? Or move the shares/funds to the other provider?
        You understand that if you transfer to Vanguard you will not be able to invest in non Vanguard products? If you hold non Vanguard products at HL, you will have to sell and transfer cash. Otherwise, transferring investments "in specie" to another retail platform is highly likely possible. The actual transfer process is very easy. The receiving company do all the legwork after you fill in the forms, but I recommend you keep an eye out for foot dragging and delaying tactics by Hargreaves Lansdown.
        Public Service Posting by the BBC - Bloggs Bulls**t Corp.
        Officially CUK certified - Thick as f**k.

        Comment


          #5
          It depends. You mentioned vanguard. They will accept cash or vanguard funds and etfs.

          Whether hl will he prepared to effect the transfer of any vanguard funds tou hold is purely a matter for them.

          Comment


            #6
            Thanks all. This confirmed my understanding of things.

            Comment


              #7
              until you get to £25k in HL it is actually very well priced.
              So fine for starting a SIPP. Even at £50k it's pretty competitive, but after that it starts to slip down against the competition.
              See You Next Tuesday

              Comment


                #8
                Originally posted by Lance View Post
                until you get to £25k in HL it is actually very well priced.
                So fine for starting a SIPP. Even at £50k it's pretty competitive, but after that it starts to slip down against the competition.
                If you hold identical fund holdings at HL and at AJ Bell, the charge at the platforms is 0.45% versus 0.25%. So, whilst these are smallish amounts, I would never advise anyone to open an account at HL in preference to AJB. Why pay nearly double for the exact same thing?
                Public Service Posting by the BBC - Bloggs Bulls**t Corp.
                Officially CUK certified - Thick as f**k.

                Comment


                  #9
                  In answer to the original question you let the new provider handle it.

                  The existing provider may charge exit fees (per item) but the new provider may cover this to get your business - ask them.

                  Originally posted by Fred Bloggs View Post
                  I would never advise anyone to open an account at HL in preference to AJB. Why pay nearly double for the exact same thing?
                  Service? I have accounts at both and the online dealing platforms are a world apart imho. Also, neither of them charge % fee for direct stocks or ETFs.

                  Comment


                    #10
                    Originally posted by Contreras View Post
                    In answer to the original question you let the new provider handle it.

                    The existing provider may charge exit fees (per item) but the new provider may cover this to get your business - ask them.



                    Service? I have accounts at both and the online dealing platforms are a world apart imho. Also, neither of them charge % fee for direct stocks or ETFs.
                    Your customer service experience is by no means universal.

                    The charges situation is much more complex if you only look at holding stocks, investment trusts or exchange traded funds and excluding unit trusts and open ended investment companies. However, my statement still stands. I would never advise anyone to allow the platform charges tail to wag the investment dog. The majority of retail investors will most likely wish to hold some funds. By ruling out investing in funds due solely to charges you are excluding the majority of the UK retail investment market. If would mean, for example, that an investor couldn't invest in Fundsmith or Blue Whale Growth Fund, the two investments that everyone investing for the future should probably hold as foundation holdings.
                    Public Service Posting by the BBC - Bloggs Bulls**t Corp.
                    Officially CUK certified - Thick as f**k.

                    Comment

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