Can I transfer my SIPP to another provider?
If you are a UK resident, a Self-Invested Personal Pension (SIPP) is a great way of growing your pension tax free, while having control over your own investments. At some point, you might want to transfer your SIPP to a provider that offers a wider range of products or lower costs. Before we dive into the details, you might want to check out our top recommendations for best brokers that offer SIPP.
Let's see if can you transfer your SIPP to AJ Bell Youinvest?
Yes, you can transfer your SIPP to AJ Bell Youinvest! It's just a request away!
There are some things to consider before you transfer your SIPP:
- Check if there are any exit fees: Some providers may charge an exit fee if you transfer your SIPP out.
- Review the new provider's fees: Make sure you are aware of the charges associated with the new provider, including annual management charge, dealing charges, and other fees.
- Consider the investment options: You should review the investment options available at the new provider to ensure that they meet your investment goals and risk tolerance.
- Check if there are any restrictions: Some providers may have restrictions on transferring a SIPP, particularly if you have any outstanding debts or if you are within a certain period of retirement.
You can start the transfer process by contacting your new provider and completing the necessary paperwork. The new provider will then liaise with your old provider to transfer the funds across to your new SIPP. The transfer process can take several weeks.
Does it cost to transfer a SIPP?
Yes, and the cost of transferring a Self-Invested Personal Pension (SIPP) can vary depending the provider you're transferring from, the provider you're transferring to, and the investments you currently hold in your SIPP.
An overview of the possible fees:
- Exit fee (to be paid to your old provider)
- Administration fee for processing the transfer (check with the old and new provider too)
- Fees associated with selling any investments you hold in your SIPP prior to the transfer
- Any fees associated with your new provider, such as management fees for example
Let's compare the fees at AJ Bell Youinvest with its closest competitors!
|
Annual SIPP management fees
|
$120.0 | $155.9 | $180.0 |
|---|---|---|---|
|
Sipp minimum starting amount value
|
0.0 | 0.0 | 100.0 |
|
Sipp account opening cost value
|
0.0 | 0.0 | 0.0 |
|
Annual SIPP management fees
|
$120.0 | $155.9 | $180.0 |
|
SIPP transfer portfolio out fee
|
$0 | $0 | $0 |
Data updated on July 19, 2024
Is it easy to transfer SIPP?
Transferring a SIPP can be a straightforward process. Here are some factors that can affect the ease of transferring a SIPP:
- The provider's process: Different SIPP providers have different processes for transferring funds. Some may have an online transfer process, others may require paper forms.
- The complexity of the SIPP: Some SIPPs may have complex investments, such as commercial property or overseas assets, which can make the transfer process more complicated.
- Transfer value: If the transfer value is large, the provider may require additional checks and documentation, which can slow down the process.
- Exit fees: Exit fees can make the process more costly and potentially impact the ease of transferring.
- Outstanding debts or claims: If there are any outstanding debts or claims against the SIPP, the transfer process may be more complex.
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Further reading
Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.
