Can you transfer your SIPP to XTB?

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 XTB?

No, sadly XTB does not provide SIPP at all.

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.

XTB does not offer SIPP. However, conditions of a portfolio transfer are as almost exactly the same as transferring a SIPP. The only difference is that some SIPP providers have promotional services, meaning fees would be lower only for a SIPP account transfer.

Generally, this is the process of a non-SIPP portfolio transfer:

• Ask for a portfolio transfer form from your old broker
• In which you include information about the assets you want to transfer and the details of your target broker
• Sign the form and send it to your old broker
• Let your target broker's Customer Support know to expect contact from your old broker.

We saved hours of research for you and checked which are the best brokers offering SIPP, see our recommendations here

Unfortunately you cannot transfer your SIPP to this broker as it does not provide this service. However, do check out our top recommendations fpr the best brokers offering SIPP. And you can learn more on SIPPs in this article.

Our expert team here at BrokerChooser specializes in helping you find a broker that best suits your needs. We have reviewed over a 100 brokers based on BrokerChooser's unique methodology.

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