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Does anyone know any SIPPs ( or standard pensions) that will do transfers in from my company's SAYE scheme as described here:
https://www.gov.uk/tax-employee-share-schemes/save-as-you-earn-saye
I've tried Hargreaves, Interactive, ajbell and Aviva and none of them do them
They do transfers to ISAs, but that doesn't solve the "problem"
Thanks
( and sorry)
I think you’ll struggle to find a direct to consumer SIPP provider that will facilitate this. Several of the providers have got themselves into regulatory and financial difficulties by accepting niche assets into SIPPs in recent years. The market has got more restrictive as a result. Happy to be corrected if you do find somewhere tho.
Why not transfer into your company’s pension scheme?
Would you be seeking to transfer in listed shares? It’s an obvious question, but have you tried emailing/ calling someone at those places...I recently received a few plc shares from an employer and Hargreaves were very happy to handle a transfer into a General Account. I get the feeling that AJ Bell have the best book keeping ability of them all (more than one financial planner i know directs everyone they come into contact with their way for the administration capabilities).
Why not transfer into your company’s pension scheme?
Because they don't allow it ( LandG) :-(. Not much joined up thinking I'm afraid.
Good call though. I also tried Aviva who does 2 of my other workplace pensions.
Would you be seeking to transfer in listed shares?
Yep. High street bank
It’s an obvious question, but have you tried emailing/ calling someone at those places...I
Yep. I phoned all the places mentioned above. Spent a lot of time on hold whilst they transferred me about and asked managers etc
recently received a few plc shares from an employer and Hargreaves were very happy to handle a transfer into a General Account.
Yep. Ajb, Ii and HL were all happy for me to transfer them into a dealing account but that then kills the CGT exemption
It kinda sucks of you have to take it out of a tax efficient wrapper just to put it back into another one..
Possibly better to keep it as-is and just open a new SIPP for new money?
I know invest engine do SIPPs... They are a DIY investment platform a bit like T212 but T212 don't do SIPPs
A head scratcher. Sounds like a task for an IFA or wealth manager to find you a provider who will help. Maybe needs one of those Self Administered Schemes - I know very little about about the detailed rules around them but believe they actually have a wider scope than SIPPs
Could you sell CGT free from the share scheme, then use the cash to fund your SIPP and claim tax relief as well?
Quick update in case anyone else is in this position and can use the info...
So it looks like a Flexible Shares ISA is the solution. Transfer In the max annual ISA allowance, sell the shares, withdraw the cash and then transfer in the next chunk....repeat until empty ( or the 90 day limit expires!)
Could you sell CGT free from the share scheme, then use the cash to fund your SIPP and claim tax relief as well?
Thanks for the suggestion but I can only sell £4k per year CGT free, and I don't plan to be working there for that long. I thought of putting in a SIPP but don't reckon it's worth it for the small 5% tax gain. Instead I'll use some of it to live on and then max out my company salary sacrifice as that gets me 15.8% NI on top.