Recently Transferred SIPP to Interactive Investor. Next Step
Discussion
I've recently moved a small SIPP away from Openwork/Financial Adviser to II.
Its transferred across all fine and the investments are sitting under in Bonds, various accumulation funds, income funds etc.
I now want to put the investments into the Vanguard LifeStrategy 80% Equity Fund so that its managed.
Am I OK to sell all my current investments and with the proceeds buy into Vanguard LifeStrategy 80% Equity Fund. Apart from the risk of investments can increase/decrease are there any other risks to me by doing this?
I've tried to look for advice but haven't seen anything.
Many thanks in anticipation of your help.
Ian
Its transferred across all fine and the investments are sitting under in Bonds, various accumulation funds, income funds etc.
I now want to put the investments into the Vanguard LifeStrategy 80% Equity Fund so that its managed.
Am I OK to sell all my current investments and with the proceeds buy into Vanguard LifeStrategy 80% Equity Fund. Apart from the risk of investments can increase/decrease are there any other risks to me by doing this?
I've tried to look for advice but haven't seen anything.
Many thanks in anticipation of your help.
Ian
Simpo Two said:
I think that if it's staying within a SIPP there's no CGT liability, if that's your concern.
Thank you, my plan is to sell the current investments and then use the funds to purchase in Vanguard.It seems simple but I don't want to miss anything obvious (CGT, SIPP getting closed down etc etc.)
You are fine to proceed sell up. Once you have cash then purchase whatever you like.
No tax to worry about until you get to maturity and eligibility to draw down and all that jazz.
I assume you have a direct debit set up external to your SIPP so that the monthly £10.99/19.99 fee comes out of that? It’s likely how it works now but there was a time mine was paid from inside my SIPP many moons ago - just make sure you have enough cash to pay the monthly is all I’m saying.
The only time things otherwise get complicated , if you want to call it that, is currency exchange. I usually keep some cash in USD and Euro as I trade in and out of foreign stocks and don’t wish to pay the exchange fees every time again.
If you sell to GBP and buy in GBP then you don’t even need to worry about it.
No tax to worry about until you get to maturity and eligibility to draw down and all that jazz.
I assume you have a direct debit set up external to your SIPP so that the monthly £10.99/19.99 fee comes out of that? It’s likely how it works now but there was a time mine was paid from inside my SIPP many moons ago - just make sure you have enough cash to pay the monthly is all I’m saying.
The only time things otherwise get complicated , if you want to call it that, is currency exchange. I usually keep some cash in USD and Euro as I trade in and out of foreign stocks and don’t wish to pay the exchange fees every time again.
If you sell to GBP and buy in GBP then you don’t even need to worry about it.
vindaloo79 said:
You are fine to proceed sell up. Once you have cash then purchase whatever you like.
No tax to worry about until you get to maturity and eligibility to draw down and all that jazz.
I assume you have a direct debit set up external to your SIPP so that the monthly £10.99/19.99 fee comes out of that? It’s likely how it works now but there was a time mine was paid from inside my SIPP many moons ago - just make sure you have enough cash to pay the monthly is all I’m saying.
The only time things otherwise get complicated , if you want to call it that, is currency exchange. I usually keep some cash in USD and Euro as I trade in and out of foreign stocks and don’t wish to pay the exchange fees every time again.
If you sell to GBP and buy in GBP then you don’t even need to worry about it.
Thank you appreciate you taking the time to reply and the heads up about feesNo tax to worry about until you get to maturity and eligibility to draw down and all that jazz.
I assume you have a direct debit set up external to your SIPP so that the monthly £10.99/19.99 fee comes out of that? It’s likely how it works now but there was a time mine was paid from inside my SIPP many moons ago - just make sure you have enough cash to pay the monthly is all I’m saying.
The only time things otherwise get complicated , if you want to call it that, is currency exchange. I usually keep some cash in USD and Euro as I trade in and out of foreign stocks and don’t wish to pay the exchange fees every time again.
If you sell to GBP and buy in GBP then you don’t even need to worry about it.
vindaloo79 said:
You are fine to proceed sell up. Once you have cash then purchase whatever you like.
No tax to worry about until you get to maturity and eligibility to draw down and all that jazz.
I assume you have a direct debit set up external to your SIPP so that the monthly £10.99/19.99 fee comes out of that? It’s likely how it works now but there was a time mine was paid from inside my SIPP many moons ago - just make sure you have enough cash to pay the monthly is all I’m saying.
Exactly what we did when we transferred the wife’s SIPP from HL to ii No tax to worry about until you get to maturity and eligibility to draw down and all that jazz.
I assume you have a direct debit set up external to your SIPP so that the monthly £10.99/19.99 fee comes out of that? It’s likely how it works now but there was a time mine was paid from inside my SIPP many moons ago - just make sure you have enough cash to pay the monthly is all I’m saying.
Simpo Two said:
Feels good to be in charge of your own stuff doesn't it!
Thanks for this Simpo Two and helping me through!Both SIPP and ISA transferred at no cost and I have good visibility through II and Trading212 of their performance with the satisfaction there is minimal take from others from my investments.
Both SIPP and ISA have increased in value since the move and I'm really pleased I moved both investments.
Interactive Brokers - IBKR are better still and cheaper, but not as user friendly. If you trade every day then maybe consider the move - but as you seem to be early in your journey I probably wouldn’t worry for now.
They do not make it easy for SIPP. But my isa and option trading is done there.
They do not make it easy for SIPP. But my isa and option trading is done there.
OP, did you go for their cashback offer? https://www.ii.co.uk/special-offers#sipp-acq-promo
Somebody said:
OP, did you go for their cashback offer? https://www.ii.co.uk/special-offers#sipp-acq-promo
I did! And also have a similar amount tracking back to me through Quidco!Gassing Station | Finance | Top of Page | What's New | My Stuff