SIPP transfer cancellation rights...
Discussion
Hi all
A quick SIPP questions.... hopefully there is a quick solution!
I started the process of transferring my SIPP from one provider (provider A) to another (provider B), having got sick of escalating fees and declining service of provider A.
The transfer is in progress, and the right to cancel period has now passed.
I learnt this week that provider A is now going to merge with provider B.
So it looks like I may have to pay to transfer to provider B, and then end up back with provider A after all.
Any ideas / advice on this for you pension types out there? Anything I can do legally?
cheers,
UV
A quick SIPP questions.... hopefully there is a quick solution!
I started the process of transferring my SIPP from one provider (provider A) to another (provider B), having got sick of escalating fees and declining service of provider A.
The transfer is in progress, and the right to cancel period has now passed.
I learnt this week that provider A is now going to merge with provider B.
So it looks like I may have to pay to transfer to provider B, and then end up back with provider A after all.
Any ideas / advice on this for you pension types out there? Anything I can do legally?
cheers,
UV
Ultraviolet said:
Hi all
A quick SIPP questions.... hopefully there is a quick solution!
I started the process of transferring my SIPP from one provider (provider A) to another (provider B), having got sick of escalating fees and declining service of provider A.
The transfer is in progress, and the right to cancel period has now passed.
I learnt this week that provider A is now going to merge with provider B.
So it looks like I may have to pay to transfer to provider B, and then end up back with provider A after all.
Any ideas / advice on this for you pension types out there? Anything I can do legally?
cheers,
UV
Good question! The answer is quite straightforward when you appreciate it is the 'Scheme' that is important, not the 'provider'.A quick SIPP questions.... hopefully there is a quick solution!
I started the process of transferring my SIPP from one provider (provider A) to another (provider B), having got sick of escalating fees and declining service of provider A.
The transfer is in progress, and the right to cancel period has now passed.
I learnt this week that provider A is now going to merge with provider B.
So it looks like I may have to pay to transfer to provider B, and then end up back with provider A after all.
Any ideas / advice on this for you pension types out there? Anything I can do legally?
cheers,
UV
You were in Scheme A and have moved to Scheme B. It doesn't matter who the provider is, the rules of the new Scheme apply.
So if you have moved to a Scheme with lower charges (from provider B) that is what you will get - regardless of the fact they are now the provider of your original Scheme.
There is rarely a "merge" between SIPP providers. One will have taken over the other. You can demand you are dealt with by the staff at your new provider only (i.e. not put back into the service of the staff from the company you left) as you have paid for this.
PM me if you would like more info.
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