InnerVoice Posted December 9, 2023 Share Posted December 9, 2023 I have a UK SIPP which now has a decent amount in it, even though I haven't contributed to it for many years. This was initially managed by an IFA, who then amalgamated with a larger company and moved my SIPP over to their platform. Generally I've been a happy client, but over the last three years the performance of their company's funds has been notably poorer than my Australian super and other investments, both of which I self-manage. This has partly been down to their investment strategy but also due to their ongoing fees and charges, which are considerably higher than my self-managed investments and QSuper. I feel a sense of loyalty to my IFA so I probably haven't been as proactive as I should have been, but in the long-term I think I'm going to be worse off in my retirement years if I stay with them. My dilemma is that as a non-UK resident, I don't think I will be unable to transfer my SIPP to a different UK provider. I've already looked into transferring it to Australia, but that isn't going to be in my interest given our possible overseas retirement plans. So my question is do I have any other options, or basically am I stuck with these guys unless we moved back to the UK? (which is highly unlikely) Quote Link to comment Share on other sites More sharing options...
BendigoBoy Posted December 9, 2023 Share Posted December 9, 2023 You _might_ be able to move to an HL SIPP. I've been using them since 2010 when I was working in finance in the UK, never had any issues. https://www.hl.co.uk/help/sipp,-drawdown-and-annuity/sipp/eligibility/am-i-eligible-for-a-vantage-sipp 1 Quote Link to comment Share on other sites More sharing options...
InnerVoice Posted December 9, 2023 Author Share Posted December 9, 2023 4 hours ago, BendigoBoy said: You _might_ be able to move to an HL SIPP. I've been using them since 2010 when I was working in finance in the UK, never had any issues. https://www.hl.co.uk/help/sipp,-drawdown-and-annuity/sipp/eligibility/am-i-eligible-for-a-vantage-sipp Thank you, I'll look into this - but were you a UK resident when you opened it? Quote Link to comment Share on other sites More sharing options...
BendigoBoy Posted December 9, 2023 Share Posted December 9, 2023 1 hour ago, InnerVoice said: Thank you, I'll look into this - but were you a UK resident when you opened it? Yes, I was. Afraid I can't offer any more insight beyond what was on that page: it'll most likely be down to your existing SIPP scheme rules if you can transfer it in, I imagine. 1 Quote Link to comment Share on other sites More sharing options...
rammygirl Posted December 9, 2023 Share Posted December 9, 2023 We moved my OH SIPP to AJ Bell about a year ago on the advice of our FA and we are happy enough with the performance and the fees are lower too. We were and still are Aus resident. We asked specifically about this as we had heard about issues when we decide to drawdown. The only stipulation is that we keep a UK bank account (which we intend to do ……if allowed!). Is it not possible to simply self manage your UK SIPP anyway without moving it? We didn’t want to DIY so didn’t ask. 2 1 Quote Link to comment Share on other sites More sharing options...
InnerVoice Posted December 10, 2023 Author Share Posted December 10, 2023 8 hours ago, rammygirl said: We moved my OH SIPP to AJ Bell about a year ago on the advice of our FA and we are happy enough with the performance and the fees are lower too. We were and still are Aus resident. We asked specifically about this as we had heard about issues when we decide to drawdown. The only stipulation is that we keep a UK bank account (which we intend to do ……if allowed!). Is it not possible to simply self manage your UK SIPP anyway without moving it? We didn’t want to DIY so didn’t ask. Thank you, that's interesting and I think we chatted about this in a previous thread. The company I'm with weren't able to transfer my SIPP to the A J Bell platform (also to save costs) because they said that the latter did not accept transfers from overseas clients - at least that's what they informed me. I have my annual meeting with my IFA on Wednesday, so I will revisit that point and try to get to the bottom of it in more detail. Yes, I have a UK bank account so that wouldn't have been an issue. It isn't possible to self-manage my current SIPP because they invest in Dimensional funds that aren't directly available for the public, although that would be a really good way of hanging on to clients now I come to think of it! Quote Link to comment Share on other sites More sharing options...
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