I opened a SIPP in Dec and added funds into the “retirement portfolio glidepath” HMRC have just paid in my basic rate tax rebate, however, the original funds have been automatically moved into a Default ETF Option and the tax rebate into cash. Why has this happened and do I need to move it back?
Hi,
This is a summary of the last email sent on 5 Feb as the Retirement Portfolio Glidepath closed on 23 February 2026, and IE replaced it with the iShares Moderate Portfolio ETF.
It was well communicated as part of a planned update to their pension investment offering appears you may have been unaware.
You were welcome to sell your Retirement Portfolio Glidepath at your convenience before 23 February 2026.
If you did not take any action (as appears to be the case) they would automatically sell your Retirement Portfolio Glidepath on 23 February 2026, move the cash proceeds to a new DIY Portfolio and then invest the balance into the iShares Moderate Portfolio ETF. When the portfolio is sold, your money may be held briefly as cash while the transaction completes before being reinvested.
Thereafter you can remain solely invested in the new default option or you can choose to self manage and acquire alternative ETFs.
If you had a Savings Plan assigned to your Retirement Portfolio Glidepath this will be cancelled as part of this change on, or shortly after, 9 February 2026. Once your Retirement Portfolio Glidepath has been closed and your new DIY portfolio has been funded they will remind you about this and explain how to set up a new Savings Plan, you will need to set up a new one if you wish to continue regular contributions.
Hope that helps explain your current situation. Peter.
You may need to contact support@investengine.com.
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