(Sipp) Self invested personal pension

Update: My February tax relief arrived today, so only a week or so overdue. Hopefully the bugs are being ironed out and we may see March’s tax relief arrive BEFORE the end of May. :crossed_fingers:

@DeeFunds @tom.winterton @aelita.cherniakova @Paul_M

Re: Pension/SIPP Transfer to InvestEngine SIPP

Hi Team,

Please confirm with a Quarter, a month (and ideally a week) of when the SIPP Transfer that has been promised will become available.

‘Beginning of the next tax year’ i.e. 6th April (and to be generous April as a whole) has come and gone.
Latest response said ‘final countdown’ more than half a month ago…

===
scrolling up through the thread there are multiple responses collectively by the team that state this feature is being released at the start of the new tax year - April 6th 2024.

I’ve not seen anything yet and desperately want to transfer funds - which is obviously in the interest of InvestEngine given there are platform fees based on total investment.

5th April - Aelita (InvestEngine)
Hi! We appreciate your patience regarding the ability to transfer pensions into SIPP with us. We anticipate that this functionality will be enabled at the beginning of the new tax year.

2nd April
Paul_M (InvestEngine)
Hi! There is no planned date for SIPP transfers at the moment, they are going to be released in the beginning of the next tax year. Kindly contact our Client Services team if you wish to move your cash from GIA to SIPP account.

21st April.

Hi Lee - transfers in are not yet available, but it is the ‘final countdown’, pretty much… Make sure you’re subscribed to our e-mails to get notified upon launch :rocket:

Tagging others who’ve been chasing this.
@MattG @lee @conm @bsuk @Carl @sfletc

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Mentioned you in reply to the latest Chaser consolidated post on chasing about release for SIPP Transfer feature.

@jackoboy9 @TravellerSeko @vvsvin @rds @CycloneRepair @Gandalf @nedjohn @dc007

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On the 24th April support (via email) told me it was going to be months as opposed to weeks. I ended up moving it to AJ Bell.

More competetion for InvestEngine

Trading212 is also launching a SIPP product which has been confirmed by their support.

Hope Invest Engine starts the Transfer-In before Trading212 launches SIPP.

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I hope “months” isn’t correct.

tbh the only reason I chose IE was the lack of SIPP with T212.

But if the above is the case then I’ll look at moving across to T212.

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Trying to find a new home for my existing SIPP and was excited by InvestEngine’s offering, opened an account and wanted to transfer my existing SIPP and this facility is not available. What! Like opening a bank account that doesn’t accept deposits. Reading this thread sounds like the product has been launched long before it was fit for purpose. I have just logged a call with support to ask if it was worth me waiting for the facility to transfer to be available and got back the same default response it seems everyone else has had “final stages” “will be added to our SIPP offering in the coming months” etc. My search for another SIPP provider continues. Shame.

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Hello,
I am considering moving my managesd SIPP to the InvestEngine DIY SIPP. However, before doing so, I need some clarifications.
The two deal breakers for me are the ability to transfer my SIPP from my current provider to InvestEngine (like you do with bank accounts), and second being able to set up monthly pension contributions directly from my company (this is sometimes called ‘Salary Sacrifice’ or ‘Gross contributions’ as you pay it into the SIPP before you pay tax).
I believe these options are not available yet, so it would be nice to have a ETA.
I reckon these options are quite basic as well as key for a SIPP product.
Thanks
Dan

Hi
I’ve invested £12k into my SIPP. Can anyone shed some light why I’ve only got £1500 HMRC payments pending and not the full 20% £2400? TIA👋

Hi @tone1, it depends when you made your deposits i guess. The submissions to HMRC are based on periods between the 6th of a month and the 5th of the following month. So for example, if you made a deposit on 21st February for example, the top up would have arrived by the end of April. A deposit made on the 7th March would not have been submitted to HMRC until 6th April so will result in the tax relief arriving towards the end of May (in the coming days i expect).

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I am also waiting for these two…

Does anyone know where to list the chosen beneficiary for my pension in the event of my death? I’m probably being thick but I can’t find it on the app?

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I asked support this same question; it is not currently possible on the website but they were happy enough to record it on my file manually. Hopefully it is on the development backlog, it doesn’t sound very hard to do.

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So, from reading this thread about IE SIPPS, it looks like it’s an accumulation SIPP with no option to drawdown when you’re ready to take your pension. So can somebody tell me how you can withdraw from this IE SIPP please?

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From what I’ve read elsewhere, they are working on it, along with the ability to support transfers in too. In a few years’ time I will need to start drawing down; it would be disappointing if the only option is to transfer out to a more complete pension provider.
I’m a recently-unemployed developer; if InvestEngine want any help they are welcome to DM me :slight_smile:

Any news on transfers in? Unless we’re locked in to turn this on before the summer I feel like I should find alternative provision.

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I bet it’s not technical capacity, more just ensuring all the red tape around transferring pensions is sound.

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I’m noting for the benefit of many in this thread that no one from IE has yet responded to my consolidated chaser re: SIPP Transfers from another provider to IE.

The last IE comms I can see is from 21st April saying ‘Final Countdown’…
It’s nearly 2 months.

IE Team:
@DeeFunds @tom.winterton @aelita.cherniakova @Paul_M @elina.sim

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Other Community People awaiting updates:
@MattG @lee @conm @bsuk @Carl @sfletc @jackoboy9 @TravellerSeko @vvsvin @rds

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