SIPP tranfer out - admin fee and balance?
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Wife's SIPP got transferred out and I was a little suprised to see a £180 admin fee, and that there's a few pounds left in the account.
Is the admin fee correct, and how do we deal with the balance?
Thanks
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Hi Bob,
The admin charge was applied and then reversed once they noted it was a private client account. The residual balance will be wired to your new provider.
Regards
Adam
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Hi Adam,
Ah, thanks
I downloaded a transaction statement on Sunday but can see now it was credited yesterday.While I'm on, can I ask if there's anything happening with our ISA transfers, please?
Regards
Bob -
I requested some holdings to be sold down and converted to cash from my SIPP recently and was expecting a straight 20% to be deducted (as per the old IM days) and the money deposited in my bank account, but it has now gone in there with a further deduction of over 9% - I think I am a private client account as well (having joined in the PH days) so might this be the reason for the my deduction and will it be refunded?
Thanks
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I requested some holdings to be sold down and converted to cash from my SIPP recently and was expecting a straight 20% to be deducted (as per the old IM days) and the money deposited in my bank account, but it has now gone in there with a further deduction of over 9% - I think I am a private client account as well (having joined in the PH days) so might this be the reason for the my deduction and will it be refunded?
Thanks
@uk66fastback
If you can send me a message, nik.burrows@cobensdirect.co.uk i will take a look for youCheers
Nik