Absolutely, clients can transfer their SIPP away from InvestEngine. To do this, please contact the new provider and follow their process.
Please let your new provider know that we can process transfers electronically and that we use both Origo and Equisoft.
Cash transfers
If your transfer out is to be paid solely in cash then your new provider should submit their instruction to our Origo account. Within Origo your new provider will find us registered as a scheme called The Invest Engine Pension Plan. When submitting a new request to us, this can be found within the 'Add Scheme' section on Origo, and not via the 'Add Contract' option. Further details can be found within the Active Schemes list, which is published by Origo for all users to access.
In-specie transfers
We understand how important it is to deliver tax-efficient management for your investments whether they’re with us or another provider. We do our best to support in-specie transfers in as many cases as possible under the following conditions:
- The new provider requests an in-specie transfer. Where the mode of transfer is not stated in the request, cash transfer is presumed. Your new provider should submit their instruction to our Equisoft account. Our reference in Equisoft is ALUSGB21IEP. The process of requesting an in-specie transfer varies by provider, please check with your new provider’s customer support if you are unsure.
- The transfer request needs to be for the full holding within the tax wrapper account. As is industry standard, We do not support in-specie transfer of only part of an account holding.
- Only full units of an ETF can be transferred. Any fractional holdings cannot be re-registered in specie and will be sold-down and transferred as cash. Examples: if you hold 1.1 units of an ETF, 0.1 units will be sold down and 1 unit re-registered in-specie.
- Your new provider needs to support and accept your current ETFs. If this specific ETF is not available with your new provider, they will instruct us to sell down that ETF. Please use ISIN and/or Ticker when checking availability of ETFs across the platforms.
Things to remember:
Please make sure that the transfer request includes your account reference number which can be found by clicking on the Profile Icon at the top of your Dashboard. It is a number starting with ‘IC’ followed by 8 numbers.
In the unlikely event that your provider is unable to accept the transfer electronically please arrange for our transfer out form to be completed and returned to us. Please note that the form needs to be completed by you and your new provider.
In order to prevent delays in the transfer please make sure that your personal details with both us and your new provider match.