SIPP in-specie transfer

Before you start: Load profile

First load the client profile from the summary page. If this is a new client please create a new client profile. If your client does not hold a Wrap SIPP, please select 'new product' from your client’s summary page.

For clients who already hold a Wrap SIPP, 

• Select the three dots next to the Wrap SIPP.
• Select “single payment".
• This will open the Wrap SIPP wizard and you will be on step 1 of a 7-step wizard.

Step 1: Pension Transfers to Wrap

For Defined Contribution Pensions to be transferred to Wrap SIPP: 

1. Select the existing pension to be transferred in from the options of SIPP, SSAS or other. 
2. Select the Transfer Type – Cash or in-specie. This process discusses ‘in-specie’ transfers so if you have selected ‘Cash’ please go to the help page on SIPP Cash transfer.
3. Add the plan number, provider name and add the platform eligible assets that are being transferred to the Wrap SIPP.  This will work out a total for the value of those holdings. 
4. If this is lower than the value of the ceding pension transfer, remember that this will not include any off-platform investments or any additional cash that we will request when processing the request.
5. For SIPP in-specie requests the team do not need to know on the wizard the split between pre and post pension, so please key as pre-pension (not in drawdown).
6. Add in if there is a Pension Sharing Order on the transfer. (If there is the wizard will ask you if the Pension was 'in payment', and if it was in payment, you will be alerted that no further Tax-Free Lump Sum (TFLS) can be paid.  

Required Documentation:

• We will need an asset list / valuation showing how the ceding plan is currently invested, including any fund ISIN / SEDOL codes and the number of units held. This asset list should show which assets are to be sold and which are to be transferred in-specie.
• For off-platform investments, please include the brochure / documentation to enable our asset acceptability team to carry out the required due diligence.   Please also include the ceding scheme discharge form / paperwork required by them to transfer the client to abrdn. 

Step 2: Tax Wrapper Allocation

This step will allow you to see the transferred amount pulling through as an “Existing Tax Wrapper to be Transferred” along with giving the option of adding single or regular payments on the same wizard. 

Step 3: Adviser Charging

• You can add a percentage or monetary amount for Initial Adviser Charge, and you can nominate whether this will be paid from SIPP Cash or Wrap Cash (Cash Account). 
• You can add percentage or monetary amount for annual Ongoing Adviser Charge and nominate whether this will be paid from SIPP Cash or Wrap Cash (Cash Account). This will be paid from the anniversary of the plan start date based on the chosen frequency of payment. 
• For Initial and Ongoing Adviser Charges, the default is to pay the charges from SIPP cash. There is a tick box to indicate that these are to be paid from Wrap Cash (Cash Account).

Step 4: Investment Selection

For SIPP in-specie transfers, this selection will not be used to invest the cash that is received once the transfer has completed. Any buy deals need to be entered once we have confirmed the transfer is complete.   You can use the investment selection to show as 100% cash. 

Step 5: Wrapper Details

1. Here you add some specific points about the new pension, starting with the Retirement date, if the client is eligible to take drawdown. This is not the date that the client moves from Pre to Post pension, but a date in the future that the client will move to purchase an annuity.
• To be able to run quotes on the SIPP this will need to be at least a year in the future, usually age 75 is used. 
2. Here you can also add Concurrency information and it is essential to say 'Yes' to drawdown if the client is already in drawdown or wants to move into drawdown upon receipt of the transfer.  
3. Finally, the Source of Wealth and the client’s Employment Status can be selected from the dropdown menu. 

Step 6: SIPP Drawdown Details

In this step, if you said 'yes' to drawdown and the client is eligible, you can confirm if the client wants to take Full, Phased or Tailored Drawdown on receipt of the transfer.
Please see the notes on the page and choose the options appropriate to the client's requirements.

You will find options to take Drawdown Price Lock and you can select if the client wants to take income. This page has a section on Drawdown Price Lock and Wrap SIPP drawdown in general.

The next stage is the ‘Adviser Declaration' before moving to the final step.

Step 7: Validate and Execute

Here you can run quotes and documents before submitting the wizard.

Once your client has signed the documents, please upload the documents to the client's document library, and e-mail either:

• wrap_money_in@abrdn.com for new clients
• transfers_in@abrdn.com for existing clients

Please consider that the ceding scheme may need original signed discharge forms. Please check if the client's pension provider will need these when making the application.

Some providers require the original signed documents so best practice is to also post the signed paperwork to us at the following address to prevent any delays:

Important points to note

Cash:

Suspended funds:

Policy Documents: