The following options will be available to your clients when the Old Mutual Wealth SIPP ends.
Option 1 - Move to the AJ Bell Investcentre SIPP
The AJ Bell Investcentre SIPP is part of the same pension scheme (the Sippdeal e-sipp) with the same scheme trustee and administrator as the Old Mutual Wealth SIPP. The AJ Bell Investcentre SIPP provides equivalent features and enhanced online access.
Your client will pay no fees to move to the AJ Bell Investcentre SIPP and all investments held in the OMW SIPP, including the OMW Collective Investment Account, will be transferred automatically without being sold.
To transfer to AJ Bell Investcentre, your client simply needs to complete the preference form and return it to AJ Bell.
Whilst the products are very similar there are some differences in how they work. Please refer to the Frequently Asked Questions (FAQs) document for further information.
Option 2 - Transfer to another pension scheme with a different provider
To transfer to another provider, your client needs to sign the transfer discharge form and send it to their new provider for completion before returning it to AJ Bell. Our standard transfer out fees will apply to transfers under Option 2.
In order to make the process as smooth as possible, we ask that you please arrange for the completed preference/discharge forms to be returned to AJ Bell as soon as possible before the deadline of 31 July 2018.
Default option
If we do not receive a completed and signed preference/discharge form by 31 July 2018 for any of your clients, they will be transferred to the AJ Bell Investcentre SIPP by default. Such transfers will take place by 30 September 2018.
Adviser registration
If you are not presently registered with AJ Bell Investcentre, you will need to register with us if any of your clients transfer to AJ Bell Investcentre either by choice or by default.
AJ Bell Investcentre is part of AJ Bell – one of the UK’s largest providers of online investment platforms and stockbroker services. Currently looking after more than £42 billion of assets on behalf of 172,000 customers, our success is built on a strong set of guiding principles that have defined the company ever since it was founded back in 1995.
The AJ Bell Investcentre platform is designed specifically for financial advisers, allowing them to look after clients in the most time- and cost-efficient way possible by offering outstanding service, a comprehensive investment range and smart tools at a fair price.
Why choose AJ Bell Investcentre?Registration is a simple process. If you need any assistance with registration, please email client.relations@investcentre.co.uk.
Register nowNotice of changes to the Old Mutual Wealth SIPP terms and conditions
To simplify the move to the AJ Bell Investcentre SIPP some of the terms and conditions of the OMW SIPP are changing.
From 4 June the only type of investment that can be held in the SIPP Trust will be commercial property. Any other investments held in the SIPP Trust will remain in the SIPP, but will be held in the sole name of Sippdeal Trustees Limited. This will not affect the operation of your client’s SIPP account but will bring the structure of the product in line with the AJ Bell Investcentre SIPP and simplify the transfer process.
While your client’s beneficial interest in their SIPP remains unaffected, Sippdeal Trustees Limited will be the sole owner and signatory of any investments that are held in the SIPP, except in relation to commercial property investments. A signed client instruction will still be required to carry out any investment transactions.
Each client will be given 30 days prior notice by post of the related changes in the terms and conditions.
Useful documents
Contact information
We hope that the above clearly explains the action you need to take, but if you have any immediate questions that are not covered by the FAQs, please visit investcentre.co.uk or contact us using the details below.
Telephone: 0345 37 33 470