One of my favourite SIPP providers is SIPPcentre and they have today announced that they will accept Protected Rights transfers from 12 May. They have produced a briefing document which you can download here. As the DWP still only permits Protected Rights within a SIPP to be held in cash until October, the funds will be held within a segregated account with Bank of Scotland until the law changes when they will be merged with the main SIPP. No additional charges will apply other than the standard £60 transfer in fee.
This is a clever move by SIPPcentre and follows hot on the heels of Suffolk Life who launched a similar facility earlier in the year. By securing the funds now they have a head start on other providers who will be competing for what could be a lot of business from October.
