This guide will walk through the steps required in order to request a transfer into a SIPP on the Soderberg platform.

Crystallised vs Drawdown

If your client is fully uncrystallised, you will need to process the transfer on to an account with an ‘Accumulation’ status.

If your client if fully in drawdown, you will need to process the transfer on to an account with an ‘Drawdown transfer’ status. N.B. you cannot split a drawdown pot, so you can only process a full transfer in for this account type.

If your client is partially crystallised, you should establish how this is held with the previous provider:

• Separate pots; If the uncrystallised and crystallised funds are segregated within separate accounts, you may process the transfer request on the platform for each separate pot on to the relevant Soderberg account.
• Notional split; If the funds are split on paper, but not physically separated in to separate pots, you will need to submit the request using a manual transfer form (see below).

Please note, the following transfer types cannot be processed within the Adviser portal:

• Partially crystallised pension transfers with a notional split – see above.
• Partial cash pension transfers that have a manual ceding scheme.
• Beneficiary drawdown cases.
• Pension sharing orders.
• Block transfers.

In these cases, please complete a manual transfer form and email it to servicecentre@soderbergpartners.com.

In-specie transfers

To prevent delays, before requesting an in-specie transfer, we recommend that you check the ‘Instruments’ tab to ensure all of the client’s assets can be held by Soderberg. Email servicecentre@soderbergpartners.com should you wish to request a new asset is added to the platform.

We also recommend that you obtain the initial book costs of the assets in the client's portfolio with the ceding provider so that you can enter them into our system after the transfer is completed. This allows us to show correct performance of the investments. 

Process Steps

• Open the relevant client account and then click Account actions and Transfer. 

• Select the transfer type and then select the provider. If the provider requires a manual form, a pop-up will appear here to advise you of this, and you will be prompted either to upload a transfer form at the bottom of the screen, or where a wet signed form is required, you will be presented with the address to send this to. If nothing appears, the provider accepts electronic transfer requests and no additional paperwork is required.

N.B. if you are processing a partial SIPP transfer and the provider does not accept electronic transfer submissions, you will need to submit this via email instead of completing this online form.

• If it is a partial transfer for an uncrystallised pot, you can choose whether to transfer a specific amount ('withdraw' option) or you can express a specific amount which is to be left behind with the ceding provider ('remaining balance' option). 

• Enter the transfer value and the ceding account reference number. For most providers, you will see a helpful hint re. the expected format of the reference. We recommend you check this carefully as this is the most common reason that a transfer will be rejected.

• Answer the question as to whether the pension being transferred contains Safeguarded Rights. If so, you need to enter your firm's FCA number. 

• The address details of the client will be automatically populated in the transfer from the client details screen. Please ensure we and the ceding scheme hold the correct address, as a mismatch in the client’s address is another common reason for transfer rejections.

• If the client has a default investment strategy in place, you will be asked if you would like the transfer to auto-invest upon receipt. You can set up/amend the client’s default investment strategy within the ‘account details’ tab. You can find more details on this here.

• You will then have the option to apply an initial fee, which is automatically deducted when the transfer lands prior to auto-investment. N.B. there is a 5% maximum limit.

If the chosen provider is one that requests a signed form in order to accept the request, here you will need to upload the form (this must be a PDF) An onscreen message will confirm the type of signature required; either a scanned copy or digital signature.

We recommend that you check with the ceding scheme as to whether they have specific requirements around paperwork e.g. discharge forms. Where the ceding scheme has their own paperwork for transfers out, please upload their paperwork instead of the Soderberg manual form.

• Once completed, click Review to double-check the information and then click Submit. 

• The transfer is now submitted and you can follow the progress in the Transfers Workbench, which is accessed via the Transfers tab in the top menu. Electronic transfers will show a status of 'With previous provider'. Transfers requiring manual forms will show a status of 'Awaiting documentation' or 'Reviewing documentation'. You can find more information about transfer and tracking statuses here.

Please post wet signed forms if required to 20 Manvers Street, Bath, BA1 1JW, for the attention of Seccl.

See here for more information on dealing with rejections.