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Providers push simplification of in specie transfers

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A number of providers have stressed the need to simplify in specie transfers between different savings vehicles in a letter to the Treasury after it promised to support simpler, more flexible workplace savings.

Pointon York was among the correspondents to write to the Treasury, as well as Hargreaves Lansdown, Suffolk Life, AJ Bell, Friends Life and LV=.

Under current rules, asset transfers between different vehicles such as pensions and ISAs require investors to sell the assets and repurchase them in the new vehicle using the money received. Because HMRC rules state that pension contributions must be defined as a monetary amount, SIPPs must create a debt which the individual's assets rectify, which can cause complications.

The letter suggests that the current rules pose a barrier to saving, and that simplification would be in the interest of the consumer at no cost to the tax payer.

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Pointon York SIPP Solutions is a division of Curtis Banks Limited authorised and regulated by the Financial Conduct Authority.