Niche query -transfer from SAYE to SIPP

[lokijet]

Has anyone been able to do this.

in theory you can transfer shares granted under SAYE Scheme directly to SIPP but I have nt found a SIPP willing to do this - it has to be in specie to avoid crystallising CGT and within 90 days of exercise.

I know I can transfer to an ISA but it exceeds the £20k limit so looking to transfer excess to SIPP

Anyone done this?

How much (approximately) are you talking about?

Most SIPPs that you can get without a financial adviser won’t allow this as it’s complicated. If it’s enough to bother seeing a financial advisor about you might be able to find one but I can’t think of any direct to consumer SIPPs off the top of my head who would accept these.

Preoared to be wrong if anyone knows differently / has done this recently - I know quite a few providers who may have accepted this some years ago but they’ve either gone out of business or restricted what they offer.

About 80-90k into the SIPP

Would probably be worth having an initial chat with an IFA in that case, at least to see if they would be able to recommend someone if they were to give you advice.

I am speaking to an IFA re more general pension options but this seems particularly niche and outside his wheelhouse

Trying quilter

Is it really worth it ? In this situation I don't think you'll get any tax relief on the way in to a SIPP and will usually pay 20% on the way out.

You can make a capital gain on share sales of £3k a year tax free (double if you can utilise a spouse's allowance) so can sell the shares gradually, or just take the hit and pay 18% CGT on the excess. It's only the gain that's taxed of course, not the entire amount.

By the way your shares must have done really well to be worth that amount given annual SAYE contribution limits.

your shares must have done really well to be worth that amount given annual SAYE contribution limits

The 5 year sharesave plans maturing this year are those taken out at the height of Covid, so many share prices were through the floor. At my company it's by far the biggest Sharesave return ever seen and people have quadrupled their total savings. For those that saved £500 pm over 5 years, it's been a VERY good year!

The shares in total are worth c100k 80k of this is capital gain so definitely worth it if I can find a provider