Frequently asked questions

What is changing?

Why is this change happening?

TDDI and AJ Bell have recently reviewed the joint arrangements we have in place for helping our customers make plans for their retirement. As a result the current arrangement between TDDI and AJ Bell, under which AJ Bell provides SIPP trustee and administration services and TDDI provides investment services for the TD SIPP, will end in December 2017. TDDI have nominated the TDDI SIPP as an alternative scheme, of which BW SIPP LLP is the scheme operator and administrator. BW SIPP LLP is wholly owned by Barnett Waddingham.

What does this mean for me -what are my options?

Your options are as follows:

Option 1
Keep your investment services with TDDI and transfer your SIPP trustee and administration services to TDDI’s nominated SIPP provider, Barnett Waddingham

Option 2           
Keep your SIPP trustee and administration services with AJ Bell and transfer your investment services to AJ Bell Youinvest

Option 3
Transfer your SIPP trustee and administration services along with your investment services to another provider of your choice

Whichever option you choose, there will be no transfer fees to pay.

Making my decision

What should I consider before choosing an option?

Your retirement plans are important and you should consider the options available to you carefully. Before making a decision, please refer to the information provided on this website setting out the key differences between the pension schemes. Please also read the Terms of Service and Key Features Documents to help you make an informed decision.

If you are unsure what to do, you should consider seeking advice from a suitably qualified financial adviser.

What do I need to do to register my choice?

We have sent you a preference form by post for you to complete and return in the pre-paid envelope provided, along with the necessary discharge form for you to complete if you choose to transfer your TD SIPP to our alternative pension scheme (option 1) or to another pension scheme of your choosing (option 3). If you choose to keep your SIPP with AJ Bell, you do not need to complete a discharge form; just complete and sign the preference form.

If you have lost the forms, you can download a further copy here. The forms should be returned to Product Administration, TD Direct Investing (Europe) Ltd, Exchange Court, Duncombe Street, Leeds, LS1 4AX.

When do I need to decide what option to take?

Once you have had sufficient time to consider your options please let us know your preference as soon as possible by returning your preference form. We need to know your preference by the 30th September 2017.

How can I get more help with the next steps?

You can get help with the next steps and find more details about your options at www.tddirectinvesting.co.uk/sippchanges and www.youinvest.co.uk/option2.

If you have any further questions then please call TDDI on 0345 773 0073 or call AJ Bell on 01892 559615 for help.

I would like to take advice about the transfer - who should I talk to?

You should speak to a suitably qualified financial adviser. If you need further information about finding an independent financial adviser in your area you can find it at www.unbiased.co.uk, www.vouchedfor.co.uk or www.moneyadviceservice.org.uk/en/articles/choosing-a-financial-adviser.

What happens if I change my mind about the option I have chosen?

Please consider the options carefully before making your decision. If you do need to change your preference please let us know as soon as possible. The latest date that we can update your preference is 30th September 2017. After this date, we’ll transfer your SIPP to the provider you’ve chosen.

To cancel a transfer after it has been paid to your new provider, you would need to exercise your cancellation rights. You have 30 days after the transfer to cancel. If you do this, you’ll need to select another provider to receive your transfer as it can’t be returned to your original SIPP with TDDI. The value of your SIPP may be lower than the original value transferred if the value of your investments has reduced.

What happens if I take no action?

It is really important that you notify us of your preferred option for your SIPP. There are some differences between each of the options available and it is important to us that you receive the right option for you. If you don’t notify us of your preferred option by 30th September 2017 you will automatically be moved to the AJ Bell Youinvest SIPP product on the 21st October 2017. This product is subject to different Terms of Service to the TD SIPP and access to the product will be via the AJ Bell Youinvest website rather than the TDDI website. You will be issued with a new username and password and instructions for logging in for the first time.

More information about AJ Bell Youinvest

How can I find out more about AJ Bell Youinvest?

AJ Bell is one of the UK’s largest providers of online investment platforms and stockbroker services. It has more than 152,400 customers and assets under administration exceeding £36.3 billion.

We have a strong SIPP heritage having launched the first online SIPP in 2000.  The quality of our SIPP and the service we deliver to customers is demonstrated by the many awards we continue to win.  For more information on our SIPP, click here.

You can also find out more by reading the key features, investment options, charges and rates, and the terms and conditions.

What are the charges and rates and terms of the AJ Bell Youinvest SIPP?

The key charges are:

Online dealing charges

Funds (including unit trusts and OEICs) online £1.50 per deal
Shares (including investment trusts, ETFs, gilts and bonds) online £9.95 per deal
Regular investments online £1.50 per deal
Dividend reinvestment 1.00% (min £1.50, max £9.95)

Custody charges

Cash No charge
Shares (including investment trusts, ETFs, gilts and bonds) 0.25%
(maximum £25 per quarter)

Funds (including unit trusts, OEICs and structured products)

First £0 - £250,000
Next £250,000 - £1m
Next £1m - £2m
Value over £2m
0.25%
0.10%
0.05%
No charge

All charges will be deducted from your SIPP.  For more information, please read our full charges and rates and the terms and conditions.

How much will it cost to move my SIPP to AJ Bell Youinvest?

You won’t pay any transfer charges to move your SIPP to us. If you transfer and then decide before 30 June 2018 that our SIPP isn’t right for you, you can move your account to another provider free of charge.

Transferring to AJ Bell Youinvest

When will the transfer to AJ Bell Youinvest happen?

We’ll send you confirmation of the date of your transfer.

Ahead of the transfer completing, we’ll send you a username and password and other information you’ll need to access your new account online.

How long will it take to transfer my account to AJ Bell Youinvest?

We’ll work closely with TDDI to ensure that your cash and investments are transferred across quickly and efficiently at the transfer date we confirm to you.

If I choose to transfer to AJ Bell Youinvest will I still be able to access my TDDI account?

Once the transfer has been completed, TDDI will send you a closing statement for your SIPP. Following this, you won’t be able to access your SIPP with TDDI.

Why are you allocating me with a fixed date for the transfer of my SIPP?

We will be allocating you with a fixed date for the transfer of your SIPP to enable us to effect the transfer as smoothly as possible and to keep any disruption to your normal trading ability to a minimum.

Managing my account with AJ Bell Youinvest

If I transfer to AJ Bell Youinvest what will happen to my direct debit?

You’ll need to set up a new direct debit with us to collect your regular contributions once the transfer has completed. We’ll send you instructions on how to do this in advance of the transfer. Monthly contributions paid by you or your employer will be collected by direct debit on the first working day of the month.

If I transfer to AJ Bell Youinvest what will happen to any outstanding tax reclaims?

Any tax reclaims due for contributions paid to your TDDI SIPP will be transferred to us when monies are received from HMRC. Tax reclaims can take between 6 and 11 weeks to receive, depending on when you made the original contribution to your TDDI SIPP.

If I transfer to AJ Bell Youinvest how will any unsettled trades be handled?

Any purchases that you make prior to the transfer will be reflected in your account with us following the transfer and you will be able to view these and sell them when markets next open. Where you have sold an investment just before the transfer, the proceeds of the sale (net of any sale costs) will be reflected in the cash transferred to us.

If I transfer to AJ Bell Youinvest what will happen to my pension payments?

We’ll set up any regular pension payments you’re receiving when the transfer has been completed. Regular pension payments paid from your TDDI SIPP are currently paid to you on the third Monday of the month.

On transfer to us, your regular pension payments will be sent on the 10th of the month or the next working day if the 10th falls on a weekend. You’ll then receive monies in your bank account two working days later.

If I transfer to AJ Bell Youinvest will all of my investments be transferred?

We expect to be able to transfer all of your investments from TDDI to AJ Bell Youinvest. If you have any investments that can’t be transferred, we’ll contact you to confirm your options.

If I transfer to AJ Bell Youinvest what will happen to my regular investments?

You’ll need to set these up again as they won’t be transferred across from TDDI.  Our regular investment service allows you to save monthly into a wide choice of investments.  Further information can be found in the Regular investment service area of our website.

If I transfer to AJ Bell Youinvest what will happen to my dividend reinvestment instructions?

Any dividends you’ve asked to reinvest will continue to be reinvested by TDDI until your SIPP is transferred to us. Once the transfer has completed, you’ll need to use our dividend reinvestment service to elect for dividends to continue to be reinvested.

Using our service you can choose to have dividends reinvested for one or more specific shares you hold or you can choose to have all eligible dividends reinvested for all shares you hold now and any you buy in the future.

How does AJ Bell Youinvest hold overseas investments?

For shares dealt on the main US, Canadian and western European markets these are held as CDIs, which are UK securities representing an underlying interest in an overseas security.

For Pacific Rim markets (so Australia, New Zealand, Hong Kong, Japan and Singapore) investments are held via the direct market.

More information on international dealing can be found here.

When is the AJ Bell Youinvest service desk open?

For queries on account administration including new accounts, transfers, SIPP benefit payments and online access the customer services team is available by calling 0345 54 32 600 from 8am to 5pm Monday to Friday.

For dealing by telephone and for dealing, corporate action and dividend queries, the dealing services team is available by calling 0345 37 33 479 from 8am to 7pm Monday to Friday.

Recently opened your SIPP or already transferring

I’ve only just opened my SIPP with TDDI. Do I still have to choose an option?

If you opened your TD SIPP before the 30th May you should have received a preference form from us in the post and you will need to notify us of your preferred option by completing and returning this form in the pre-paid envelope provided.

If you opened your TD SIPP after the 30th May, you agreed as part of your application to move your SIPP to our new provider. You do not need to take an additional action. TDDI will notify you when the transfer is complete.

My pension with another provider is in process of being transferred in to the TDDI SIPP. What will happen to this transfer?

We will continue to process your pension transfer as normal. If you have requested a cash transfer this will normally take between 7 to 10 days to complete. If you have requested a transfer of assets this can often take longer. In most cases we expect that the transfer of assets will have completed before we move you across to your preferred option, however we will monitor any transfers in progress carefully and will notify you individually if we identify any issues with the transfer completing in time.

My TD SIPP is in process of being transferred out to another provider. What will happen to this transfer?

If your TD SIPP is in the process of being transferred out to another provider you do not need to choose an option. AJ Bell will notify you when the transfer is complete.

What happens if I already have a transfer in progress with AJ Bell Youinvest?

AJ Bell will continue to process your pension transfer as normal. If you have requested a cash transfer this will normally take between 7 to 10 days to complete. If you have requested a transfer of assets this can often take longer.

Other FAQs

Can I change the beneficiaries I have nominated to receive benefits?

If you have selected AJ Bell to provide SIPP administration services your existing nomination will remain in place.

Are there any fees I need to pay before you transfer my SIPP?

You pay your TD SIPP account fees in arrears for the services you have already received. You will be notified shortly after the end of May of the amount of the TD SIPP fee due for the period from 1st December 2016 to 31st May 2017. This fee will be collected in the usual way during the month of June.