Dentons Pensions has launched a commercial property offer for clients wishing to transfer in-specie to the SIPP and SSAS provider.
The firm said the offer has been introduced in recognition of the recent failures of self invested personal pension (SIPP) providers combined with deteriorating service levels, which has resulted in many SIPP members wishing to transfer away from their existing providers.
In many cases, members who own a commercial property in their SIPP will wish to retain it in a SIPP environment upon transfer, rather than sell it and transfer in cash – an “in-specie” transfer.
A potential stumbling block in this process is the cost of transferring a commercial property in-specie. Typically, it is far more expensive to effect this than a cash transfer, as the work involved is more complicated and time consuming.
Dentons said that in recognition of the fact that consumers wish to transfer to Dentons, but may be dissuaded from doing so because of the costs, from 8 January 2024 until 31 March 2024, Dentons will waive both its SIPP Establishment Fee and its commercial property in-specie Transfer-in Fee.
Taken together, these could represent a saving of over £1,000 on Dentons’ standard fees.
In addition, and in a further move to assist members with the process of transferring, Dentons has streamlined its paperwork for in-specie transfers and it has created a dedicated page on its website for the purpose.
Commenting on the special offer, Dentons’ Director of Sales and Marketing, David Fox, said: “We receive large volumes of enquiries from advisers and clients who are desperate to move away from their current SIPP providers. Those clients typically wish to move to Dentons because of our award-winning service and our strong financial position and many wish to transfer in-specie to us.
“In order to assist with the overall cost of transferring, we are delighted to be able to share the burden and waive not only our property transfer in-specie fee, but also the fee for establishing a new Dentons’ full asset SIPP. Together, these fee concessions represent significant savings and they will hopefully help clients to make the move that they are so keen to make.”
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