I transferred my SIPP to the Share Centre two years ago. I did not understand that TSC did not really run the SIPP, it is run by Curtis Banks. The transfer process was painful with no one taking charge of seeing it through. It took four months and I was forced out of the market on some funds at the wrong time. I lost several thousand as a result.
The issue was that CB could not hold the same class of the funds I was transferring in as HL (the transferor). Those managing the transfer did not seem to understand this.
Once in drawdown CB continued poor. Two requests to change the monthly amount were not acted on until I chased them up.
A separate issue related to getting Property Income distributions paid gross. This is right of every SIPP and ISA and the REITS have a simple form available on their websites to effect this. HL and ii do it. Curtis Banks refused to do this. Effectively I paid income tax twice on these distributions. Unbelievable – no customer focus at all.
SIPP operators should certainly reclaim the REIT dividend taxes (PIDs) on your behalf. Curtis Banks certainly did that for some of my holdings a couple of years ago but I am having to chase them for more recent ones. They just seem to be totally overwhelmed and under resourced to manage SIPPs properly. Legal action is being contemplated over this.