JHS to HWS

Introduction

When a Nova Junior SIPP client turns 18, they have the option to either convert their plan to a full Nova SIPP or transfer their pension to a different provider.

First contact with adviser as the junior approaches their 18th birthday

We are writing to you with regards the scheme for <clients name>.

The scheme was established for <clients name> when he was a minor, as he is approaching his 18th birthday the management of the scheme will revert from his guardian to <clients name> on that date.

The standard option is for the scheme to change from the Nova Junior SIPP to the Nova SIPP, this will be processed within 30 days of their 18th birthday unless we are advised that the benefits will transfer to a new scheme.

To proceed with converting the Nova Junior SIPP to a Nova SIPP, we’ll need the following additional information for <clients name>:

• Confirmation of National Insurance Number (NINO)
• Email address
• Bank details

Once converted they will be able to remain in the full SIPP if you or an appropriate IFA with access to the Hubwise platform are appointed as their financial adviser, or if they do not appoint a recognised adviser they will be required to transfer the plan to another pension provider.

We would like to confirm that we will be writing to Zachary Watson to advise him of the scheme including, a copy of the Terms and Conditions, a valuation of the scheme and the options when they turn 18. 

We will also confirm who the adviser is on record when the scheme was established.

We look forward to hearing from you shortly.

Transfer to Another Provider

If the beneficiary wishes to transfer the benefits to another pension provider:

• Select the receiving pension scheme and ask them to contact us to initiate the transfer.
• Notify us of your decision.

Converting to a Nova SIPP

In line with the maturing ISA process, if we receive confirmation that the client wants to convert from a JHS to HWS. You will need to create a SNOW ticket (Hubwise - Service Request - Employee Center) and submit for Production Support to convert the iSeries Account.

Once you receive confirmation from Production Support, please ensure Elements is updated to a Nova SIPP. 

We can then inform the adviser the conversion is complete.