Shares after retirement.

[rhino49]

I understand from a letter received from Equiniti, after our share allocations were made, that shares held on my behalf would be sold and the proceeds paid to me after I retired.
I was told that HR would inform Equiniti of my "good leaver" status and that they would then send me a preference document on which I should indicate my wish to dispose of the shares held on my behalf. It is now three weeks since I left and no word yet, has anyone on here any experience of this procedure, and if so, were there any problems and how long did it take to complete ?

[leadseal]

I understand from a letter received from Equiniti, after our share allocations were made, that shares held on my behalf would be sold and the proceeds paid to me after I retired.
I was told that HR would inform Equiniti of my "good leaver" status and that they would then send me a preference document on which I should indicate my wish to dispose of the shares held on my behalf. It is now three weeks since I left and no word yet, has anyone on here any experience of this procedure, and if so, were there any problems and how long did it take to complete ?

I emailed Equiniti last week to ask this very question. Apparently once HR have informed them that you're a "good leaver", they'll send a form out in the post for you to confirm that you want the shares releasing from the SIP and into your ownership. What happens after that was left very vague.

[missort45]

You can choose to 1. keep all shares 2.Sell some and keep some 3. sell all. Return the form to them ticking your choice.

[leadseal]

You can choose to 1. keep all shares 2.Sell some and keep some 3. sell all. Return the form to them ticking your choice.

Thanks for this - you got a clearer answer than I did. Did they mention any fees for selling the shares?

[Dee Plish]

You can choose to 1. keep all shares 2.Sell some and keep some 3. sell all. Return the form to them ticking your choice.

Thanks for this - you got a clearer answer than I did. Did they mention any fees for selling the shares?

A chap at ours , soon to go on VR, reckoned there is a flat £17.50 fee charged by Equiniti for selling your shares, but check with them first.

[missort45]

You'll get sent 12 pages of gobbledygook. I didn't sell and opted to get the shares transferred into my own name so I don't have to use Equiniti if I want to sell them. Or you can transfer some or all the shares into the Royal Mail Nominee Share Service and only Equiniti can sell them. If you want to sell some or all of the shares immediately 'commission charged will be deducted from the sale proceeds.' It gave the rate on the form which had to be returned but I don't remember what it was. However their website states, the fee is 1.75% of the transaction value with a minimum of £50 and will be deducted from the sale proceeds/investment amount.

[rhino49]

Thanks for the information - I will await the communication and wade through it.
As the shares appear to be on a slow but steady rise at the moment any fee charged would be negated by a few points increase but that benefit could be negated by a sale timing which is out of your personal control ... unless they request a date on which you would like to sell ... just like a betting app .... I believe

[missort45]

If you opt to keep the shares with Equiniti and then decide to sell them you have to fill in a form, post it to Equiniti and as long as they receive it by 2:30pm they will carry out your instructions on the next business day. Don't sell that crystal ball.

[wandle]

Thanks for the information - I will await the communication and wade through it.
As the shares appear to be on a slow but steady rise at the moment any fee charged would be negated by a few points increase but that benefit could be negated by a sale timing which is out of your personal control ... unless they request a date on which you would like to sell ... just like a betting app .... I believe

Get the shares transferred into your own name. You can then control when they are sold. Barclays Stockbrokers, for example, charge only £11.95 to sell a shareholding, irrespective of size. That's far better value than a whopping £50 fee, mentioned by a previous poster!

[rhino49]

Got all the paperwork today - there are no administration fees involved for selling the shares through Equiniti, only a dealing fee of 0.5% of the value of the transaction with a minimum of £17.50.
At present that would work out at £17.50 - seems reasonable !
There are other options such as part sales - transfers etc but I always regarded these as a parting gift from the company and will spend the proceeds on a few luxuries which would otherwise have been out of reach for the moment.

[leadseal]

Got all the paperwork today - there are no administration fees involved for selling the shares through Equiniti, only a dealing fee of 0.5% of the value of the transaction with a minimum of £17.50.
At present that would work out at £17.50 - seems reasonable !
There are other options such as part sales - transfers etc but I always regarded these as a parting gift from the company and will spend the proceeds on a few luxuries which would otherwise have been out of reach for the moment.

Got mine too. The only thing that worries me, is if replying via writing that you want Equiniti to sell on your behalf, at what point will they be sold? The price is fluctuating once again.

[rhino49]

Got all the paperwork today - there are no administration fees involved for selling the shares through Equiniti, only a dealing fee of 0.5% of the value of the transaction with a minimum of £17.50.
At present that would work out at £17.50 - seems reasonable !
There are other options such as part sales - transfers etc but I always regarded these as a parting gift from the company and will spend the proceeds on a few luxuries which would otherwise have been out of reach for the moment.

Got mine too. The only thing that worries me, is if replying via writing that you want Equiniti to sell on your behalf, at what point will they be sold? The price is fluctuating once again.

I think you have to make a judgement on that - they state that they will be sold immediately if instruction is received before 14:30pm, so I imagine that if their post is as late as mine it will be the following day - they are moving slowly up and down at the moment so there shouldn't be a big change over 24 hours (now if that statement isn't tempting fate - I don't know what is lol)

[rhino49]

It's a quick process - letter today from Equiniti to advise date sold and price and confirming transfer of the proceeds to my bank - charged £17.50 for the process which didn't really hurt.