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  • FIRST POST
    • GSP
    • By GSP 15th Jun 17, 11:59 AM
    • 131Posts
    • 21Thanks
    GSP
    Transfer Out Approval Process - How Long
    • #1
    • 15th Jun 17, 11:59 AM
    Transfer Out Approval Process - How Long 15th Jun 17 at 11:59 AM
    Must of started this process in early April when we gave all our financial details and circumstances, but only found out it had been approved last week. That's good to be approved, but makes me wonder with this company how long they will take when involved in the rest of the process, although the IFA has said it should be straightforward now.

    What is the average time this should take. Should the alarm bells be ringing and we should get out now? No money has changed hands yet and understand the charge for the report will come when we transfer out.
Page 1
    • Alexd52
    • By Alexd52 15th Jun 17, 12:11 PM
    • 142 Posts
    • 78 Thanks
    Alexd52
    • #2
    • 15th Jun 17, 12:11 PM
    • #2
    • 15th Jun 17, 12:11 PM
    Mine took 4 months from signing the paperwork until the money was actually transferred.
    • HappyHarry
    • By HappyHarry 15th Jun 17, 12:40 PM
    • 397 Posts
    • 472 Thanks
    HappyHarry
    • #3
    • 15th Jun 17, 12:40 PM
    • #3
    • 15th Jun 17, 12:40 PM
    No need for alarm bells just yet.

    Ask your IFA for an update and expected timescales.

    Pension transfers can take months. I am waiting on a provider for some information on one case, where they have assured me I will get information within 42 working days. I would not provide any advice without this information, and so my client is left waiting.

    Once everything is agreed, it can take longer still. DB transfers can often take up to 3 months once all the paperwork is completed and submitted, and a six month turnaround is not unheard of.
    Last edited by HappyHarry; 15-06-2017 at 12:40 PM. Reason: Typo
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
    • dunstonh
    • By dunstonh 15th Jun 17, 1:04 PM
    • 89,448 Posts
    • 54,908 Thanks
    dunstonh
    • #4
    • 15th Jun 17, 1:04 PM
    • #4
    • 15th Jun 17, 1:04 PM
    That's good to be approved, but makes me wonder with this company how long they will take when involved in the rest of the process, although the IFA has said it should be straightforward now.
    What does the IFA say when you ask them?

    They know who the transferring scheme is and who it is going to. That gives them information that we do not have on the internet.

    What is the average time this should take.
    2 days to 6 months depending on the scheme in question.

    Should the alarm bells be ringing and we should get out now?
    You havent given us much to go on. What alarms do you think are possibly ringing and what does the IFA tell you when you ask them?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • GSP
    • By GSP 15th Jun 17, 5:03 PM
    • 131 Posts
    • 21 Thanks
    GSP
    • #5
    • 15th Jun 17, 5:03 PM
    • #5
    • 15th Jun 17, 5:03 PM
    Thanks for your replies.
    In short my IFA has decided to go to another agency (he knows more about) as the original cannot provide any timelines.
    • CFrog
    • By CFrog 15th Jun 17, 11:25 PM
    • 50 Posts
    • 34 Thanks
    CFrog
    • #6
    • 15th Jun 17, 11:25 PM
    • #6
    • 15th Jun 17, 11:25 PM
    I am transferring a DB pension and would divide the time into 3 separate periods as follows:

    1. Time to identify an IFA who is able to perform the work, agree fees etc. About 1 month.
    2. Time for IFA to perform TVAS and produce report recommending transfer (or not). About 3 months but (in my case) driven by the 3 month 'window' given by the pension Trustees to accept the CETV 'offer' of the DB pension.
    3. Time to actually transfer the funds. About 6 weeks - 2 months.
    Last edited by CFrog; 16-06-2017 at 11:25 AM.
    • davieg11
    • By davieg11 15th Jun 17, 11:38 PM
    • 241 Posts
    • 104 Thanks
    davieg11
    • #7
    • 15th Jun 17, 11:38 PM
    • #7
    • 15th Jun 17, 11:38 PM
    I contacted Mercer on the 29th December for CETV and transfer went through on the 2nd of June! Over 5 months from 1st contact.
    • ironhead
    • By ironhead 16th Jun 17, 12:00 AM
    • 9 Posts
    • 7 Thanks
    ironhead
    • #8
    • 16th Jun 17, 12:00 AM
    • #8
    • 16th Jun 17, 12:00 AM
    I can just beat that - applied for transfer value mid October last year, and similarly received transfer confirmation 2nd June, Mercers again.

    Was there ever a more useless and apathetic organisation than Mercer - I reckon it cost me about £17k in lost growth
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