Scot Wids Pension transfer timescale and SIPP

golfcrazyjack

Hi all,

I am new to the forum so apologies if this is not in the correct category.

I have a pension with Scottish Widows which I wish to manage myself, with the aid of my son-in-law who is also my Accountant.

I have reviewed the iSIPP scheme James Hay has to offer and I am happy with the "in's and out's" of it. I have now applied for the SIPP scheme with James Hay by post (application sent today).

Does anybody have any idea how long James Hay take to process their applications?

Also, is anyone familiar with the Scottish Widows transfer timescale with regards to transferring my exisiting pension from Scot Wids to James Hay?

Thanks for all of your help.

JB.

dunstonh

Also, is anyone familiar with the Scottish Widows transfer timescale with regards to transferring my exisiting pension from Scot Wids to James Hay?

Depends on which legacy company it and whether Scot Widows woul use the electronic transfer system on that type of plan. Typically a couple of days to about 10 days on most plans would be the norm. I dont know if James Hay use the options system or not. If not, then add another week or two (both sides need to use it).

golfcrazyjack

Thanks Dunstonh !

I have heard Scottish Widows can take as long as 6 months to trf if they wish? Something i'm hoping will not be the case.

Would you know whether James Hay would contact me once funds are received? Or would I need to contact them on a weekly basis to chase it?

Thanks again.

dunstonh

I have heard Scottish Widows can take as long as 6 months to trf if they wish?

There are certain circumstances that could create issues that cause the transfer to be delayed. However, 6 months would be extremely rare. I have only ever had one take that amount of time (it took longer). Most take a few days to two weeks (if you have the discharge forms supplied in advance).

Would you know whether James Hay would contact me once funds are received? Or would I need to contact them on a weekly basis to chase it?

I don't know. You would need to check with them.

System

Scottish Widows to Suffolk Life took about a month.
Mainly because each kept waiting for some kind of input from the other. Constant nagging got there in the end.

JamesHayExpert

Hi golfcrazyjack, thanks for your interest in James Hay Partnership.

I work at James Hay and can offer some insight into how long it will take to deal with your application.

We will process and acknowledge your application within 3 working days of receipt, including notifying you of your personal Account Executive who will handle the day to day administration of your James Hay SIPP. We will also initiate the transfer within 3 working days and would typically expect the transfer to be concluded within 2 - 4 weeks, subject to third party turnarounds. We will of course maintain communication with the ceding scheme to ensure a swift resolution.

You can view our service commitment document in the literature section of our website, jameshay.co.uk/Literature/MiSIPP.aspx

I hope this helps.

dunstonh

Are James Hay using the options system yet? 2-4 weeks seems slow for options but about the norm for paper.

JamesHayExpert

Whilst not all providers and fund managers support Options Transfers at present, we do acknowledge that this is a growing area and are currently working hard to get this added to our service as soon as we can.

Freecall

JamesHayExpert wrote: »

Whilst not all providers and fund managers support Options Transfers at present, we do acknowledge that this is a growing area and are currently working hard to get this added to our service as soon as we can.

I think that's a 'no' then. :cool:

.

dunstonh

The Options system was introduced in 2008. Nowadays, you would find those not using it are on a shorter list than those that are.

Typically, the ones not using it are the dead insurers and the financially weak who spend nothing on development. Work harder as 5 years after introduction doesn't indicate you are working hard.