Leaving HL without transfer charges

Freecall

I must admit that because that was how it worked with HL I assumed that it would be much the same. This was not an unreasonable assumption as ii handle payments to ISA's very efficiently and it is just a case of transferring money and investing immediately.

The idea of having to fill in and post paperwork just to make a contribution seems to be a step backwards.

Doctor_Who

I have to say I was rather surprised at the answer to my question of how do I fund my II SIPP?

"As this is a regulated pension product, contributions must be made a particular way. Unfortunately this cannot be done online.
In order to set up a regular contribution, please complete the contribution form and the direct debit mandate we sent you in the welcome pack and return to us. These forms can also be found here: http://www.iii.co.uk/sipp/sipp-account-forms."

I have funded my II ISA using my debit card, but this option is not available online for my SIPP account (my SIPP does not appear as a "Target for funds" in the "Fund/withdraw" tab). In the "Regular investments" tab of my SIPP it says in red "Payments unavailable for SIPP accounts"

So it looks like snail mail is the only option apart from a regular monthly subscription, which again has to be setup by snail mail......very 21st century

gterr

The cash associated with my husband's ISA, which has been transferred from HL to CSD, has gone missing. I have had at least three different statements from HL as to what has happened to it:

1) CSD have lost the cheque
2) CSD have received the cheque but have failed to cash it.
3) We sent out a replacement cheque to CSD on 30th April.

All of the above are untrue. What's happened in fact is that HL have accidentally transferred the ISA cash to iii, as part of my husband's Fund and Share account transfer. I've suspected this for about 10 days, and sent HL yet another secure message a week ago to give them a little hint and ask them to check again.

HL have _just_ replied to say, very sorry, we sent the cash to iii, we don't ususally make mistakes like this, we have asked iii to send it back and will then send it on to CSD.

I can envisage yet more delays. Do you think I should ask HL to send replacement cash to CSD right away and wait for iii to reimburse them? I don't see why we should be disadvantaged by HL's mistake. Or am I being churlish now, and should just wait?

DiamondLil

I don't think you're being in the least bit churlish - however, I don't suppose it'll get you anywhere; these companies seem to be a law unto themselves.

Freefall123

Doctor_Who wrote: »

I have to say I was rather surprised at the answer to my question of how do I fund my II SIPP?

"As this is a regulated pension product, contributions must be made a particular way. Unfortunately this cannot be done online.
In order to set up a regular contribution, please complete the contribution form and the direct debit mandate we sent you in the welcome pack and return to us. These forms can also be found here: http://www.iii.co.uk/sipp/sipp-account-forms."

I have funded my II ISA using my debit card, but this option is not available online for my SIPP account (my SIPP does not appear as a "Target for funds" in the "Fund/withdraw" tab). In the "Regular investments" tab of my SIPP it says in red "Payments unavailable for SIPP accounts"

So it looks like snail mail is the only option apart from a regular monthly subscription, which again has to be setup by snail mail......very 21st century

You can set up a BACS transfer to pay into your SIPP I was given the details in my welcome letter but you must still send in a form by mail confirming the amount which is a pain and old fashioned.

No chance of me doing that, I started my transfer at the end of February and have yet to see a single fund in my SIPP although two-thirds of the funds in my ISA have moved over. I completed the KEY illustration a while ago but was unaware that I had to send the reference to II !Have just done it again.

samcrawford

Now up to 13 weeks and counting with the HL to III transfer. So far only cash has been transferred across, no stocks/funds.

Did get a letter of apology from III, but no promises on if/when it'd be rectified.

Doctor_Who

Freefall123 wrote: »

You can set up a BACS transfer to pay into your SIPP I was given the details in my welcome letter but you must still send in a form by mail confirming the amount which is a pain and old fashioned.

I did all of that and have a regular monthly payment into my SIPP, but it appears you cannot alter the amount of the regular payment online (paper form needed) nor can you fund your SIPP with one-off payments from your debit card....this option is not present in my online SIPP account (it is for my ISA and I've used it!)....so again, adhoc SIPP payments require a paper form!

darren72

Doctor_Who wrote: »

adhoc SIPP payments require a paper form!

We should all put in a complaint with them about this - I'm going to. If they realise enough people are not happy, they may look at changing things..

bossymoo

samcrawford wrote: »

Now up to 13 weeks and counting with the HL to III transfer. So far only cash has been transferred across, no stocks/funds.

Did get a letter of apology from III, but no promises on if/when it'd be rectified.

Is it worth chasing HL to get onto the fund managers? I only ask as mine seem to have moved in provider blocks eg Blackrock ones came together as did standard life.

II asked me to nudge HL to get a valuation as they don't know which funds were ISA wrapped. So glad I took screenshots! Everything that gas moved is in the fund acc at the moment, I don't want to lose my tax free allowances from previous yrs due to someone's oversight...

organic_wanabe

It may be worth mentioning that my husband's cash moved over to II from HL a couple of weeks ago and we also received a cheque in payment of his Loyalty Bonus - probably around Week 10 of the transfer. However, although all my holdings have also moved, all the cash was still in the HL account. I phoned HL a couple of days ago to query this and was told that it was sitting there 'awaiting my instructions'. I replied that it was automatically dealt with in my husband's case and surely my intentions were clear from my letter of 12 weeks ago telling them to close my account and to waive all fees or I would take them to the Regulators.

Just a heads up in case anyone is in a similar situation - HL are awaiting your further instructions!