How long does it take SIPP payments to 'show' in YOUR account?

silvermum

Am with Interactive Investor.

Made a one off payment into my SIPP on 3 March. It left my account immediately. Also sent relevant payment form. Had confirmation from II that form was received on 6th March and that my contribution would show 'within 7 working days' in my account.

I sent them a secure message on 16/3/17 asking for an update/ if there was a problem as money still wasn't in my account. No reply received.

I called them yesterday (21/3) and they apologised, said that my form had been 'mislaid' and promised to get back to me by the end of the day with an update. I offered to send a copy of the form (they declined that). I didn't receive any further update yesterday.

Still nothing showing this morning.:mad:

This isn't 'normal' is it? Are there any industry standards about how long it should take to process a payment? Someone has been sitting on my cash for 19 days now!

Any suggestions/ advice? Should I be making a formal complaint?

soulsaver

silvermum wrote: »

Am with Interactive Investor.


This isn't 'normal' is it?
Any suggestions/ advice? Should I be making a formal complaint?

Not unusual for II in my experience..

ctdctd

They take a few days to show usually.
3rd to 22nd March sounds rather long though.

Their SIPP offices are separate from the main ones so there are more chances for paperwork to go astray.

That's not really an excuse though so yes, I'd consider a formal complaint - might encourage them to get their act together!

Rheumatoid

Almost immediate with HL

AnotherJoe

Surely by definition if they said a form had been mislaid, it is unusual.

FWIW if I top up my HL SIPP it takes about 5 minutes at most. But there is no "payment form" to fill in and post, taht soudns very quaint, do you use a quill pen . What is that?

With HL you just tell them to pull money via your debit card. They ask on that same transaction if you want to immediately invest (and if so, what in) or leave as cash. Thats it.

On the downside, it can then take up to about 6 weeks for the HMRC top up to arrive, as they run that to a published schedule (so its possible to time it so they pretty much coincide). I believe some providers credit that HMRC top up immediately.

badger09

AnotherJoe wrote: »

Surely by definition if they said a form had been mislaid, it is unusual.

FWIW if I top up my HL SIPP it takes about 5 minutes at most. But there is no "payment form" to fill in and post, taht soudns very quaint, do you use a quill pen . What is that?

With HL you just tell them to pull money via your debit card. They ask on that same transaction if you want to immediately invest (and if so, what in) or leave as cash. Thats it.

On the downside, it can then take up to about 6 weeks for the HMRC top up to arrive, as they run that to a published schedule (so its possible to time it so they pretty much coincide). I believe some providers credit that HMRC top up immediately.

Because HL choose to 'batch claim' tax top up from HMRC.

silvermum

[QUOTE=AnotherJoe;72291931
FWIW if I top up my HL SIPP it takes about 5 minutes at most. But there is no "payment form" to fill in and post, taht soudns very quaint, do you use a quill pen . What is that? [/QUOTE]

No need to be snarky!

I've used HL in the past, so I know their 'gold standard' service is hard to beat, but then given it was costing me £1200 a year more in fees, so it should be!

For regular payments the II process is similar to HL, but this is a one-off lump sum, so perhaps that's the problem. Also I've now discovered that they also have an online contribution form, so will be using that in future!

LHW99

Can take a couple of weeks, so if the form was mislaid, start the clock again!

bigadaj

Rheumatoid wrote: »

Almost immediate with HL

Immediately expensive.

dunroving

My experience of Fidelity, paying with debit card:

Usually takes a couple of days for the "cash" to show up in my SIPP, even though it shows as missing on my bank account almost immediately!

Usually takes a further few days to show as a transaction (i.e., number of units purchased, etc.)

Usually takes anything from 6-12 weeks for the HMRC top-up to appear.

Rheumatoid

bigadaj wrote: »

Immediately expensive.

doesn't cost anything to deposit cash into my SIPP