Transfer out experience with Capita

finellah

I have a DC pension from former employer which I'm considering transferring out to a SIPP to consolidate along with a few other pensions. The pension is invested with SEI but administered by Capita.

I wondered if anyone had any experience of transferring out a pension that is administered by Capita and if the process with quick and easy?

The money invested in this pension is the vast majority of my pension, so I'd rather it wasn't out of the market too long.

More generally how long should it take?

Thanks

Pun

finellah wrote: »

I have a DC pension from former employer which I'm considering transferring out to a SIPP to consolidate along with a few other pensions. The pension is invested with SEI but administered by Capita.

I wondered if anyone had any experience of transferring out a pension that is administered by Capita and if the process with quick and easy?

The money invested in this pension is the vast majority of my pension, so I'd rather it wasn't out of the market too long.

More generally how long should it take?

Thanks

Transferring a pension is rarely 'quick and easy' through no fault of the administrator - the issue is the number of legal and compliance hoops they need to clear.

Your money won't be out of the market for the duration of the whole transfer out process - normally it will only be disinvested (moved into cash) just before the transfer proceeds, and the scheme to which you are transferring can then move it into investments very quickly, provided you have given the necessary instructions.

You can do much to help yourself by ensuring you respond quickly to any requests for information from Capita and that any forms they need are correctly completed and signed. You'd be amazed how many people overlook signatures!

finellah

Thanks for the reply.

I guess there are two aspects that concern me:

1) Their process - seems to be manual rather than electronic/Origo.

https://www.google.co.uk/amp/s/henrytapper.com/2017/08/09/pot-follows-member-who-are-you-kidding-pension-bee-blows-the-lid-on-dc-transfers/amp/

Coupled with

2) Recently did a simple fund change which took over 3 months.

dunstonh

I wondered if anyone had any experience of transferring out a pension that is administered by Capita and if the process with quick and easy?

The minute you say Capita, you anticipate adding 4 weeks to the process if you are lucky.

It is rare for scheme administrators of occupational schemes to use the automated transfer system (Origo Options). That system, where both providers (ceding and receiving) use it, can turn it around in under a week. Where one or both use the paper method, and you use an administrator with a poor service standard, like Capita, you start adding weeks or even months to it.

You can help by getting discharge forms completed in advance.

xylophone

Slow response from Capita covered in a letter to Jessica in Saturday's Telegraph.....

fjh

Impossible to be worse that Willis TowersWatson !!