Virgin slow to transfer - why?

parcival

I have a small SIPP with Hargreaves Lansdown. I asked them to transfer a small stakeholder pension I have with Virgin Money to HL in order that I can put it into drawdown.

I assumed it would be a simple matter as we are only talking about a fund of about 7k.

6 weeks on and after 3 chasing letters from HL the funds are still with Virgin Money.

I have transferred other small funds from other providers to HL and all was very speedy.

What can be done to hurry Virgin along?

Many thanks

dunstonh

I assumed it would be a simple matter as we are only talking about a fund of about 7k.

Size is irrelevant. It's an admin process that is the same whether its 7k or 700k.

6 weeks on and after 3 chasing letters from HL the funds are still with Virgin Money.

Did you ask for and complete the Virgin Money discharge forms? I believe they still need those (did last time I did a transfer away from them as they didnt use the Origo transfer system).

LHW99

6 weeks! - some threads here suggest 6 months is about average for some transfers! (not that it should be)

Dox

Are you sure you've done all that you need to do? It's all too easy to overlook one of the many 'tick box' steps in any transfer, no matter what its size or how apparently simple it may look.

Virgin are still well within the legal timeframe permitted to make such a transfer, so I think, however annoying it may be, the answer is to be patient (if you can!) and try not to let it bug you.

xylophone

6 weeks on and after 3 chasing letters from HL the funds are still with Virgin Money.

Has HL received a reply/explanation from VM?

PhilEB_2

I had the same problem with Aviva - it took them 18 weeks to make a transfer and that was with constant hounding - finally went through after I made a formal complaint.

Royal London and Aegon by comparison took a matter of days.

Dox

xylophone wrote: »

Has HL received a reply/explanation from VM?

Why would they expect one? Still within statutory timeframe for transfer. Virgin would do b better to concentrate on actually getting the transfer done than responding to automated reminders.

xylophone

Why would they expect one?

Why wouldn't they?

I assume that if you make an enquiry of any sort it is in it is in the hope or expectation of some sort of response?

parcival

Thanks for all your replies.

Apparently HL have chased three times and they say that I have filled in everything I am required to do.

What is the legal time frame that they need to meet before a complaint?

This is not a huge deal in the overall scheme of things, just annoying as I don't like 'transfers' of any sort to be in limbo.

dunstonh

What is the legal time frame that they need to meet before a complaint?

6 months

Pension transfers have an electronic system that requires no discharge forms. However, both sides need to be on the electronic system. If one or both sides are not, then it is a manual process.

I believe Virgin are not on the electronic transfer system and you have to sign a Virgin form called a discharge form. Do you recall doing this? HL may be saying you have signed everything but they may just be referring to their forms.

What have Virgin said when you have phoned them up about it?

parcival

No, I have just completed HL own transfer form.

HL are saying that they have requested the discharge form and it is this that Virgin are having difficulty in sending me.

Thanks again for all replies.....