Moving SIPP from HL

Albermarle

I'm surprised they are prepared to pay compensation for 'time out of the market' If I remember rightly when I transferred a pension there were warnings about this issue , presumably to cover themselves.
In any case it could have gone the other way and no doubt HL would not have much luck claiming compensation from a client .

That is quicker than what they are at the moment. I wonder if all these transfers out are creating a time drag.

I guess Lysiloo is not the only one heading for the exit due to all the bad publicity .

SonOf

I don’t believe my incoming provider (Novia) uses Origo.

I don't use Novia as they require you to place a certain amount of business with them and we feel that jeopardises IFA status. Plus, they are expensive unless the firm gets special terms. So, I have no personal experience with them. However, according to the Origo list, they do (number 47).

https://www.origo.com/services/OrigoTransferService/All_Customers.aspx

If they are not properly resourced then that is their issue.

I agree. I was just thinking out loud as to why they are so slow compared to others.

Why is there a number of transfers out?

They are suffering reputational damage because of Woodford. Rightly or wrongly, some investors have lost faith in HL and are moving elsewhere. Indeed, there have been several posts by people in the investments section saying it. And we have had several new clients approach us to move away from HL.

lisyloo

I am surprised too. I expected to be told it was within SLAs, but I’m the kind of person that likes to tie up loose ends (would prefer to lose than forever wonder what might have been).

I am only transferring as i have resigned from the employer that uses HL and my main SIPP is with Novia and managed by an IFA, which is the way I like it.
I never wanted to be self-invested so I didn’t particularly like this arrangement but as my employer offered 25.8% NI relief (12+13.8) on top of their contribution then it was a no-brainer to take it.
I don’t particularly like this arrangement but I’ve been “forced” to use my employers choice of provider my whole career (by forced I mean I’d have to forego valuable “free money” contribution and salary sacrifice benefits if I declined).
This has meant 8 pensions during 6 jobs over 29 years.

My IFA gets institutionally priced funds with Novia.

A_B_C

Make sure anyone transferring from HL uses Origo or whatever electronic transfer service is available to make cash pension transfers under 2 weeks.

The FCA are taking submission from customers regarding any regulatory breaches by Hargreaves Lansdown. Contact information on fca.org.uk.

lisyloo

I’ve just found out today that mine did use Origo (from HL to Novia).
I’ve sent my Novia contract note to HL which they requested to calculate my losses.

lisyloo

I’ve been offered £494.25 to my SIPP plus £50 cheque.

[Deleted User]

Good for you lisyloo.

My experience - and other pointers - make me think the OPs intuition is right.

SonOf

The HL transfer we are dealing with just completed. Just over 3 weeks from when it was input on Origo.

It is ironic that on another thread, HL gets commended for having transferred in done within days. When in reality is the ceding scheme that is doing it fast, not HL. Yet when you want to leave HL, they are one of the slowest out there. Even the closed insurers, like Phoenix, are faster than HL.

A_B_C

Is it possible to detail how you are claiming loss or how HL are calculating loss?

lisyloo wrote: »

I’ve been offered £494.25 to my SIPP plus £50 cheque.

midlandsimon

All depends on what you are looking for? If simply a stocks and shares plan then your better with a Platform SIPP such as ii or AJ Bell. If looking for a full SIPP with investments such as commercial property, cash deposit accounts as well as the stocks and shares then providers such as InvestAcc or Dentons would be the answer.