Transferring Pension provider in the middle of this market trounce

aj9648

Hi
I started my transfer from Fidelity to Vanguard a few weeks ago and I know this is happening now as my Fidelity account shows zero and my Vanguard pension also shows zero - so the transfer is in between somewhere.  I just wondered if my investments are still active at this point or are they paused - I cant really see when the transfer out from Fidelity actually happened, but I did apply for the Vanguard the same day the SIPP email went out from them.

green_man

Is this a cash transfer or in specie ?   In the latter case it should have no effect.  In the former you may be lucky and have cashed out before today’s drops possibly having the opportunity to buy back in at a lower price.

dunstonh

 I just wondered if my investments are still active at this point or are they paused
If Fidelity is showing as zero, then it means the money has left them.  Vanguard may have invested the money at this stage and it will not show as a value until settlement.  I don't know if Vanguard pre-fund.  Or you could be lucky and the cheque may still be in the post.   

The Vanguard platform should be able to show you if the units have been purchased (although they may not show that information as not all platforms do).  A check in your document library may be worth looking at (again, assuming they have not locked that out either)

MarkCarnage

Bit of a gamble and lottery transferring right now. You could easily end up 10% or more better or worse off unless it's an in specie transfer. 

aj9648

Just under £50k was transferred out as cash on the 26th Feb.  It says settlement date of 28th Feb and a pricing date of 2nd March.  Nothing of the equivalent on the Vanguard side just yet

dunstonh

aj9648 said:

Just under £50k was transferred out as cash on the 26th March.  It says settlement date of 28th Feb and a pricing date of 2nd March.  Nothing of the equivalent on the Vanguard side just yet

Assuming you mean 26th Feb, then that is a long gap between the two. i.e. 26th Feb leaving and 9th March and nothing showing yet.
However, it could be that Vanguard dont show on theirs until the fund purchase has settled. Being a new platform that was custom built, the software level of detail is not known yet.

aj9648

dunstonh said:

aj9648 said:

Just under £50k was transferred out as cash on the 26th March.  It says settlement date of 28th Feb and a pricing date of 2nd March.  Nothing of the equivalent on the Vanguard side just yet

Assuming you mean 26th Feb, then that is a long gap between the two. i.e. 9th March and nothing showing yet.
However, it could be that Vanguard dont show on theirs until the fund purchase has settled. Being a new platform that was custom built, the software level of detail is not known yet.

Yes sorry it is the 26th Feb

Pegleg2001

aj9648 said:

Hi
I started my transfer from Fidelity to Vanguard a few weeks ago and I know this is happening now as my Fidelity account shows zero and my Vanguard pension also shows zero - so the transfer is in between somewhere.  I just wondered if my investments are still active at this point or are they paused - I cant really see when the transfer out from Fidelity actually happened, but I did apply for the Vanguard the same day the SIPP email went out from them.

I did the same but from AJ Bell on the day the Vanguard SIPP was announced. It happens in cash only as Vanguard cannot do “in specie” at present. I had setup the arriving cash to automatically purchase the same Lifestrategy funds when it arrived. Whilst both accounts showed zero, and with the unfolding market slump, I logged into my Vanguard account and cancelled these pending transactions.  It is sitting there in cash now waiting to be invested. Did you setup such automatic investments for the incoming cash? If so, you may or may not still want that to happen!

aj9648

Pegleg2001 said:

aj9648 said:

Hi
I started my transfer from Fidelity to Vanguard a few weeks ago and I know this is happening now as my Fidelity account shows zero and my Vanguard pension also shows zero - so the transfer is in between somewhere.  I just wondered if my investments are still active at this point or are they paused - I cant really see when the transfer out from Fidelity actually happened, but I did apply for the Vanguard the same day the SIPP email went out from them.

I did the same but from AJ Bell on the day the Vanguard SIPP was announced. It happens in cash only as Vanguard cannot do “in specie” at present. I had setup the arriving cash to automatically purchase the same Lifestrategy funds when it arrived. Whilst both accounts showed zero, and with the unfolding market slump, I logged into my Vanguard account and cancelled these pending transactions.  It is sitting there in cash now waiting to be invested. Did you setup such automatic investments for the incoming cash? If so, you may or may not still want that to happen!

Where can you cancel the pending transactions? 
Edit - just cancelled mine as well (phew) - looks like would have been an £8k hit as value of those transactions was only £42K...….will they now just sit as cash?

Notepad_Phil

aj9648 said
Edit - just cancelled mine as well (phew) - looks like would have been an £8k hit as value of those transactions was only £42K...….will they now just sit as cash?

I would assume that they will stay in cash, but surely if the transaction sum was only showing as £42k and you were able to cancel the automatic purchase then that means that only £42k had been transferred across? Or is this a quirk of Vanguard and how it shows automatic purchases?

gele

I am a real novice so please be kind  I too recently transferred a very small pension to a Vanguard SIPP choosing LS60 for the cash to go directly into.  The Vanguard site currently states the order status is pending (date 13th March) and no holdings as yet. It is only worth £8600 but was wondering with the markets situation at the moment if its wise to leave it to progress as normal or not. It does give me the option to cancel but I'm not sure where that leaves me. Please could someone explain in very simple terms:)