Pension Transfer. Time Out of Market.

ian16527

ian16527 said:

I have just transferred from SW to Fidelity - it was a cash transfer and took around 20 days. All online.
But I now want to transfer a previous DC works pension that it held by Mercer. I've had to print off a form and post back to Fidelity and they are estimating 6 to 8 weeks.

Well I started the transfer on 23rd Oct 2020 and Mercer have just confirmed on 14th April that they have transferred the cash. It was divested on  the 29th March. No sign of it in Fidelity.

I am not sure who held the process up as Mercer are hard to deal with, but I think it was Fidelity in the main, so 6 months to transfer a DC pension.

TVAS

The new provider should backdate the investment when the cash has been confirmed in their bank account providing you have completed all the forms correctly and provided the correct AML requirements.

You could ask both the ceding and receiving scheme if they are participants of the Origo system. Origo is an electronic transfer system designed to speed up the transfer process by using electronic transfer rather than paperwork and post.

Other than that I am rather fed up of the Covid excuse I think many staff who get full pay when off sick are skiving using the 10 self isolation. 

dunstonh

You could ask both the ceding and receiving scheme if they are participants of the Origo system. Origo is an electronic transfer system designed to speed up the transfer process by using electronic transfer rather than paperwork and post.

Hardly any of the professional administrator companies use Origo.    And they nearly all still require discharge forms and other things they make up on the fly.   It doesnt matter which one of them it is, the minute you see its a pension administered by them you are in for 2-5 months as the transfer time.

Other than that I am rather fed up of the Covid excuse I think many staff who get full pay when off sick are skiving using the 10 self isolation. 

They were bloody awful before Covid.   I'm not sure they are any worse as there wasnt much further they could fall.

Thrugelmir

TVAS said:

Other than that I am rather fed up of the Covid excuse I think many staff who get full pay when off sick are skiving using the 10 self isolation. 

Would have been at home looking after the kids rather than productively working. 

triplea35

barnstar2077 said:

For anyone that is curious.  The transfer from HL to VG took six weeks.  The delay was because of HL.   They didn't even look at it for five weeks.

I did a cash transfer from HL to Nest recently and it also took six weeks. I lost out on a 5% fund rise in the extra month longer it took than it should have done. Very poor end of service by HL.

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/78255489#Comment_78255489

If you think service is bad at HL, then going to NEST is a strange choice to make. Although, to be fair, they are pretty par for the course when it comes to auto-enrolment master trust schemes.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81877903#Comment_81877903

It is an old thread.

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/81878360#Comment_81878360

Someone bumped it, and I didn't spot it. The post that bumped it has since been removed.