Transfer from HL - an unacceptable delay?

[Deleted User]

Make a Subject Access Request on the data Hargreaves Lansdown hold on you.
This should be sent to you within a fortnight and may well expedite your transaction but, if not, and you need to progress your complaint, it puts you on the same footing as them.

dunstonh

Are SIPP transfers regulated by the FCA?

There are no specific regulations for SIPPs. Usual pension regs apply.

 IMO there should be agreed SLAs and compensation when these are not met. 

Thre are.

 Currently what incentive do H&L have of completing the transfer quickly? 

Probably things like fines from the regulator.  Redress awards from the FOS.  Reputation and probably several others.

You may find some irony with this:

How long will a pension transfer take? (hl.co.uk)

SouthCoastBoy

dunstonh said:

 IMO there should be agreed SLAs and compensation when these are not met. 

Thre are.

 Thanks, do you know what are the SLAs? I can see aspirational transfer times listed on websites but are these SLAs for the industry? How do you get compensation if the SLA is not met, is there an agreed process?

dunstonh

SouthCoastBoy said:

dunstonh said:

 IMO there should be agreed SLAs and compensation when these are not met. 

Thre are.

 Thanks, do you know what are the SLAs? I can see aspirational transfer times listed on websites but are these SLAs for the industry? How do you get compensation if the SLA is not met, is there an agreed process?

6 months is the time it must be transferred by.   If it is not done within 6 months then some redress may be possible by making a complaint using the regulated complaints process.

randompenitent

Just as another data point, I initiated a (cash) pension transfer from Scottish Widows to Interactive Investor on March 1. II say it should complete in 2-3 weeks and I'm currently at 2 weeks, waiting. It's frustrating that these things don't go more quickly but as others have pointed out, Covid/WFH has probably introduced significant delays. I hope to be retired for a *long* time so a few weeks waiting for a transfer isn't the end of the world.

ozlow

Came here looking for people in similar boat.
I initiated an in-speccie transfer from HL to Interactive Investor, who lodged paperwork with HL on 25th Feb. (I was aware in-speccie would take longer than cash transfer)
On the 4th March, II told me, that HL had told them, HL are currently dealing with in-speccie transfers from the start of December, with no indication of how long it might take for them to get to mine.

randompenitent

randompenitent said:

Just as another data point, I initiated a (cash) pension transfer from Scottish Widows to Interactive Investor on March 1. II say it should complete in 2-3 weeks and I'm currently at 2 weeks, waiting. It's frustrating that these things don't go more quickly but as others have pointed out, Covid/WFH has probably introduced significant delays. I hope to be retired for a *long* time so a few weeks waiting for a transfer isn't the end of the world.

Completed today (i.e. the £ has appeared in my II account; I don't have the detailed paperwork yet) so that's two weeks.

Webby68

ozlow said:

Came here looking for people in similar boat.
I initiated an in-speccie transfer from HL to Interactive Investor, who lodged paperwork with HL on 25th Feb. (I was aware in-speccie would take longer than cash transfer)
On the 4th March, II told me, that HL had told them, HL are currently dealing with in-speccie transfers from the start of December, with no indication of how long it might take for them to get to mine.

Interesting, asked for the wife's SIPP (2 x IT's and 1 share, circa £60K) to be transferred from HL to Fidelity "in specie" on the 15th December and are still waiting for anything to happen. Secure messages both on the 17th Feb and HL said we're "waiting for Fidelity" and Fidelity said we're "waiting for HL", my response I don't care who's waiting for who someone start please dealing with it but still waiting to hear anything. Going to give them until the end of March and then chase again.

dunstonh

Webby68 said:

ozlow said:

Came here looking for people in similar boat.
I initiated an in-speccie transfer from HL to Interactive Investor, who lodged paperwork with HL on 25th Feb. (I was aware in-speccie would take longer than cash transfer)
On the 4th March, II told me, that HL had told them, HL are currently dealing with in-speccie transfers from the start of December, with no indication of how long it might take for them to get to mine.

Interesting, asked for the wife's SIPP (2 x IT's and 1 share, circa £60K) to be transferred from HL to Fidelity "in specie" on the 15th December and are still waiting for anything to happen. Secure messages both on the 17th Feb and HL said we're "waiting for Fidelity" and Fidelity said we're "waiting for HL", my response I don't care who's waiting for who someone start please dealing with it but still waiting to hear anything. Going to give them until the end of March and then chase again.

The receiving scheme initiates the transfer.  The ceding scheme controls the timescale as they have to do the work after the request.  The receiving scheme largely sits back and waits after the initial request.    There can be requests for additional things (e.g. if it is not using Origo or its an occupational pension with one of the difficult administrator companies - who far too frequently IMO request for things one at a time rather than all at once.).

ian16527

I initiated a transfer from Mercer to Fidelity in October 2020. Fidelity then lost my transfer request authority in November. They then found it when I chased them up. After contacting Mercer, they sent me some paperwork to fill in ( more transfer authority signatures) and required some proof of identity. They were OK as it was done via email.

Roll on to Feb 2021, still no sign, Fidelity say Mercer haven't answered some information, mainly transfer value information.

Last week another letter of authority arrived to be signed and returned to Fidelity, with the transfer value sheet from Mercer dated 20th Nov 2020. I was blaming Mercer as the last transfer to Fidelity from SW went smoothly but now not so sure.

Keeping fingers crossed for some progress in the next 2 weeks - this will be a cash transfer.