in-specie transfer from vanguard

CRAIGEMMA

I am moving my pension from vanguard to interactive investor (ii).

I have selected the in-specie option on ii website to transfer my funds over as they are.

On looking on vanguard site I see they promote transfers in and how they can do this in-specie if vanguard funds but obviously dont mention much about leaving them other than they dont charge. 

Just wondered if anyone had any dealings with them in moving funds from (not to) vanguard in-specie 

MallyGirl

I have moved from another provider in specie. I wouldn't do so again - it took months. Next time I would do cash

Notepad_Phil

MallyGirl said:

I have moved from another provider in specie. I wouldn't do so again - it took months. Next time I would do cash

As MallyGirl says, in-specie transfers can take several months (if not more), but personally where there was the choice I would always do in-specie - it would be just my luck with a cash transfer that markets rose spectacularly just after the funds were sold to cash if (and probably fall as well just prior to the sell instruction).

I've never used the Vanguard platform myself, but if there's nothing on the website then it would probably be best to message them to be 100% sure rather than rely on a reply here (though I can't see why they wouldn't support in-specie transfers out of their own funds).

Assuming they do support them, then just in case this turns out to be a lengthy transfer, make sure that your portfolio on Vanguard before the transfer starts is as close as possible to how you want it to be when you get it to ii.

dunstonh

If you dont need access to the funds for up to a year then do in-specie.   If you do, then do cash transfer.

CRAIGEMMA

thank you to everyone - Funds are down quite a bit at moment so can't convert to cash... but do want to move away !

can get cheaper charges elsewhere for same funds, cashback , 6 months free and options to set up from cash pot to funds automatically every month. 

gambleruk

Just to help you out I did in-specie from Vanguard to II and it took around 6 weeks, quite painless really, only thing was Vanguard wanting a form filling in halfway through which I did not see the message for a couple of days or otherwise would have been quicker.

CRAIGEMMA

@gambleruk thank you. 

I can get £195 cashback and 6 months free on sipp costs then its £12.99 a month v 0.15% (which is higher than 12.99 a month). 

Saying that by time it completes it might only be 3 months 

CRAIGEMMA

gambleruk said:

Just to help you out I did in-specie from Vanguard to II and it took around 6 weeks, quite painless really, only thing was Vanguard wanting a form filling in halfway through which I did not see the message for a couple of days or otherwise would have been quicker.

@gambleruk did you get the transfer out form at outset from vanguard as ii are telling me to get it from them and vanguard are saying ii requests it not me 

gambleruk

CRAIGEMMA said:

gambleruk said:

Just to help you out I did in-specie from Vanguard to II and it took around 6 weeks, quite painless really, only thing was Vanguard wanting a form filling in halfway through which I did not see the message for a couple of days or otherwise would have been quicker.

@gambleruk did you get the transfer out form at outset from vanguard as ii are telling me to get it from them and vanguard are saying ii requests it not me 

Yes I remember II telling me to request it and messaging Vanguard who said they usually expected II to request it but I just told them I needed it and it took about 3 days for it to appear in the message section of the Vanguard account, filled it in and sent it to II via secure message and then all sorted.

dunstonh

CRAIGEMMA said:

gambleruk said:

Just to help you out I did in-specie from Vanguard to II and it took around 6 weeks, quite painless really, only thing was Vanguard wanting a form filling in halfway through which I did not see the message for a couple of days or otherwise would have been quicker.

@gambleruk did you get the transfer out form at outset from vanguard as ii are telling me to get it from them and vanguard are saying ii requests it not me 

The receiving scheme does all of the work.  You do not need to contact the ceding scheme.

gambleruk

I have transferred two pensions to II and both times I have had to request a transfer out form from my original pension provider and then send it onto II before they would proceed, Aviva was very simple and done straight away, Vanguard like I said took a little longer but easy enough to do.