Amount of time to transfer a pension between 2 providers

kievgoose

Hi .
I am in the process of transferring a couple of my pensions under one policy. One pension is going through all ok. However the other one seems to be dragging their heels and have said that it could take up to 12 weeks to provide the information. Is there a set time that pension providers to complete a pension transfer. 
I used to work in PEP/ISA transfers and we had to do it within 4 weeks and so I do think that 12 weeks is a long time. 

MallyGirl

is it going as cash or 'in specie'. Cash is usually much quicker

dunstonh

If both providers are using origo then the transfer will happen within 2-5 days.     That system is similar to the electronic transfer systems on ISAs.   If one of the providers doesn't use Origo then it has to revert to the paper method and that is usually counted in weeks as forms are posted back and forth between the providers before the money is sent.

If the pension is an occupational pension then there are usually discharge forms to complete which have to be signed by the administrators and sometimes trustees.   The trustees may only meet once a month and the professional administrator companies are notoriously slow.

if you use in-specie transfers instead of cash transfers then you could be talking up to 12 months.   Although 3-6 months is more typical.

westv

12 months? !!!!!!?!!

calltobala

dunstonh said:

If both providers are using origo then the transfer will happen within 2-5 days.     That system is similar to the electronic transfer systems on ISAs.   If one of the providers doesn't use Origo then it has to revert to the paper method and that is usually counted in weeks as forms are posted back and forth between the providers before the money is sent.

If the pension is an occupational pension then there are usually discharge forms to complete which have to be signed by the administrators and sometimes trustees.   The trustees may only meet once a month and the professional administrator companies are notoriously slow.

if you use in-specie transfers instead of cash transfers then you could be talking up to 12 months.   Although 3-6 months is more typical.

Hi 
I want to transfer from Standard life group stake holders pension to my SIPP with interactive investors. Do you think group stake holders trustees  meet only once in a month and delay for months even if both companies uses Origo electronic transfer to transfer out cash by selling SL mutual funds. 

dunstonh

calltobala said:

dunstonh said:

If both providers are using origo then the transfer will happen within 2-5 days.     That system is similar to the electronic transfer systems on ISAs.   If one of the providers doesn't use Origo then it has to revert to the paper method and that is usually counted in weeks as forms are posted back and forth between the providers before the money is sent.

If the pension is an occupational pension then there are usually discharge forms to complete which have to be signed by the administrators and sometimes trustees.   The trustees may only meet once a month and the professional administrator companies are notoriously slow.

if you use in-specie transfers instead of cash transfers then you could be talking up to 12 months.   Although 3-6 months is more typical.

Hi 
I want to transfer from Standard life group stake holders pension to my SIPP with interactive investors. Do you think group stake holders trustees  meet only once in a month and delay for months even if both companies uses Origo electronic transfer to transfer out cash by selling SL mutual funds. 

Group stakeholders are controlled by the insurance company.  They are not the same as occupational pensions.