Transferring SIPP provider

Prudencerules33

Hi
I'm in the process to transfer my SIPP from one provider to another and have found it will take between 8 and 11 weeks. In this digital age and SIPP value has 85% in cash why does it take so long? 

MX5huggy

Because the pension industry is not in “this digital age”. Bits of paper have to move across peoples desks. 

Linton

It depends on the provider procedures, some providers, particularly I guess if it is an old pension, may not be fully wired-in.  If you transferred completely in cash it should be much faster.

msallen

Linton said:

It depends on the provider procedures, some providers, particularly I guess if it is an old pension, may not be fully wired-in.  If you transferred completely in cash it should be much faster.

You'd imagine so, but when I transferred earlier this year, the equities arrived about a week before the cash element! The whole thing was complete in about 3 weeks.

dunstonh

I'm in the process to transfer my SIPP from one provider to another and have found it will take between 8 and 11 weeks. In this digital age and SIPP value has 85% in cash why does it take so long? 

If both the ceding scheme and the receiving scheme use origo, then the transfer will be counted in days.  If one of the schemes does not use origo then it falls back to the same system that has been in place for 30 years. i.e. paper and royal mail (although some may accept some bits by email).

Certain schemes, such as occupational pensions, often have to run transfers via the trustees.  The trustees may only meet once a month.

So, it very much depends on the type of pension.