Pension switching incentives

artyboy

Well I certainly picked an interesting time to transfer. Wouldn't make any difference if it was all in specie, but I'm actually shifting out of Nutmeg, which of course means liquidating and moving cash.

Right now I've got about 200k in the ether, headed for II and Bestinvest, and depending on when it's available, I could get some significant benefit out of my inadvertent market timing. There's still more to move to HL, but they seem to be moving at a snails pace and I've missed the boat on liquidating early there.

I also have to declare all my broker accounts to my employer, but it's not exactly onerous and hasn't put me off. 

Albermarle

There's still more to move to HL, but they seem to be moving at a snails pace and I've missed the boat on liquidating early there.

Presume there is quite a lot of transfers in, in progress. Do you know you can register for a 3 months extension to the current deadline. Might get a bit quieter then.

vacheron

I think it’s a six-month extension you can request for pension transfers 👍

vacheron

artyboy said:

Well I certainly picked an interesting time to transfer. Wouldn't make any difference if it was all in specie, but I'm actually shifting out of Nutmeg, which of course means liquidating and moving cash.

Right now I've got about 200k in the ether, headed for II and Bestinvest, and depending on when it's available, I could get some significant benefit out of my inadvertent market timing. There's still more to move to HL, but they seem to be moving at a snails pace and I've missed the boat on liquidating early there.

I also have to declare all my broker accounts to my employer, but it's not exactly onerous and hasn't put me off. 

Yeah, my transfer completed at the beginning of last week and it’s so far the £125k I transferred is down £2.7k due to all the stuff going on in America and I imagine by the end of the day it will have dropped further again.

However, as the scheme I transferred out of is tracking pretty much the same distribution of US stocks / bonds, I haven’t lost anything I wouldn’t have lost anyway. 

Annoyingly, the time from Scottish Widows selling my fund and Hargreaves Lansdown buying the new fund was only 2-3 days.
I wish there had been a larger delay as having that money sitting in cash for the last week would have been quite advantageous 🤪

artyboy

Albermarle said:

There's still more to move to HL, but they seem to be moving at a snails pace and I've missed the boat on liquidating early there.

Presume there is quite a lot of transfers in, in progress. Do you know you can register for a 3 months extension to the current deadline. Might get a bit quieter then.

It's already in flight so I'm not going to worry, it takes as long as it takes and I initiated it within the original offer deadline so no extension needed. Annoyingly HL are suggesting they want a discharge form from Nutmeg, something that neither II or Bestinvest asked for.

dunstonh

artyboy said:

Albermarle said:

There's still more to move to HL, but they seem to be moving at a snails pace and I've missed the boat on liquidating early there.

Presume there is quite a lot of transfers in, in progress. Do you know you can register for a 3 months extension to the current deadline. Might get a bit quieter then.

It's already in flight so I'm not going to worry, it takes as long as it takes and I initiated it within the original offer deadline so no extension needed. Annoyingly HL are suggesting they want a discharge form from Nutmeg, something that neither II or Bestinvest asked for.

If both parties use origo, then no discharge form is required.  If one side does not use Origo then a discharge form is required. 

Nutmeg use origo.  So, I am not sure whey HL are asking for a discharge form.  Perhaps they don't realise Nutmeg use Origo (as Nutmeg is not a provider they would come across often or they haven't updated their software since Nutmeg joined Origo or the person couldnt find nutmeg on their list (lists are not always alphabetical or updated often).

artyboy

dunstonh said:

artyboy said:

Albermarle said:

There's still more to move to HL, but they seem to be moving at a snails pace and I've missed the boat on liquidating early there.

Presume there is quite a lot of transfers in, in progress. Do you know you can register for a 3 months extension to the current deadline. Might get a bit quieter then.

It's already in flight so I'm not going to worry, it takes as long as it takes and I initiated it within the original offer deadline so no extension needed. Annoyingly HL are suggesting they want a discharge form from Nutmeg, something that neither II or Bestinvest asked for.

If both parties use origo, then no discharge form is required.  If one side does not use Origo then a discharge form is required. 

Nutmeg use origo.  So, I am not sure whey HL are asking for a discharge form.  Perhaps they don't realise Nutmeg use Origo (as Nutmeg is not a provider they would come across often or they haven't updated their software since Nutmeg joined Origo or the person couldnt find nutmeg on their list (lists are not always alphabetical or updated often).

Thanks dunstonh, I did query this with them last week but not had a reply so may just have to call and sort it out. Bit annoying that it wasn't processed before the latest little market dip, but timing the market is a mugs game as we all know 

michaels

dharm999 said:

Was looking at doing something similar, particularly in relation to Bestinvest.  Don't forget they are also offering a £100 refer a friend incentive paid to both the friend and referrer, so if you know someone with an account with them, get them to refer you, get £100, and then do the transfer in to get another £1000, maximum.  Their fees are higher than others, but their T&Cs say you only hve to have the account for around six months, so still worth it, after factoring in potentially higher charges for those six months.

Can you do both?

incus432

artyboy said:

Well, having done the sums, it's worth the effort (and likely patience) on my part. I can get £1500 from HL, £300 from II, and £1125 from Bestinvest (mix of TCB for new money plus transfer incentive). Plus I can throw in another £400 from fidelity/TCB for putting £20k of new money in an ISA with them..

Given the minimum holding periods, and calculating the deltas in fees versus my 'default' long term consolidation option (which is II), it should net me about £2500 in incentives. And I've still got more to move in case there are any more incentives to be announced. 

I'm specifically avoiding Wealthify and other robo/non-SIPP options as I am intending to keep the investments homogenous across platforms - probably vanguard world all cap. I think I've exhausted all the major incentives out there for now...

Yes I think it can be worth the effort but only I feel if you want to move anyway - for lower platform fees or better service.

I have been with Bestinvest for over a decade but over the last few years have become quite unhappy with their service and bureaucracy  (their fees have increased too but I am on a legacy tariff). I had earlier tried to take Bestinvest's cashback offer for movng a SIPP but they sent a complex form with misnumbered sections (so the instructions made no sense) and you had to remember to claim some time after the transfer I think. So I decided to move away and take the transfer offer from AJ Bell. True to form Bestinvest demanded a long impenetrable exit form c/w with duplicate sections, that could not be signed electronically, for me to print sign and send to AJBell-  for them to certtify they were a legit SIPP provider!  In contrast Vanguard apprioved a transfer with a minimum of fuss.

Initial impression is the AJ Bell service and website is much better. Hope it lasts

I also got £900 cashback for transferring an ISA to Lloyds (they seem to have counted it as 3 tranches!). Definitely worth it

artyboy

incus432 said:

artyboy said:

Well, having done the sums, it's worth the effort (and likely patience) on my part. I can get £1500 from HL, £300 from II, and £1125 from Bestinvest (mix of TCB for new money plus transfer incentive). Plus I can throw in another £400 from fidelity/TCB for putting £20k of new money in an ISA with them..

Given the minimum holding periods, and calculating the deltas in fees versus my 'default' long term consolidation option (which is II), it should net me about £2500 in incentives. And I've still got more to move in case there are any more incentives to be announced. 

I'm specifically avoiding Wealthify and other robo/non-SIPP options as I am intending to keep the investments homogenous across platforms - probably vanguard world all cap. I think I've exhausted all the major incentives out there for now...

Yes I think it can be worth the effort but only I feel if you want to move anyway - for lower platform fees or better service.

I have been with Bestinvest for over a decade but over the last few years have become quite unhappy with their service and bureaucracy  (their fees have increased too but I am on a legacy tariff). I had earlier tried to take Bestinvest's cashback offer for movng a SIPP but they sent a complex form with misnumbered sections (so the instructions made no sense) and you had to remember to claim some time after the transfer I think. So I decided to move away and take the transfer offer from AJ Bell. True to form Bestinvest demanded a long impenetrable exit form c/w with duplicate sections, that could not be signed electronically, for me to print sign and send to AJBell-  for them to certtify they were a legit SIPP provider!  In contrast Vanguard apprioved a transfer with a minimum of fuss.

Initial impression is the AJ Bell service and website is much better. Hope it lasts

I also got £900 cashback for transferring an ISA to Lloyds (they seem to have counted it as 3 tranches!). Definitely worth it

For me, it was actually a good opportunity to compare and contrast relative service offerings.

If I assume that I'm going to stick with cheap diversified trackers for the foreseeable future, then my instinct is that I'll settle on II because platform cost will win out, assuming the platform isn't rubbish. It would take quite a lot of 'added value' in the form of market research, webinars etc, for Bestinvest to beat II, especially on a consolidated pot of around £1m. But while I've accepted their incentive, they have the lock-in period to try and convince me...

Same goes for HL, who to be fair, have already paid out the £1500. Bestinvest are making me wait till the autumn!