Vanguard pension transfer - slow, no information, unhelpful - is this the norm?

nicknameless

We (myself and my partner) are trying to transfer SIPP from vanguard to HL.  Request put in with HL in mid march for her transfer.  Vanguard have had the request since 6th April according to HL who have supplied details of all contacts etc. with Vanguard.

Vanguard not even able to confirm receipt of transfer request, let alone state of progress.  This is 8 weeks after initial forms / request sent by HL.

Is this par for the course?

My partner is partially deaf and will not use the phone so we are left with messaging system.  I have asked to speak with Vanguard on her behalf to try to get some clarity but they've come back asking if I have power of attorney!!  Tbh I am getting mightily hacked off with what seems like a very poor level of service and especially a poor way to handle interactions with someone with a disability.

All that aside - am I expecting too much to have at least some information 8 weeks after request sent to Vanguard, even if it is just that they have it and will process in due course?

This is making me want to move all our funds away from Vanguard, regardless of whether this will result in increased fees elsewhere.

Many thanks in advance.

dunstonh

Is this par for the course?

Origo to Origo usually takes about 3 days to a week on cash transfers.  If you haven't sold your existing funds to cash, then add another 3-4 days.   If you are using the inspecie transfer method then it can take upto 6 months,

Tbh I am getting mightily hacked off with what seems like a very poor level of service and especially a poor way to handle interactions with someone with a disability.

Disability doesn't make the person incapable and doesn't erode their consumer rights.   You do not have any right to her information unless she grants permission.  That would be difficult to achieve on a phone call due to her disability but other methods are possible. i.e. in writing or POA (the latter is likely overkill and unncessary)

All that aside - am I expecting too much to have at least some information 8 weeks after request sent to Vanguard, even if it is just that they have it and will process in due course?

Under the new pension transfer requirements, if your transfer has been pulled for enhanced checks, they cannot tip off you or anyone else involved as to the issues.  HL and Vanguard both fall foul of the "overseas" investments being available. and that means enhanced checks are required.   Vanguard could choose to use common sense but some pension providers are playing it lazy and not using any discretion despite the rules allowing them to.    So, the delay could be down to that.    The mainstream providers are using common sense on the whole (especially origo to origo transfers) but some of the non mainstream providers are not.

What method are you using for transfer?  cash or inspecie

Sharktail

Same boat as you I’m afraid  I submitted transfer request via interactive investor on 30th April received telephone call from vanguard re security check 10 days later then heard nothing since, II have contacted them twice via telephone vanguard had hung up on them on both occasions also II had contacted them via the origo system & email no response received , I’ve contacted vanguard twice myself & received generic responses,it’s very frustrating as my transfer has been in cash since request 

Albermarle

Maybe having been successful in building up a customer base in UK, with lots of transfers to Vanguard, now they don't like it when people want to transfer out ?
HL were the same a couple of years ago. Transfers in were quick, but lots of foot dragging/delay with transfers out.

nicknameless

dunstonh said:

Is this par for the course?

Origo to Origo usually takes about 3 days to a week on cash transfers.  If you haven't sold your existing funds to cash, then add another 3-4 days.   If you are using the inspecie transfer method then it can take upto 6 months,

Tbh I am getting mightily hacked off with what seems like a very poor level of service and especially a poor way to handle interactions with someone with a disability.

Disability doesn't make the person incapable and doesn't erode their consumer rights.   You do not have any right to her information unless she grants permission.  That would be difficult to achieve on a phone call due to her disability but other methods are possible. i.e. in writing or POA (the latter is likely overkill and unncessary)

All that aside - am I expecting too much to have at least some information 8 weeks after request sent to Vanguard, even if it is just that they have it and will process in due course?

Under the new pension transfer requirements, if your transfer has been pulled for enhanced checks, they cannot tip off you or anyone else involved as to the issues.  HL and Vanguard both fall foul of the "overseas" investments being available. and that means enhanced checks are required.   Vanguard could choose to use common sense but some pension providers are playing it lazy and not using any discretion despite the rules allowing them to.    So, the delay could be down to that.    The mainstream providers are using common sense on the whole (especially origo to origo transfers) but some of the non mainstream providers are not.

What method are you using for transfer?  cash or inspecie

Thankyou.  In Specie.

Re disability she had asked (via message) if there was a way to give permission for me to speak to them on the phone if need be on her behalf and for them to let her know what they need.  HL have had no issue with this at all and have been very sensitive to her disability.  Vanguard not so.  If we are feeling that way it says something about their attitude and customer service.

nicknameless

Sharktail said:

Same boat as you I’m afraid  I submitted transfer request via interactive investor on 30th April received telephone call from vanguard re security check 10 days later then heard nothing since, II have contacted them twice via telephone vanguard had hung up on them on both occasions also II had contacted them via the origo system & email no response received , I’ve contacted vanguard twice myself & received generic responses,it’s very frustrating as my transfer has been in cash since request 

Thanks for letting me know.  Looks like we might be in for a longer wait then.  Ok - will vote with our financial feet and take all money out of vanguard.

dunstonh

Thankyou.  In Specie.

In this case, you usually measure it in months rather than days or weeks.

Sharktail said:

Same boat as you I’m afraid  I submitted transfer request via interactive investor on 30th April received telephone call from vanguard re security check 10 days later then heard nothing since, II have contacted them twice via telephone vanguard had hung up on them on both occasions also II had contacted them via the origo system & email no response received , I’ve contacted vanguard twice myself & received generic responses,it’s very frustrating as my transfer has been in cash since request 

My gut, in this case, would be that ii don't qualify as a mainstream provider and they offer overseas investments. So, they certainly would trigger the enhanced checks.    That doesn't mean it is the case but its more likely than if it was going to Aviva platform or Standard Life etc.  (although a recent transfer I had from a occupational pension didn't consider standard life a mainstream provider and insisted on a moneyhelper session before they would transfer)

Pat38493

 By the way, if you trigger and In Specie transfer and it takes 6 months, does that mean you are barred from taking any other action on that pot during that whole 6 momths?

nicknameless

dunstonh said:

Thankyou.  In Specie.

In this case, you usually measure it in months rather than days or weeks.

Sharktail said:

Same boat as you I’m afraid  I submitted transfer request via interactive investor on 30th April received telephone call from vanguard re security check 10 days later then heard nothing since, II have contacted them twice via telephone vanguard had hung up on them on both occasions also II had contacted them via the origo system & email no response received , I’ve contacted vanguard twice myself & received generic responses,it’s very frustrating as my transfer has been in cash since request 

My gut, in this case, would be that ii don't qualify as a mainstream provider and they offer overseas investments. So, they certainly would trigger the enhanced checks.    That doesn't mean it is the case but its more likely than if it was going to Aviva platform or Standard Life etc.  (although a recent transfer I had from a occupational pension didn't consider standard life a mainstream provider and insisted on a moneyhelper session before they would transfer)

They haven't even been able to confirm receipt of the transfer request in the 6 weeks we have been asking.  Why would in specie take 6 months anyhow?   If that is actually the case it's an utter disgrace IMHO.

dunstonh

Pat38493 said:

 By the way, if you trigger and In Specie transfer and it takes 6 months, does that mean you are barred from taking any other action on that pot during that whole 6 momths?

yes.   Its a limitation of in-specie that you dont want to be doing it close to a transaction coming up.

Why would in specie take 6 months anyhow?   If that is actually the case it's an utter disgrace IMHO.

Its much more of a manual process and involves multiple parties.  The longest one I have had has been just over a year where two funds were sticky whilst the rest went over earlier.      Its a pros and cons thing.  If you want quick, you do a cash transfer.  If you dont want to exit the market and have no transactions planned in the short term, then you do inspecie.

OldBeanz

Son had the opportunity to buy extra DB pension and it took forever (well as like this case, far longer than apparently necessary) to transfer. He complained and they did pay some  compensation so at this stage I would not be moving all my money out until through their complaints process and they had the opportunity to make amends