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

TheBanker

I have just done a transfer the other way (HL to Vanguard). I initiated the transfer on 25 March. My final HL holdings were sold yesterday. That is slightly longer than the 'up to 10 weeks' they quoted, although there was an initial delay due to confusion about my date of birth (both providers had the correct DoB, but somehow the day and month had become transposed on the transfer request form, causing HL to reject it as it didn't match their records, and Vanguard initially telling me I needed to contact HL to correct my DoB with them...)

It has taken a long time, but there's no real impact to me because my SIPP just sits there doing its thing. I'm not making regular contributions. The only minor impact is that I have probably paid an extra few weeks of HL's higher fees compared to Vanguard's lower fees, but on a pension that will run for another 16 years at least that is negligible. 

So even though it's taken what feels like for ever, and there was a delay due to the DoB issue (which ultimately was Vanguard's fault) I won't be complaining as I have nothing to complain about, and no losses or distress that would justify a redress payment from either party. 

barnstar2077

I haven't read the entire thread, but I did my transfer the other way, from HL to Vanguard and it took a couple of months if I remember correctly.

I only use one fund in my pension, which happens to be a Vanguard fund, so it was logical to switch to Vanguard's cheaper platform.  I have been happy with the service I have received since then.

Albermarle

barnstar2077 said:

I haven't read the entire thread, but I did my transfer the other way, from HL to Vanguard and it took a couple of months if I remember correctly.

I only use one fund in my pension, which happens to be a Vanguard fund, so it was logical to switch to Vanguard's cheaper platform.  I have been happy with the service I have received since then.

So even with only one fund that was actually one of their own, transferred between two well known modern platforms, it still took two months.
So you can see why more complex transfers take so long. 

nicknameless

Albermarle said:

barnstar2077 said:

I haven't read the entire thread, but I did my transfer the other way, from HL to Vanguard and it took a couple of months if I remember correctly.

I only use one fund in my pension, which happens to be a Vanguard fund, so it was logical to switch to Vanguard's cheaper platform.  I have been happy with the service I have received since then.

So even with only one fund that was actually one of their own, transferred between two well known modern platforms, it still took two months.
So you can see why more complex transfers take so long. 

You can if you accept that being slow and inefficient at a seemingly simple thing is excuse for being slower and more inefficient with something more complex.

TheBanker

I know in the modern world we expect everything to be automatic and instant. But is it really a problem that a pension transfer takes a couple of months? 

nicknameless

TheBanker said:

I know in the modern world we expect everything to be automatic and instant. But is it really a problem that a pension transfer takes a couple of months? 

Nope.  However, initially claiming nothing received and then for weeks being unable to confirm receipt of transfer request is - isn't it?

cloud_dog

I was intrigued by this post, as we are in a similar boat. 

My partner initiated a transfer on 31 March, and we are still progressing.  It is both a cash and in specie transfer, but where we are now is that Vanguard have instigated a requirement to speak with the person making the transfer before they will action/complete it.  The challenge is that that department only works 9am to 5pm, and my partner is going to have to go sit in their car to make the call happen, and hope that they can speak with someone at Vanguard's end during that 30 min period (they were advised that someone would contact them within 72 hours and that is 5 working days ago).  Having been through that conversation (I also transferred my pension out of Vanguard), I had difficulty in answering some of their questions (and this is me sat at home in front of my PC with all the credential / information available to me); heavens knows how they are going to actually progress this.

TheBanker

cloud_dog said:

I was intrigued by this post, as we are in a similar boat. 

My partner initiated a transfer on 31 March, and we are still progressing.  It is both a cash and in specie transfer, but where we are now is that Vanguard have instigated a requirement to speak with the person making the transfer before they will action/complete it.  The challenge is that that department only works 9am to 5pm, and my partner is going to have to go sit in their car to make the call happen, and hope that they can speak with someone at Vanguard's end during that 30 min period (they were advised that someone would contact them within 72 hours and that is 5 working days ago).  Having been through that conversation (I also transferred my pension out of Vanguard), I had difficulty in answering some of their questions (and this is me sat at home in front of my PC with all the credential / information available to me); heavens knows how they are going to actually progress this.

Are you transferring in or out of Vanguard? 

nicknameless

Well lo and behold.  My partner asked to make a complaint yesterday via messaging about the handling of this (lack of confirmation of receipt of transfer request, and lack of accommodation of her deafness to allow me to help her by speaking to someone when she is restricted to the useless messaging system).  Less than 24 hours later Vanguard confirm receipt and accept that I'm able to help her out with her permission.

Now we just need to arrange to coincide for the phone call so I can help relate any questions to her.

dunstonh

It is both a cash and in specie transfer, but where we are now is that Vanguard have instigated a requirement to speak with the person making the transfer before they will action/complete it. 

I wonder if Vanguard are not using common sense and are going overkill on the new checks that are required.   Those checks allow the pension provider to use their discretion and common sense but some providers are not.   Typically, it is the newer providers or the professional administrators that are causing the most problems)