Transfer to Vanguard taking too long

moedeeb

Thanks all, I have filled in the Aviva transfer form in the first week of June and Vanguard have the docs they need from this form. 

I know the Aviva staff scheme doesn’t have a cash facility but they have told me it will take 10 days to sell the various units and send the cash value to Vanguard.

The reason I’m asking about other platforms is that I may well cancel the current transfer and move to another provider possibly ii.  I appreciate that Aviva DC Staff Scheme to Vanguard is a specific use case but three weeks is much better than over 3 months with little or no progress. 

I will check with Aviva and Vanguard on Monday and if I can’t see progress I will probably cancel. 

dunstonh

I know the Aviva staff scheme doesn’t have a cash facility but they have told me it will take 10 days to sell the various units and send the cash value to Vanguard.

That is them talking about their current service standard on requests.    It won't take 10 days in respect of the funds.    The added days are staff/workload days.

 I appreciate that Aviva DC Staff Scheme to Vanguard is a specific use case but three weeks is much better than over 3 months with little or no progress. 

If you have done the transfer forms and returned them to the Aviva staff pension and sent a copy to Vanguard, then the delay is likely at the Vanguard end.

handful

moedeeb said:

Thanks all, I have filled in the Aviva transfer form in the first week of June and Vanguard have the docs they need from this form. 

I know the Aviva staff scheme doesn’t have a cash facility but they have told me it will take 10 days to sell the various units and send the cash value to Vanguard.

The reason I’m asking about other platforms is that I may well cancel the current transfer and move to another provider possibly ii.  I appreciate that Aviva DC Staff Scheme to Vanguard is a specific use case but three weeks is much better than over 3 months with little or no progress. 

I will check with Aviva and Vanguard on Monday and if I can’t see progress I will probably cancel. 

I transferred a "non Origo" pension into ii and it took months. ii were actually very helpful and proactive but the transferring company Phoenix were shocking. Not really relevant for you I know apart from the fact I think ii are very good in general if you decide to change to them.

moedeeb

Thanks everyone I called Aviva yesterday after messaging Vanguard over the weekend with the fact that I would cancel and lo and behold the transfer is now underway. Vanguard have apologised and said that they are very busy which doesn’t fill me with confidence. Hopefully once the funds are in my new Vanguard pension getting some tax free cash will be straightforward.

Albermarle

moedeeb said:

Thanks everyone I called Aviva yesterday after messaging Vanguard over the weekend with the fact that I would cancel and lo and behold the transfer is now underway. Vanguard have apologised and said that they are very busy which doesn’t fill me with confidence. Hopefully once the funds are in my new Vanguard pension getting some tax free cash will be straightforward.

When you first withdraw from a DC pension, you have to be 'interrogated' by the provider to make sure you know what you are doing. They have to do this ( plus it covers their backs in case of future complaints) and you will get warnings about the pot running out if you take too much out etc.
With some providers it is more of a questionnaire but others insist on a detailed telephone chat and I think Vanguard is one of those. Also you will be asked if you have had a prior chat with PensionWise.

moedeeb

I have already had the pleasure of these chats as have accessed other pensions over the last couple of years. Vanguard do seem to ask for a “call” with one of their team which although painful will hopefully be fairly quick to sort out.

Itsme01x

Last year and year before (so during Covid itself), I transferred an Aviva pension and a Standard Life pension to consolidate into a new SIPP in Vanguard.  No problems with either of them and very straight forward.  Filled in the forms and voila.  No additional phone calls or extra communication needed to any of the parties.

I had the Aviva and Standard Life app as well as a log-in account on the Vanguard website, so could also see when money was being transferred.