Scottish Widows - feasibility of PART transfer out

RNV

Hello, helpful people

If anybody here knows the answers to below 2 questions I would be very grateful for this shortcut in my early stage of assessing the possibility/complexity/timeframe of a potential partial transfer into a SIPP  from my current workplace pension  with SW (which I have to keep for sal sac reasons) 

1. Does SW allow PART transfer out of an active workplace pension?
2. Origo service -   google tells me that in Aug 2023  "Scottish Widows Platform has announced a partnership with Origo which it hopes will save time and money for advisers with customer relationship management solutions." .  Will  this mean that Origo service is now also used for a transfer on an individual basis (not via an FA/IFA)?


Thank you.

Marcon

RNV said:

Hello, helpful people

If anybody here knows the answers to below 2 questions I would be very grateful for this shortcut in my early stage of assessing the possibility/complexity/timeframe of a potential partial transfer into a SIPP  from my current workplace pension  with SW (which I have to keep for sal sac reasons) 

1. Does SW allow PART transfer out of an active workplace pension?
2. Origo service -   google tells me that in Aug 2023  "Scottish Widows Platform has announced a partnership with Origo which it hopes will save time and money for advisers with customer relationship management solutions." .  Will  this mean that Origo service is now also used for a transfer on an individual basis (not via an FA/IFA)?


Thank you.

It may not be SW you need to check with, but your employer and the rules of your workplace scheme. Some allow employees to make partial transfers, others do not - so at best, answers here can only be guesswork.

RNV

ah, the wrong end of the stick again...thanks 

ex-pat_scot

I've jusdt initiated a part transfer out of my SW GPPP into my SIPP. Last night.
It will go through ORIGO.
I've done it before.
I've always transferred in cash, rather than in specie.

RNV

ex-pat_scot said:

I've jusdt initiated a part transfer out of my SW GPPP into my SIPP. Last night.
It will go through ORIGO.
I've done it before.
I've always transferred in cash, rather than in specie.

Thanks.  May I ask how long it took in the past (10 weeks I found mentioned somewhere) ?

Transfer in specie, I understand, is not possible anyway since all funds (at least in my workplace plan) are SW own.

dunstonh

1. Does SW allow PART transfer out of an active workplace pension?

Depends on what version/plan type you have.  They have multiple.

2. Origo service -   google tells me that in Aug 2023  "Scottish Widows Platform has announced a partnership with Origo which it hopes will save time and money for advisers with customer relationship management solutions." .  Will  this mean that Origo service is now also used for a transfer on an individual basis (not via an FA/IFA)?

SW have used Origo pretty much from the start but some of the occupational pensions or pension books it bought (e.g. the ex Zurich based plans) were later to join.

Both sides not to use Origo for it to be used.  Its not at adviser level but at provider level.     

May I ask how long it took in the past (10 weeks I found mentioned somewhere) ?

About 7 days with SW at the moment.   Add a day or two for ex Clerical Medical or legacy plans (ex BHL/LTSB).  Not done an ex Zurich one recently but if both are on origo you are probably measuring it within two weeks.

RNV

Thanks @dunstonh

part transfer - yes or no - is the main answer to find out...  so I keep on asking ....

Re:  "Depends on what version/plan type you have.  They have multiple."   -  does below info from the top of SW recent letter define anything?

"Scheme name: SW Appropriate Personal Pension Scheme" 
Policy number: 7XXXXXX  (seven digits No starting from 7)
Policy Type : Pension Solutions Contract"

It is def not Zurich based. 

MallyGirl

Marcon said:

RNV said:

Hello, helpful people

If anybody here knows the answers to below 2 questions I would be very grateful for this shortcut in my early stage of assessing the possibility/complexity/timeframe of a potential partial transfer into a SIPP  from my current workplace pension  with SW (which I have to keep for sal sac reasons) 

1. Does SW allow PART transfer out of an active workplace pension?
2. Origo service -   google tells me that in Aug 2023  "Scottish Widows Platform has announced a partnership with Origo which it hopes will save time and money for advisers with customer relationship management solutions." .  Will  this mean that Origo service is now also used for a transfer on an individual basis (not via an FA/IFA)?


Thank you.

It may not be SW you need to check with, but your employer and the rules of your workplace scheme. Some allow employees to make partial transfers, others do not - so at best, answers here can only be guesswork.

Marcon said at the top - it is up to your workplace scheme as to whether you can part transfer - not SW

ex-pat_scot

RNV said:

ex-pat_scot said:

I've jusdt initiated a part transfer out of my SW GPPP into my SIPP. Last night.
It will go through ORIGO.
I've done it before.
I've always transferred in cash, rather than in specie.

Thanks.  May I ask how long it took in the past (10 weeks I found mentioned somewhere) ?

Transfer in specie, I understand, is not possible anyway since all funds (at least in my workplace plan) are SW own.

Took a couple of weeks, last time I transferred (a couple of years ago).
One frrustration is that the funds are SW own. I prefer a Vanguard ETF, which isn't available.

dunstonh

RNV said:

Thanks @dunstonh

part transfer - yes or no - is the main answer to find out...  so I keep on asking ....

Re:  "Depends on what version/plan type you have.  They have multiple."   -  does below info from the top of SW recent letter define anything?

"Scheme name: SW Appropriate Personal Pension Scheme" 
Policy number: 7XXXXXX  (seven digits No starting from 7)
Policy Type : Pension Solutions Contract"

It is def not Zurich based. 

Just noticed that the article said Scottish Widows Platform.  So, its not referring to the life & pensions side of SW.

What you have has used Origo from the start.  So, about a week to 10 days assuming the receiving scheme uses origo.

Albermarle

Not done an ex Zurich one recently but if both are on origo you are probably measuring it within two weeks.
I did a part transfer from a SW - ex Zurich workplace pension, to a SIPP and it took just over two weeks.

I also did it whilst it was still my active workplace pension. I just read in the T's & C's that it was possible and went ahead. It never occurred to me to ask my employer.
So that is at odds with what @Marcon and @MallyGirl have said .