Standard Life SIPP time to transfer

I applied to transfer an existing Standard Life SIPP to AJ Bell.
Standard Life said there were “delays” in transferring SIPPs ( how convenient). It has taken a month now and still not completed. 
Has anyone any recent experience of how long these transfers are taking?

Comments

  • dunstonh
    dunstonh Posts: 115,741
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    Which Standard Life SIPP?  Phoenix or Abrdn?  (there were three SIPPs under the old brand.  Wrap, Elevate and Active Money).

    However, all three are usually quick.  Often counted in days rather than weeks.  

    Did you sell your assets to cash or is it an inspecie transfer?


    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dunstonh said:
    Which Standard Life SIPP?  Phoenix or Abrdn?  (there were three SIPPs under the old brand.  Wrap, Elevate and Active Money).

    However, all three are usually quick.  Often counted in days rather than weeks.  

    Did you sell your assets to cash or is it an inspecie transfer?


    I asked another pension administrator to transfer in my Standard Life Active Money pension (in drawdown) on 22 Aug 23.

    Still ongoing. 
  • dunstonh
    dunstonh Posts: 115,741
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    dunstonh said:
    Which Standard Life SIPP?  Phoenix or Abrdn?  (there were three SIPPs under the old brand.  Wrap, Elevate and Active Money).

    However, all three are usually quick.  Often counted in days rather than weeks.  

    Did you sell your assets to cash or is it an inspecie transfer?


    I asked another pension administrator to transfer in my Standard Life Active Money pension (in drawdown) on 22 Aug 23.

    Still ongoing. 
    Active money takes about 3 days to transfer on recent experience.
    Which method did you instruct your receiving scheme to use? cash or in-specie?
    Did you sell your assets to cash in readiness?


    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dunstonh said:
    dunstonh said:
    Which Standard Life SIPP?  Phoenix or Abrdn?  (there were three SIPPs under the old brand.  Wrap, Elevate and Active Money).

    However, all three are usually quick.  Often counted in days rather than weeks.  

    Did you sell your assets to cash or is it an inspecie transfer?


    I asked another pension administrator to transfer in my Standard Life Active Money pension (in drawdown) on 22 Aug 23.

    Still ongoing. 
    Active money takes about 3 days to transfer on recent experience.
    Which method did you instruct your receiving scheme to use? cash or in-specie?
    Did you sell your assets to cash in readiness?


    I have not yet been asked about transfer method, forms I have completed simply give the receiving scheme permission to seek all information from SL.

    I have not sold any assets from the fund. 
  • Mine was Phoenix. I asked for a cash transfer. 
  • dunstonh
    dunstonh Posts: 115,741
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    I have not yet been asked about transfer method, forms I have completed simply give the receiving scheme permission to seek all information from SL.
    In your case, that probably means it hasnt even started yet.   The receiving scheme has to submit a request to transfer and state which method is being used in the case of a SIPP. (Its different with PPPs, SHPs and workplace pensions).

    Mine was Phoenix. I asked for a cash transfer. 
    That would make it an active money SIPP as that was the only SIPP going to Phoenix.   I havent had any problems.



    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • noclaf
    noclaf Posts: 890
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    I transferred from SL to Fidelity around a year and a half  back....sold investments first and transfer took a matter of days....rapid and smooth, 10/10!
    I also transferred from Capita to Fidelity, or to be precise Capita were the platform administrator....bl**dy nightmare. 
  • dunstonh said:
    I have not yet been asked about transfer method, forms I have completed simply give the receiving scheme permission to seek all information from SL.
    In your case, that probably means it hasnt even started yet.   The receiving scheme has to submit a request to transfer and state which method is being used in the case of a SIPP. (Its different with PPPs, SHPs and workplace pensions).
    You are quite right, had some correspondence y'day that confirms that the contact between the schemes was limited to a preliminary "does this person/fund exist"? query. It's stalled because there's a transfer ongoing in the other direction (funding an annuity purchase) and they/I don't want 2 transfers happening simultaneously because the opportunities for an admin f-up would be greatly increased (my words, their explanation was far more business-like).
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