SIPP Transfer Duration

AltaNate

Have just (finally) completed a SIPP transfer using cash rather in-specie. To be honest I am astounded how long the actual transfer has taken after paperwork and formalities were completed. 

• Transfer initiated 9th October
• All forms completed by receiving scheme 30th October 
• Transfer checks completed 6th November 
• Outgoing scheme requested confirmation to encash 8th November
• Investments sold 13th November 
• Internal transfer to management bank account 22nd November
• Final transfer to receding scheme 27th December

It’s the time taken from selling investments to actual transfer - 30 working days! 

Is this an expected/acceptable duration as out of the markets for six weeks. 

Good job value hadn’t increased by nearly 5% in that time - oh wait 

Understand it could have dropped by 5% and I wouldn’t be questioning it in that case 

 

Bianchiintenso

I did one recently to aj bell from Zurich as a cash transfer and it took 10 days start to finish. Timings worked really well for me, if it had taken 30 days, I would certainly have been out of pocket compared to how it worked out 

dunstonh

Is this an expected/acceptable duration as out of the markets for six weeks. 

3-5 days is the more typical norm with mainstream providers (using Origo).    If it involves workplace pensions (master trust schemes) then add a week or two.      If it involves occupational DC pensions then you are normally counting in months.

DeLaSole

Hi Alta,

In July, my wife initiated a cash transfer out of Aviva on a Monday evening and on Friday morning it was ready to invest on ii. 

Best Wishes.

xylophone

• Final transfer to receding scheme 27th December

Just when all hope was fading into the distance?

handful

Very frustrating I would imagine. I recently transferred a pension from SJP to my SIPP. It went through much more quickly than I was expecting and when it landed in my SIPP on the 1st November I quickly invested it in an HSBC Global fund. After over 2 years with no growth it's gone up 7.18% since. I would be seriously miffed if it had missed that growth spurt.

El_Torro

I regularly partially transfer out of Aviva into either AJ Bell or Hargreaves Lansdown, about once a year. In recent years it hasn’t taken more than 10 working days or so to go through. Whole transfers (rather than partial transfers) might take a bit longer, though looking at sone of the replies in this thread 30 working days does seem excessive.

Albermarle

DeLaSole said:

Hi Alta,

In July, my wife initiated a cash transfer out of Aviva on a Monday evening and on Friday morning it was ready to invest on ii. 

Best Wishes.

I can beat that. I initiated a transfer out of Aviva on a Sunday and it was already in my SIPP by Tuesday morning.
Another one from Scottish Widows took about 2.5 weeks in total.

OP - Can you name both schemes ?

AltaNate

xylophone said:

• Final transfer to receding scheme 27th December

Just when all hope was fading into the distance?

To be honest all hope had already gone!

AltaNate

Thanks everyone for responses. It seems to be the exception rather than the norm. A little more information to complete the picture… was SIPP to SIPP no workplace involvement. I assume not Origo as forms were travelling back and forward electronically and through post.

Lifematters

I started a transfer request from Vanguard to my workplace Civil Service pension in November 2022. It completed last week so took over a year! I think I lost thousands moving a large chunk of it to cash waiting on the transfer, not to mention missing out on the 10% or so uplift I would have got from CS pension if it had gone through prior to April 2023 as it was expected to.