Vanguard SIPP Transfer (Out) Experiences

dreamypuma

I just wondered what other forum members experiences' were with transferring out of Vanguard?

My transfer was initiated at the end of February. An in specie transfer of current investment from Vanguard to Interactive Investor. Having read some feedback on other forums such as Citywire, I kind of expected the turbulent experience.

I appreciate that these things take between 4-8 weeks so, may be I'm being too critical. But so far I'm finding Vanguard difficult, dismissive and dare I say incompetent (completely the opposite of when I transferred in)

They've claimed to have not received the transfer request (only the discharge forms), and then in the background advising Interactive Investor that the forms are of the incorrect format.

Interactive Investor so far have been proactive, and timely, keeping me advised on any correspondence with Vanguard. From what I have seen of Vanguard, they are being exceptionally vague in their perceived issues, and not very motivated in trying to resolve any issues.

Any correspondence with them seem dismissive.

Not quite sure where I escalate this or what my options are. 

dunstonh

I appreciate that these things take between 4-8 weeks so, may be I'm being too critical. 

in-specie transfers take up to 12 months. (although i did have a couple of Vanguard funds take 14 months a few years back).

They've claimed to have not received the transfer request (only the discharge forms), and then in the background advising Interactive Investor that the forms are of the incorrect format.

There shouldn't be a need for a discharge form as both sides use Origo.

dreamypuma

dunstonh said:

I appreciate that these things take between 4-8 weeks so, may be I'm being too critical. 

in-specie transfers take up to 12 months. (although i did have a couple of Vanguard funds take 14 months a few years back).

They've claimed to have not received the transfer request (only the discharge forms), and then in the background advising Interactive Investor that the forms are of the incorrect format.

There shouldn't be a need for a discharge form as both sides use Origo.

12months?!!! I think I need a lie down.

What in this digital world and in the advent of AI necessitates that duration for a transfer? (Genuine question) - I only have one fund and no outstanding tax relief due.

Were your Vanguard Funds on their own platform?

Are there no regulatory requirements to carry out this type of transfer in a timely and competent manner?

I'd expect a company like Vanguard to be at the forefront of... (oh sorry... forget that, they don't even have an app in the UK despite years of promise)

Even Origo claim:  "Thanks to our Transfer Service, pension and investment transfers now glide through quickly and smoothly – completely transforming the customer experience. Processes that used to involve weeks of clunky manual admin and forms sent through the post can now take place electronically"

dunstonh

What in this digital world and in the advent of AI necessitates that duration for a transfer? (Genuine question) - I only have one fund and no outstanding tax relief due.

The thing to remember is that software and systems being used is often decades old.
in-specie is quicker in most cases nowadays with most taking 1-2 months.  However, the old risk warnings of up to 12 months are still recommended as you get the odd one that does that.

Were your Vanguard Funds on their own platform?

No.

I'd expect a company like Vanguard to be at the forefront of... (oh sorry... forget that, they don't even have an app in the UK despite years of promise)

Why would you expect that?   They use third party software but not the off-the-shelf version.

Even Origo claim:  "Thanks to our Transfer Service, pension and investment transfers now glide through quickly and smoothly – completely transforming the customer experience. Processes that used to involve weeks of clunky manual admin and forms sent through the post can now take place electronically"

And they do for cash transfers.  Often taken 2-3 days nowadays.

granta

My in-specie SIPP transfer out from Vanguard has just completed....after nearly 12 months.

Not all experiences reported here have been that slow so perhaps yours will be quicker.

I was transferring a single ETF.

dreamypuma

granta said:

My in-specie SIPP transfer out from Vanguard has just completed....after nearly 12 months.

Not all experiences reported here have been that slow so perhaps yours will be quicker.

I was transferring a single ETF.

Shoot me... I'm not hopeful now. I also recently transfered a JISA from Vanguard to HL, again in specie. That took about 14 days, so was feeling hopeful.

Looking at Origo Transfer index, Vanguard seem to prop up the bottom of the table, which tallys with other reported feedback on citywire.

It's just the waitng game then. 

dreamypuma

dunstonh said:

What in this digital world and in the advent of AI necessitates that duration for a transfer? (Genuine question) - I only have one fund and no outstanding tax relief due.

The thing to remember is that software and systems being used is often decades old.
in-specie is quicker in most cases nowadays with most taking 1-2 months.  However, the old risk warnings of up to 12 months are still recommended as you get the odd one that does that.

Were your Vanguard Funds on their own platform?

No.

I'd expect a company like Vanguard to be at the forefront of... (oh sorry... forget that, they don't even have an app in the UK despite years of promise)

Why would you expect that?   They use third party software but not the off-the-shelf version.

Even Origo claim:  "Thanks to our Transfer Service, pension and investment transfers now glide through quickly and smoothly – completely transforming the customer experience. Processes that used to involve weeks of clunky manual admin and forms sent through the post can now take place electronically"

And they do for cash transfers.  Often taken 2-3 days nowadays.

Do you know what specific circumstances would determine delays of over a few months?

What is really grating with me is their inconsistency in messaging. Claiming they had no transfer forms, to now being advised they have acknowledged receipt of the forms. Failing to get back to me when promised was the last straw.

What sound like a long process doesn't seem to have got off the starting line.

Had it not been so close to dividend dates I'd have cashed out and transfered the money. 

More_complicated_than_that

I'm around three months at the moment for an in specie transfer for a SIPP in drawdown. 

After waiting a good while I had to fill a paper form from Vanguard, send it to the new provider (HL) and get them to fill in the rest of it and send it back to Vanguard.  I can see from HL's messages that they did that quickly. I then got told someone from Vanguard will phone me to check whether it is a "genuine transfer request".  After waiting a week or so, no one called me so I spoke to them.  Vanguard's message to me said that after the call they will do some more checks which will take "no longer than 72 hours to complete".  Unfortunately, they didn't say how long everything will take after those extra checks and so I'm still waiting.

For completeness, in specie transfer of an ISA and a GIA was very quick (albeit that not all of the value got transferred (around £150 on each), I can't withdraw what has been left and, despite prompting, has not been transferred to HL yet.

Albermarle

But so far I'm finding Vanguard difficult, dismissive and dare I say incompetent (completely the opposite of when I transferred in)

Maybe it is just that low fees = low service.

Or could be they have attracted more new customers than they expected from the last few years of heavy marketing, and now do not have the resources in place to cope when more customers decide to transfer out.

FIREDreamer

An in specie transfer of a drawdown pot using ETFs from A J Bell Youinvest to Hargreaves Lansdown took nearly 6 months.

Albermarle

FIREDreamer said:

An in specie transfer of a drawdown pot using ETFs from A J Bell Youinvest to Hargreaves Lansdown took nearly 6 months.

ISA transfer ( ETF's and one IT) from Fidelity to HL took about two weeks.

It all seems a bit random and unpredictable.