Vanguard SIPP Transfer (Out) Experiences

Mozza001

Absolute shambles.

They send me messages saying need to do due diligence and call me.

That was 5 weeks ago, no phone calls.

It was simple to transfer in from HL, they make it very difficult to transfer out.

dreamypuma

Mozza001 said:

Absolute shambles.

They send me messages saying need to do due diligence and call me.

That was 5 weeks ago, no phone calls.

It was simple to transfer in from HL, they make it very difficult to transfer out.

Like yourself, I can't fault HL. My transfer into Vanguard from HL was quite slick. I guess I assumed that this was the norm....

dreamypuma

mortgageFTB said:

TL;DR - too long. I recently transferred out of Vanguard, in-specie both ISA and SIPP.

Vanguard’s back-office claimed multiple times that they were missing information, yet ii provided evidence of numerous times they sent it/requested items from Vanguard’s back-office (think it’s FNZ who actually provide the services and white label it to Vanguard UK) 

Transfer Initiated: 11 October 2023

ISA Transfer Complete: December 2023
SIPP Transfer Complete: March 2024

ii have been really good so far. Really clear and timely communication. Completely the polar opposite of Vanguard. They responded today via Secure message (after being prompted) - Again vague and non-conclusive message that are merely holding message promising to investigate issues. Complete shambles.

saucer

I found a SIPP transfer from Vanguard to ii surprisingly inefficient and lengthy, taking about 3 or 4 months. In particular ii needed to ask me to direct message vanguard who wouldn’t answer their communications. We got there in the end partly through me sending ‘urgent’ messages to them. 

dreamypuma

saucer said:

I found a SIPP transfer from Vanguard to ii surprisingly inefficient and lengthy, taking about 3 or 4 months. In particular ii needed to ask me to direct message vanguard who wouldn’t answer their communications. We got there in the end partly through me sending ‘urgent’ messages to them. 

This sounds like my situation. 

I've finally had a bit of success today. A month after ii sent Vanguard my Transfer forms (and after they queried the content of forms they claim they didn't have ) - They've finally confirmed they they have a transfer instruction and are progressing this now.

I'll not hold my breath...

dreamypuma

It looks like I'm reaching the end of my In-Specie SIPP transfer from Vanguard to Interactive Investor. As of 24th May, my Vanguard portfolio balance shows zero. I've received a multiple messages from Vanguard advising me that the assets are now released to ii, and now sit with them (the last being 28th May)

I've yet to see my ii account populated with the transferred funds.

With the above in mind, does this seem as though a conclusion is near? Do I seem to have dodged the dreaded 12-14 month transfer timescales others have on this thread? Could there be potential delays I should anticipate at this stage? 

Righteousone

My transfer from Fidelity to Vanguard using Origo didn't take months but for 10 days my transferred money sat in Vanguard's bank account rather than my account - earning them interest and denying me interest and the opportunity to be in the market. The reason was they blamed Fidelity for not confirming there that were no safeguarded benefits. When Vanguard initiated the transfer they used the Origo notes field to say 'Contact us immediately if the transfer is linked to safeguarded benefits'. Fidelity argue (and they have a point) that they they could send the funds without confirming the negative. It's unbelievable that the Origo system can be used in such an ambiguous way. It confirms my view that the pension industry is pretty rotten to the core. Those on proper pensions (DB) don't know how lucky they are.

Bostonerimus1

These times for transfers are ridiculous and sound like a good reason to leave Vanguard UK or not consider them at all. There's really no excuse even without computer infrastructure. FYI I'm in the US and use the Vanguard US operation and just did an in-specie transfer to Schwab that took 7 days and it had to be done with paper forms that I filled out and took round to the local Schwab office. Deposits to Vanguard from my bank and internal Vanguard transactions are all online and happen overnight.

jimjames

saucer said:

I found a SIPP transfer from Vanguard to ii surprisingly inefficient and lengthy, taking about 3 or 4 months. In particular ii needed to ask me to direct message vanguard who wouldn’t answer their communications. We got there in the end partly through me sending ‘urgent’ messages to them. 

I know this is an old thread but it's interesting to see things haven't changed with the Vanguard transfer process.

The odd thing is that half of my Vanguard funds moved to ii a month ago but the remaining ones seem to be stuck. They're not showing on Vanguard (although the value is shown, just no line items) and not at ii either. I can't understand how some move across but the rest don't. Is it really a manual process?

Vanguard have admitted it's dragging on and now refunded my last quarter fees as I'm paying in 2 different places. The ISA transfer was far quicker and done in only a couple of weeks

dunstonh

jimjames said:

saucer said:

I found a SIPP transfer from Vanguard to ii surprisingly inefficient and lengthy, taking about 3 or 4 months. In particular ii needed to ask me to direct message vanguard who wouldn’t answer their communications. We got there in the end partly through me sending ‘urgent’ messages to them. 

I know this is an old thread but it's interesting to see things haven't changed with the Vanguard transfer process.

The odd thing is that half of my Vanguard funds moved to ii a month ago but the remaining ones seem to be stuck. They're not showing on Vanguard (although the value is shown, just no line items) and not at ii either. I can't understand how some move across but the rest don't. Is it really a manual process?

Vanguard have admitted it's dragging on and now refunded my last quarter fees as I'm paying in 2 different places. The ISA transfer was far quicker and done in only a couple of weeks

I have done quite a few replatforms recently using in-specie using Vangaurd funds (not Vanguard platform) and its the Vanguard funds that are pretty consistently last to re-register.

I think it's the offshore funds that are the sluggish ones.  Not the UK domiciled ones.