Transfer from wtw

SouthCoastBoy

I need to transfer my pension from wtw, tbh dreading the whole process. Does anybody have any experiences of transferring from wtw and if so how long did it take? Ideally I would like to do inspecie but I don't think the share classes match, everything will be in tracker funds, so most probably that will be a problem.

Marcon

SouthCoastBoy said:

I need to transfer my pension from wtw, tbh dreading the whole process. Does anybody have any experiences of transferring from wtw and if so how long did it take? Ideally I would like to do inspecie but I don't think the share classes match, everything will be in tracker funds, so most probably that will be a problem.

See @dunstonh's helpful comments when you asked the same question last year: https://forums.moneysavingexpert.com/discussion/6427449/transfer-in-specie#latest

The fact you want to transfer in specie indicates you aren't unhappy with the current asset classes. You said in that thread you wouldn't need the funds 'for several years' so if it takes a while, why get get yourself into a state about it? It's only a pension transfer...

eastcorkram

Good luck! No experience of doing a transfer. But a few weeks ago, they sent me three different retirement quotes all based on hitting 65 this year. Three quotes, in three days, each one with a different PCLS figure, and a different yearly pension figure. All based on the same start date. 

Marcon

eastcorkram said:

Good luck! No experience of doing a transfer. But a few weeks ago, they sent me three different retirement quotes all based on hitting 65 this year. Three quotes, in three days, each one with a different PCLS figure, and a different yearly pension figure. All based on the same start date. 

Then make sure the trustees of the scheme get a complaint, so they know the issue. Ultimately they are the ones responsible for ensuring the proper running of the scheme, so ensuring they know about these things is very important. 

LHW99

eastcorkram said:

Good luck! No experience of doing a transfer. But a few weeks ago, they sent me three different retirement quotes all based on hitting 65 this year. Three quotes, in three days, each one with a different PCLS figure, and a different yearly pension figure. All based on the same start date. 

And the same fund value?

SouthCoastBoy

Marcon said:

SouthCoastBoy said:

I need to transfer my pension from wtw, tbh dreading the whole process. Does anybody have any experiences of transferring from wtw and if so how long did it take? Ideally I would like to do inspecie but I don't think the share classes match, everything will be in tracker funds, so most probably that will be a problem.

See @dunstonh's helpful comments when you asked the same question last year: https://forums.moneysavingexpert.com/discussion/6427449/transfer-in-specie#latest

The fact you want to transfer in specie indicates you aren't unhappy with the current asset classes. You said in that thread you wouldn't need the funds 'for several years' so if it takes a while, why get get yourself into a state about it? It's only a pension transfer...

I'm concerned about the time out of the market. Unfortunately my personality traits will ensure I get stressed out about it.

Marcon

SouthCoastBoy said:

Marcon said:

SouthCoastBoy said:

I need to transfer my pension from wtw, tbh dreading the whole process. Does anybody have any experiences of transferring from wtw and if so how long did it take? Ideally I would like to do inspecie but I don't think the share classes match, everything will be in tracker funds, so most probably that will be a problem.

See @dunstonh's helpful comments when you asked the same question last year: https://forums.moneysavingexpert.com/discussion/6427449/transfer-in-specie#latest

The fact you want to transfer in specie indicates you aren't unhappy with the current asset classes. You said in that thread you wouldn't need the funds 'for several years' so if it takes a while, why get get yourself into a state about it? It's only a pension transfer...

I'm concerned about the time out of the market. Unfortunately my personality traits will ensure I get stressed out about it.

Right ,so you need to minimise the stress triggers.

Have you actually checked the points dunstonh made last year?

SouthCoastBoy

Marcon said:

SouthCoastBoy said:

Marcon said:

SouthCoastBoy said:

I need to transfer my pension from wtw, tbh dreading the whole process. Does anybody have any experiences of transferring from wtw and if so how long did it take? Ideally I would like to do inspecie but I don't think the share classes match, everything will be in tracker funds, so most probably that will be a problem.

See @dunstonh's helpful comments when you asked the same question last year: https://forums.moneysavingexpert.com/discussion/6427449/transfer-in-specie#latest

The fact you want to transfer in specie indicates you aren't unhappy with the current asset classes. You said in that thread you wouldn't need the funds 'for several years' so if it takes a while, why get get yourself into a state about it? It's only a pension transfer...

I'm concerned about the time out of the market. Unfortunately my personality traits will ensure I get stressed out about it.

Right ,so you need to minimise the stress triggers.

Have you actually checked the points dunstonh made last year?

Indeed Dunstonh's answer last year was very helpful. However, I asked a different question last year, "When I finish work I intend to transfer my wtw work pension to a new platform. I want to stay in the market so intend to complete an inspecie transfer. My question is what happens if the new platform does not have the identical funds?" This time my question was around the length of time to transfer, "Does anybody have any experiences of transferring from wtw and if so how long did it take?"

To answer the question about transfers, yes I have looked into it in more detail, and it looks as if I will need to convert into cash, as opposed to an inspecie transfer.

artyboy

I have done 2 transfers away from old occupational schemes, both administered by WTW. Both were done in cash due to the nature of the funds, and both were excruciatingly painful and slow. Masses of paperwork, extra risk flags that you don't get when moving from mainstream SIPP providers, and very slow getting from one step to the next.

Others will point out that WTW are just following the rules that the pension trustees have set, but frankly it's all the same to me in terms of the overall experience.

Anyway... best of luck!

SouthCoastBoy

artyboy said:

I have done 2 transfers away from old occupational schemes, both administered by WTW. Both were done in cash due to the nature of the funds, and both were excruciatingly painful and slow. Masses of paperwork, extra risk flags that you don't get when moving from mainstream SIPP providers, and very slow getting from one step to the next.

Others will point out that WTW are just following the rules that the pension trustees have set, but frankly it's all the same to me in terms of the overall experience.

Anyway... best of luck!

Thanks, do you know how long you were out of the market for? I have 2 pensions at WTW as left the company and then went back three years later, so am thinking trying out transferring the smaller account first and see how it goes, but not sure if that is a good idea, as would have to go through the pain twice. Tbh, either way I'm not looking forward to it.

artyboy

SouthCoastBoy said:

artyboy said:

I have done 2 transfers away from old occupational schemes, both administered by WTW. Both were done in cash due to the nature of the funds, and both were excruciatingly painful and slow. Masses of paperwork, extra risk flags that you don't get when moving from mainstream SIPP providers, and very slow getting from one step to the next.

Others will point out that WTW are just following the rules that the pension trustees have set, but frankly it's all the same to me in terms of the overall experience.

Anyway... best of luck!

Thanks, do you know how long you were out of the market for? I have 2 pensions at WTW as left the company and then went back three years later, so am thinking trying out transferring the smaller account first and see how it goes, but not sure if that is a good idea, as would have to go through the pain twice. Tbh, either way I'm not looking forward to it.

Can't remember time out of the market for the first one as it was about 9 years ago, but the recent one was close to 4 weeks. My mitigation strategy was to wait till there was a good 'transfer in' cashback offer from the SIPP platform I wanted to move to.

As it turns out, the market moved slightly in my favour, but that's just blind luck...