Pension Transfer Aegon to II

ElBogster

I have a pension pot in Aegon (Targetplan) from my previous employer - it’s around £200k. I’m looking to transfer it to Interactive investor - I’ve heard it can be troublesome.  Any advice on
1. how long it will take
2. should I switch to a cash fund to make it easier for the transfer. (don’t want to be out of market for too long)
3. Any other watch outs?

thanks

foofi22

I transferred to II recently (well January if you count that as recent) from Scottish Widows.

1. In my case it was 4 weeks from opening my II account, initiating the transfer and receiving the funds

2. I left mine invested and left it to Scottish Widows to sell to cash.  In some ways seeing the investments get sold gave a rough idea where I was in the process. It also limited the time out of the market.

3. Make sure you know what you want to invest in once the transfer is received.  That way there is no additional delay deciding what to invest in.

Make sure you take advantage of any cashback II are offering.  You can also get cashback from Topcashback.

Also, I'm assuming you're planning to transfer a DC pension. Check if there are any other benefits attached to it before you transfer

dunstonh

I’ve heard it can be troublesome. 

it shouldn't be.

1. how long it will take

ii are not the quickest of the modern providers.   Aegon are not the quickest of the older providers.
Probably around 10 days overall as both sides use Origo.

2. should I switch to a cash fund to make it easier for the transfer. (don’t want to be out of market for too long)

No.  Targetplan is a personal pension and not a SIPP and it uses life funds.  So, you don't move to cash.

3. Any other watch outs?

Aegon have multiple pensions (Aegon Cofunds, Targetplan, ARC and ex Scot Eq).   Depending on the quality of it's pull-down list of providers, make sure you select the right Aegon.

ElBogster

@dunstonh are vanguard any quicker - from my research II and Vanguard seem to be the two most cost effective platforms.  I’m really looking for platforms that are cost effective, choice of funds and something that gives me insight and history of my funds and Aegon is terrible!  Any suggestions?

dunstonh

Vanguard is a restricted platform.   II is whole of market.   (Vanguard don't have all their range available on their own platform either).     Vanguard did have some issues with transfers earlier in the year IIRC but ok now.   Based on recent comments, both are similar in timescales.  So, it really shouldn't be an issue.

I’m really looking for platforms that are cost effective, choice of funds and something that gives me insight and history of my funds and Aegon is terrible! 

Even on the adviser platforms, Aegon is terrible.  I would possibly say they have the worst software of the ones that I experience.  Plus, no telephone number for support.

AdamS_CivilServant

1. I switched to II earlier this year. The whole process took approximately 3 weeks. I think I was 'out of market' for 1 day only. Some providers offer 'in specie transfer', which means you shouldn't be out of market at all.
2. I wouldn't do this - you could be out of market for a while. If/when your old provider needs you to sell your assets, they will ask you to.
3. As another poster said, II often offers cashback deals. At the moment, if you're transferring £200k, you'll get £500 cashback. So make sure you do this! Also, if you can get a friend with II to recommend you, then you'll have no service fees with II for a full year (I think it's usually £12.99 per month). If you message me I can give you a referral, if you like. Or you can find one elsewhere.

Albermarle

adamshlong said:

1. I switched to II earlier this year. The whole process took approximately 3 weeks. I think I was 'out of market' for 1 day only. Some providers offer 'in specie transfer', which means you shouldn't be out of market at all.
2. I wouldn't do this - you could be out of market for a while. If/when your old provider needs you to sell your assets, they will ask you to.
3. As another poster said, II often offers cashback deals. At the moment, if you're transferring £200k, you'll get £500 cashback. So make sure you do this! Also, if you can get a friend with II to recommend you, then you'll have no service fees with II for a full year (I think it's usually £12.99 per month). If you message me I can give you a referral, if you like. Or you can find one elsewhere.

With a traditional provider like Aegon ( also with Scottish Widows, Standard Life etc) you can not sell to cash.
When the transfer is ready to go they will do it for you as part of the process,