Transfer of NEST Pension to SIPP timescales.

crv1963

I set the ball rolling back in September to transfer my NEST Pension to my HL SIPP. NEST had to send this as cash so I understand that they had to sell my invested funds to do this and that this takes time. When I got round to chasing it on 26 November I was told I needed to provide additional photo ID etc, which I did. My error in not chasing sooner! I was told the process would take around 10 working days.

One week later 2 December NEST text me and advised the transfer was completed and they would close access to my account on-line and write to me to notify me the account was closed. All well and good. I have checked my HL SIPP daily since 2 December and the funds do not show as being credited to my account.

Questions- How long does it usually take for funds (cash) to show in HL SIPP account following transfer? (I did message HL yesterday morning but haven't had a reply).

I accept most of the delays were my not returning proof of ID sooner and so am not making any comments on the speed of the process.

Sharktail

Hi
i did similar earlier this year , my pension from nest was transferred & account closed on the 21/05/24 the cash arrived  in my ii account 06/05/2024 

LHW99

Sharktail said:

Hi
i did similar earlier this year , my pension from nest was transferred & account closed on the 21/05/24 the cash arrived  in my ii account 06/05/2024 

Cash arrived before the Nest account was closed?

dunstonh

Questions- How long does it usually take for funds (cash) to show in HL SIPP account following transfer? (I did message HL yesterday morning but haven't had a reply).

the quickest Origo transfers (which both HL and Nest use) take 3 days.  i.e. if keyed on the Monday, it arrives in the new pension on the Wednesday.  More typical is a week to 10 days.    Auto-enrolment schemes are frequently slower than the big providers (2-3 weeks) and professional administrator controlled occupational pensions typically being the worst and measured in months rather than weeks.

A lot of providers are running with extended delays at the moment due to the significant workload increase caused by the Budget scaremongering.  

ID requirements are common as frequently the payroll teams that submit your details to the pension provider input just an initial rather than name or place middle names in the first name box (with the first name) and auto-enrolment schemes don't tend to use discretion and common sense in the same way the traditional pension providers will and if the name doesnt match exactly, they will ask for ID.

crv1963

Thanks all for your replies and yes Dunstanh HL confirmed they would be using Origo for the transfer.