Vanguard: New Minimum Monthly Account charge

Manu08manu

How is everyones transfers going? I am still waiting here

equitydealer

Manu08manu said:

How is everyones transfers going? I am still waiting here

Mine are stuck as FNZ (who administer Vanguard UK) are dragging their feet. I’ve escalated with FNZ but have not got any response. My new provider has been chasing and have told me that FNZ are not responding either. I’m assuming they are flooded with transfer out requests. 

orange-juice

Finally received acknowledgement from Vanguard about my pension  transfer yesterday via their messaging system. Also recevied a message about my quarterly fees and it amounts to pennies. Not the £4 .

TheBanker

orange-juice said:

Finally received acknowledgement from Vanguard about my pension  transfer yesterday via their messaging system. Also recevied a message about my quarterly fees and it amounts to pennies. Not the £4 .

They have postponed the fee increase until the end of February, maybe because of the volume of transfers waiting to be processed.

kinger101

If I was starting out on my investment journey, it would put me right off.  Hard to see what motivation there would be to switch to them after I'd settled with another platform.  

Guess they're relying on apathy.  Most folk will do nothing.  

Slinky

kinger101 said:

 

Guess they're relying on apathy.  Most folk will do nothing.  

I agree with this, I made the same point previously up thread. 

I worked it out that at the moment it will cost me an extra £13.50 a year, which will get less as I invest more. Really not worth getting bent out of shape about.  I've finally managed to get Vanguard to change my DD to Zopa where I can get 2% cashback up to £1500 spends a year. I was struggling to find enough DD with other companies to make up £1500, so the Vanguard DD is useful in that respect for me.

jimjames

orange-juice said:

Finally received acknowledgement from Vanguard about my pension  transfer yesterday via their messaging system. Also recevied a message about my quarterly fees and it amounts to pennies. Not the £4 .

I received one too. Not sure if it's a delaying/blocking tactic but I needed to reply whether I had received advice on the transfer or not and confirm who with. I can understand the rationale behind checking for scams but for known companies it seems overkill and must create a lot of extra work for them.

MeteredOut

jimjames said:

orange-juice said:

Finally received acknowledgement from Vanguard about my pension  transfer yesterday via their messaging system. Also recevied a message about my quarterly fees and it amounts to pennies. Not the £4 .

I received one too. Not sure if it's a delaying/blocking tactic but I needed to reply whether I had received advice on the transfer or not and confirm who with. I can understand the rationale behind checking for scams but for known companies it seems overkill and must create a lot of extra work for them.

My friend also had the same query about the transfer in her secure messages - purely to get her to say "yes, I want to transfer".

She did not receive a notification that the message was there, so had she not noticed it, the transfer would have been on pause. She suspected delaying tactics due to the volume of transfers. 

She now logs into her account every day to check if there's any more.

Manu08manu

equitydealer said:

Manu08manu said:

How is everyones transfers going? I am still waiting here

Mine are stuck as FNZ (who administer Vanguard UK) are dragging their feet. I’ve escalated with FNZ but have not got any response. My new provider has been chasing and have told me that FNZ are not responding either. I’m assuming they are flooded with transfer out requests. 

On my side it has been escalated, as has taken longer than expected. I have also put in a complaint in. 

For context, application submitted 12/12/2024, response received from Vanguard 04/01/2025 (30 days start here) and since nothing. 

Section62

Manu08manu said:

equitydealer said:

Manu08manu said:

How is everyones transfers going? I am still waiting here

Mine are stuck as FNZ (who administer Vanguard UK) are dragging their feet. I’ve escalated with FNZ but have not got any response. My new provider has been chasing and have told me that FNZ are not responding either. I’m assuming they are flooded with transfer out requests. 

On my side it has been escalated, as has taken longer than expected. I have also put in a complaint in. 

For context, application submitted 12/12/2024, response received from Vanguard 04/01/2025 (30 days start here) and since nothing. 

My dates are similar to yours.  I put in a complaint on Monday and by complete coincidence the transfer went through yesterday.  The complaint response did mention how terribly busy they have been, and that transfers are being processed in chronological order to be fair to all customers.  So hopefully it won't take much longer for you.