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Moving Pension funds from LandG to my SIPP

SimonNewBarn
Posts: 1 Newbie
Cant believe how badly I have been treated by LandG. Having had a pension with them for about 10 years I now see their performance is scandalous so decided to shift the funds to my SIPP. Asked about process in August and now told I have to get an appointment with Money helper and first appointment is 28th Jan 2025. Is there any way round this so I can transfer money sooner?
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Comments
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SimonNewBarn said:Having had a pension with them for about 10 years I now see their performance is scandalous so decided to shift the funds to my SIPP.0
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By their performance, do you mean the performance of the investments?
What you invest in us your decision, not theirs. Even sticking with the default lifestyling option is a choice.
My current workplace pension is with L&G, and I'm able to replicate a global index tracker by going 95/5 ex-UK and UK.
And unlike my last WP pension at Scottish Widows, transfering out wouldn't be a faff but I just don't see the need.
"Real knowledge is to know the extent of one's ignorance" - Confucius1 -
SimonNewBarn said:Cant believe how badly I have been treated by LandG. Having had a pension with them for about 10 years I now see their performance is scandalous so decided to shift the funds to my SIPP. Asked about process in August and now told I have to get an appointment with Money helper and first appointment is 28th Jan 2025. Is there any way round this so I can transfer money sooner?
L&G has a very small green list and the minute you say SIPP, you are going to get hit with the overseas investments flag. The one I have on the go has some Vanguard bond funds in it but because they are domiciled in Dublin, L&G treat them as extremely high risk investments.
It has got to the point now that when I see another L&G pension to transfer, I will use a temporary investment fund, such as L&G Multi-index range, which would be hard for them to reject and the minute it is transferred, I will switch the investment to the target funds.
Normally, providers that use ORIGO are green listed by the other providers on ORIGO. So, those pension holders don't get the questionnaire sent out that asks your investments etc. However, if one was sent, most providers will then have a green list for ETFs or offshore domiciled investments from the major fund houses.
I don't know how many providers L&G has on its green list but for it to not accept mainstream regulated providers on Origo suggests it is not very big. And then reject Vanguard funds, saying they are very high risk, indicates their funds green list is pretty non-existent as well.
L&G are the worst of the big players (not that L&G is that big anymore). The platform I have the current held up transfer going to say that they get it all the time with L&G and that L&G have no interest in getting them added to their green list.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
SimonNewBarn said:Cant believe how badly I have been treated by LandG. Having had a pension with them for about 10 years I now see their performance is scandalous so decided to shift the funds to my SIPP. Asked about process in August and now told I have to get an appointment with Money helper and first appointment is 28th Jan 2025. Is there any way round this so I can transfer money sooner?
What happened between August and now? You're probably not going to get very far over the Christmas and New Year break so waiting until the end of January won't delay things by much longer0 -
Did they say you must get an appointment? Don't they have a box to tick to say you know you can have one but you don't want it because eg you know all there is to know about pensions? I believe other reasons may be available.You are thinking pensionwise. In this case, it is moneyhelper (different department). The moneyhelper appointment is to tell the person about scams. it is basically mandatory once the provider digs their heels in. No complaint will over turn it.
Maybe the OP will let us know which of the funds they are invested in has triggered it along with the name of the receiving provider. (as it effectively means that provider and fund(s) is not on L&Gs green list and that may help others).
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2
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