Making a pig's ear of pension transfer! LifeSight to Interactive Investor - can anyone help please?

TimeToEatCake

I decided to transfer my LifeSight DC pension to Interactive Investor and am failing completely to execute this!

Firstly, I  followed the "transfer in" instructions on II and opened a SIPP.  It would not let me move forward without making me provide direct debit instructions for fees so I now think I am going to start paying a monthly fee by DD straight away rather than have fees deducted from my SIPP once transferred (which I assume will take at least a month so wondering I'll be paying fees straight away on a SIPP account with nothing in it).

Next, despite saying in the SIPP opening process that I was transferring in, I didn't end up on a transfer in screen so separately logged on and followed the link to transfer in.  This was fine until I arrived at the pre-populated account form!  I noticed that firstly, my phone number did not populate for some reason and I wrote my pension scheme as "LifeSight" instead of "LifeSight - FORMER EMPLOYER NAME scheme" which is the full name of the scheme.   Could not find a way to edit form and there is a note saying you must not change the pre-populated form!   

Next, II require a discharge form from the previous scheme.  Logged on to LifeSight and was able to get a "transfer agreement" form.  It requires several fields on information about the II scheme which it says should be completed by the receiving plan.  I'm not even sure if the transfer agreement is a discharge form!  I went back to II website but had been timed out and after logging in, could not find any way to find to track down my completed application even though I have received an email saying they've received my transfer in request. 

Does anyone know if the transfer agreement form is the same as a discharge form?  I'm not sure whether to send the transfer agreement form - receiving plan page to II to complete and return or contact LifeSight and ask for discharge form.   

Can anyone help?  Have transferred several small schemes into LS in the past and it was super quick and easy (I'm sure I just gave details).  Not sure why this seems to be so complicated!

Thanks

dunstonh

Next, II require a discharge form from the previous scheme. 

That is unusual.  The discharge form is for the benefit of the ceding scheme.  Not the receiving scheme.     As Lifesight do not use Origo/Altus, and it works in the old fashioned way, you would expect them to want a discharge form.   Perhaps ii have requested it because they know Lifesight will want it.

Does anyone know if the transfer agreement form is the same as a discharge form?

Could be.  Ask Lifesight if they need it completed.  

I'm not sure whether to send the transfer agreement form - receiving plan page to II to complete and return or contact LifeSight and ask for discharge form.   

Discharge forms go to the receiving scheme who then forward them to the ceding scheme.

Can anyone help?  Have transferred several small schemes into LS in the past and it was super quick and easy (I'm sure I just gave details).  Not sure why this seems to be so complicated!

Its not complicated. Its just using the old fashioned way before the electronic transfer systems came in.   

WastedWords

Not sure how standard Lifesight is across different company schemes but my own offer electronically for a few providers. Unfortunately not with ii : 

Simplified Transfers:

LifeSight works with ViaNova and TeX, an online initiative that brings together both pension regulated and FCA regulated pension schemes, allowing streamlined DC Transfer processing. If you are thinking of transferring 100% of your savings out of LifeSight to a ViaNova enabled provider, you may be able to do this electronically, without the need to complete any transfer forms.

The following pension arrangements are currently ViaNova enabled:

• Fidelity
• Hargreaves Lansdown
• PensionBee
• AJ Bell

DRS1

Sounds to me like you need to call ii talk to someone who can see what you have done and correct it where necessary or tell you what they are missing.

Scrudgy

I have done two transfers from WTW lifesight to interactive investor.

i found that on both occasions the service from ii was excellent and they were prompt and regularly chased up WTW for progress updates. Regular messages from ii to me were provided. WTW however was very slow, every letter had a 2 week turnaround, which I would reply to same day, then another 2 weeks to get another response. I asked for them to communicate via email, but that was worse than posting everything. The first transfer took 3 months, the second took 2 1/2 months.

Keep at it, you’ll get there soon enough.

dunstonh

LifeSight works with ViaNova and TeX, an online initiative that brings together both pension regulated and FCA regulated pension schemes, allowing streamlined DC Transfer processing. If you are thinking of transferring 100% of your savings out of LifeSight to a ViaNova enabled provider, you may be able to do this electronically, without the need to complete any transfer forms.

The problem is that the majority of mainstream providers use Origo or Altus.  I have never head of ViaNova before and if the ones you list are the only providers, then that would explain why I haven't.  (looking it up, it appears Vianova went into a pilot scheme at the end of 2020).   I also found an article from 2022 claiming 6 days was the fastest ever transfer done.   However, Origo have been doing it in 3 days for some time if you get an efficient provider.  (fastest for me was keyed on a Monday and money arrived on the Wednesday).  Basically, it seems that ViaNova has focused on the workplace providers/adminstrators and Origo has focused on the retail providers.

OliverLacon

The full list of providers (from a transfer out quote) is as follows:-

SIPPDeal E-SIPP (AJ Bell)
Transact Personal Pension
Transact SIPP
PensionBee
HL SIPP
Fidelity Retail Pension Scheme

"you do not need to complete and return the following forms to us. Instead, you should contact your new pension provider to inform them you are transferring benefits in the LifeSight - Deferred Plan, which are administered by WTW. Your new pension provider will then contact us directly in relation to transferring your pension benefits in the LifeSight - Deferred Plan."

Presumably if you are transferring to any of the above, they do the transaction electronically. 

TimeToEatCake

Scrudgy said:

I have done two transfers from WTW lifesight to interactive investor.

i found that on both occasions the service from ii was excellent and they were prompt and regularly chased up WTW for progress updates. Regular messages from ii to me were provided. WTW however was very slow, every letter had a 2 week turnaround, which I would reply to same day, then another 2 weeks to get another response. I asked for them to communicate via email, but that was worse than posting everything. The first transfer took 3 months, the second took 2 1/2 months.

Keep at it, you’ll get there soon enough.

Thanks @Scrudgy.  Good to hear.  I am mentally ready for a long, drawn-out process but very happy with my decision to suffer the pain now and then (hopefully) have straightforward dealings with Interactive Investor subsequently. They are off to a good start with prompt communication - I sent them the "receiving plan" details form from my LifeSight transfer agreement and they replied same day to say their Scheme Administrators are reviewing and will return shortly when completed so I can send on to LifeSight.   

It would be great to deal with one of the providers where LifeSight transfer electronically but I am happy with Interactive Investor and the transfer process is a one-off that I'll manage. I have a smaller SIPP with HL and they are brilliant but I don't went to spend £2k+ a year on fees for this pot (vs II £156).  

QrizB

TimeToEatCake said:

It would be great to deal with one of the providers where LifeSight transfer electronically but I am happy with Interactive Investor and the transfer process is a one-off that I'll manage.

You could transfer to PensionBee (one of the electronic transfer options) in the interim, then from there to II?

dunstonh

QrizB said:

TimeToEatCake said:

It would be great to deal with one of the providers where LifeSight transfer electronically but I am happy with Interactive Investor and the transfer process is a one-off that I'll manage.

You could transfer to PensionBee (one of the electronic transfer options) in the interim, then from there to II?

Could do but pensionbee use ETFs and that would trigger the "overseas investments" flag.   Unless they have pensionbee on their green list.