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SIPP transfer: where does the money go??
k6chris
Posts: 787 Forumite
I'm in the middle of a SIPP transfer which has taken six weeks so far, despite being in cash. Today I received the following words of comfort:
Your current provider have advised the cash transfer was sent today, please allow 3 - 5 working days for the cash to arrive in your account.
Please be assured it is expected for there to be a period where the cash appears with neither your current provider or ourselves. Once the cash has been received, we will be in touch to confirm.
Why does it take so long, where does the money go and should I be worried??!
"For every complicated problem, there is always a simple, wrong answer"
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Why does it take so long, where does the money go and should I be worried??!BACS is three days. It gets paid into the receiving account and then needs to be matched before it it then added to your SIPP at the other end. Some providers still use cheques.
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 -
To answer the rest of your question: no, nothing to worry about!k6chris said:I'm in the middle of a SIPP transfer which has taken six weeks so far, despite being in cash. Today I received the following words of comfort:Your current provider have advised the cash transfer was sent today, please allow 3 - 5 working days for the cash to arrive in your account.Please be assured it is expected for there to be a period where the cash appears with neither your current provider or ourselves. Once the cash has been received, we will be in touch to confirm.Why does it take so long, where does the money go and should I be worried??!Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!2 -
It does still seem to take an inordinate amount of time to move the money. I appreciate there have to be checks and balances but so there is in other areas such as completing on a house purchase where I paid over £350k and it was with the other solicitor within minutes.0
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That would not have been via BACS thoughMetaPhysical said:It does still seem to take an inordinate amount of time to move the money. I appreciate there have to be checks and balances but so there is in other areas such as completing on a house purchase where I paid over £350k and it was with the other solicitor within minutes.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
That house purchase had weeks or months to get to the stage a bank transfer is made using CHAPS.MetaPhysical said:It does still seem to take an inordinate amount of time to move the money. I appreciate there have to be checks and balances but so there is in other areas such as completing on a house purchase where I paid over £350k and it was with the other solicitor within minutes.
If the pension provider uses CHAPs (as some do) then the same timescale will apply except the pension transfer details exchange may have taken 24-72 hours.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.0 -
There is a recommendation that an ISA transfer should take no more than 15 or 30 days however (depending on type), and the amount of money transferred could, in a good proportion of cases, be similar.While checks have to be made, I am unsure why there should not be at least a similar recommendation made by regulators for pension money. There will always be potential for problems to occur, but digital processes have been available for many years now, and if the pension is in an out of date format, one feels that the pension co at least should be aware, and be able to warn the transferor of that fact, and give at least a reasonable estimate of timescales.0
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I'm sure 'someone' benefits from the transfer delay other than the person requesting the transfer....0
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Quick update: The funds have appeared in my new SIPP!! Now I just need to pluck up the courage to reinvest them!!"For every complicated problem, there is always a simple, wrong answer"2
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