DB pension transfer timing?

desperate_times

How long does it typically take from submitting documents to transfer taking place? I am about to do so and been told it could be up to 8 weeks. Seems like a long time and wondering if others have taken less in practice.   This is a transfer from a major company to a very large well-known pension firm - not be to SIPP and after taking advice from an IFA. 

Marcon

desperate_times said:

How long does it typically take from submitting documents to transfer taking place? I am about to do so and been told it could be up to 8 weeks. Seems like a long time and wondering if others have taken less in practice.   This is a transfer from a major company to a very large well-known pension firm - not be to SIPP and after taking advice from an IFA. 

Typo?

As this is a transfer from a DB scheme, then the scheme has 3 months to actually make the payment, assuming you have provided all the necessary information. I'm not sure that 'typical' would help much - it depends how quickly the scheme can act (they have various due diligence processes before payment can be made), so probably best to work on the basis it will take that length of time.

desperate_times

Marcon said:

desperate_times said:

How long does it typically take from submitting documents to transfer taking place? I am about to do so and been told it could be up to 8 weeks. Seems like a long time and wondering if others have taken less in practice.   This is a transfer from a major company to a very large well-known pension firm - not be to SIPP and after taking advice from an IFA. 

Typo?

As this is a transfer from a DB scheme, then the scheme has 3 months to actually make the payment, assuming you have provided all the necessary information. I'm not sure that 'typical' would help much - it depends how quickly the scheme can act (they have various due diligence processes before payment can be made), so probably best to work on the basis it will take that length of time.

Yes typo - not a SIPP which I understand adds more issues/things to check. Well thank you for your input but my question was whether others have done it and taken less time. I appreciate the general guidelines but wondering specifically if anybody has direct experience. Often with lots of things like this companies put out the longest possible time to manage expectations and things are then a lot quicker. I've had this already with various stages of the IFA advice process and indeed getting the CETV itself. 

cloud_dog

If you confirm the from to administrating schemes someone  on here might be able to offer an insight to recent experiences?

Marcon

desperate_times said:

Marcon said:

desperate_times said:

How long does it typically take from submitting documents to transfer taking place? I am about to do so and been told it could be up to 8 weeks. Seems like a long time and wondering if others have taken less in practice.   This is a transfer from a major company to a very large well-known pension firm - not be to SIPP and after taking advice from an IFA. 

Typo?

As this is a transfer from a DB scheme, then the scheme has 3 months to actually make the payment, assuming you have provided all the necessary information. I'm not sure that 'typical' would help much - it depends how quickly the scheme can act (they have various due diligence processes before payment can be made), so probably best to work on the basis it will take that length of time.

Yes typo - not a SIPP which I understand adds more issues/things to check. Well thank you for your input but my question was whether others have done it and taken less time. I appreciate the general guidelines but wondering specifically if anybody has direct experience. Often with lots of things like this companies put out the longest possible time to manage expectations and things are then a lot quicker. I've had this already with various stages of the IFA advice process and indeed getting the CETV itself. 

I have a lot of direct experience, having been working in the industry for decades! You may find others have taken less time, but that won't have any impact at all on how long your particular transfer takes.

Marcon

cloud_dog said:

If you confirm the from to administrating schemes someone  on here might be able to offer an insight to recent experiences?

I think you're missing the point. Much will depend on how well resourced those administering the scheme are and how bogged down they are with other issues such as GMP equalisation etc.

I don't know who has given OP the 8 week timeframe, but if it's the scheme's own administrators, then that's the best estimate they are going to get. Casting around asking other people to come up with war stories is quite simply irrelevant and will either raise false hopes, or cause needless misery if someone insists on recollecting their 'nightmare transfer story' at great length... 

dunstonh

Well thank you for your input but my question was whether others have done it and taken less time.

Your question cannot be answered to your satisfaction.    It will depend on the administrators, the trustees, whether anti-fraud checks are triggered and the receiving scheme.

I have seen transfers that have been quicker and longer than the timescale you have mentioned.

You could ask the IFA if they are handling the transfer.  A transfer via a pension on the agency of the IFA tends to be a little quicker.

Marcon

dunstonh said:

Well thank you for your input but my question was whether others have done it and taken less time.

Your question cannot be answered to your satisfaction.    It will depend on the administrators, the trustees, whether anti-fraud checks are triggered and the receiving scheme.

Thank you - pleased someone else has grasped the point, although I appreciate our answers aren't what OP wanted to hear.

desperate_times

Marcon said:

cloud_dog said:

If you confirm the from to administrating schemes someone  on here might be able to offer an insight to recent experiences?

I think you're missing the point. Much will depend on how well resourced those administering the scheme are and how bogged down they are with other issues such as GMP equalisation etc.

I don't know who has given OP the 8 week timeframe, but if it's the scheme's own administrators, then that's the best estimate they are going to get. Casting around asking other people to come up with war stories is quite simply irrelevant and will either raise false hopes, or cause needless misery if someone insists on recollecting their 'nightmare transfer story' at great length... 

Jeez is this so hard to understand? I have been told UP TO 8 WEEKS not that it will be 8 weeks. I am just wondering if it possible based on recent experiences people have had that may be significantly less. And to be clear I was told by the pension scheme that could be up to 8 weeks but as I've said in many contexts like this often people give the worst scenario to manage expectations and in reality things can be a lot quicker. 

desperate_times

dunstonh said:

Well thank you for your input but my question was whether others have done it and taken less time.

Your question cannot be answered to your satisfaction.    It will depend on the administrators, the trustees, whether anti-fraud checks are triggered and the receiving scheme.

I have seen transfers that have been quicker and longer than the timescale you have mentioned.

You could ask the IFA if they are handling the transfer.  A transfer via a pension on the agency of the IFA tends to be a little quicker.

Well it could be answered by somebody who has gone through a similar process recently. I was just asking for recent real experiences of anybody here. I will be speaking to my IFA next week and will ask them. 

dunstonh

desperate_times said:

dunstonh said:

Well thank you for your input but my question was whether others have done it and taken less time.

Your question cannot be answered to your satisfaction.    It will depend on the administrators, the trustees, whether anti-fraud checks are triggered and the receiving scheme.

I have seen transfers that have been quicker and longer than the timescale you have mentioned.

You could ask the IFA if they are handling the transfer.  A transfer via a pension on the agency of the IFA tends to be a little quicker.

Well it could be answered by somebody who has gone through a similar process recently. I was just asking for recent real experiences of anybody here. I will be speaking to my IFA next week and will ask them. 

yes it could be answered by somebody who has used the same receiving scheme and is a member of the same ceding scheme.     Neither of which you have mentioned.