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Quick SIPP Transfer

I recently asked for my Legal & General SIPP to be transferred to my main Vanguard SIPP. It took 6 working days for the money to appear in my Vanguard account. 
That compares favourably with one which I did a few years ago into Vanguard and it took around 3 months. That one was with Utmost, who had recently taken over my old Equitable Life pension.
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Comments

  • dunstonh
    dunstonh Posts: 119,814 Forumite
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    I tend to find L&G amongst the worst to transfer out from (occupational pensions aside).     Taking months is typical for them if you hold Vanguard funds not domiciled in the UK unless you are lucky to have a provider on their very short 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.
  • jimjames
    jimjames Posts: 18,723 Forumite
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    Hope you don't need to transfer from Vanguard! 5 months on and it still isn't completed although only cash and residual units now remaining to come across to my new SIPP. It has been a tedious process, not sure why some funds come across and others take months more when they are all the same fund house.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Cobbler_tone
    Cobbler_tone Posts: 1,065 Forumite
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    I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
    Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
    It’s something I’ll have to consider in a year or two.
  • Sarahspangles
    Sarahspangles Posts: 3,239 Forumite
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    edited 20 May at 12:54PM
    I transferred from SW to L&G and then from L&G to a SIPP, both times in cash. The SW transfer was slower, under a month. I think the L&G transfer took less than a fortnight. 
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  • MallyGirl
    MallyGirl Posts: 7,225 Senior Ambassador
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    I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
    Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
    It’s something I’ll have to consider in a year or two.
    My workplace DC is with L&G but I will be transferring it elsewhere when I leave the employment. The choices of investment are limited compared to my SIPP. I am going to look for a transfer offer before I do anything 
    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.
  • Cobbler_tone
    Cobbler_tone Posts: 1,065 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    MallyGirl said:
    I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
    Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
    It’s something I’ll have to consider in a year or two.
    My workplace DC is with L&G but I will be transferring it elsewhere when I leave the employment. The choices of investment are limited compared to my SIPP. I am going to look for a transfer offer before I do anything 
    I'm not concerned with the choices of investment. Like most I will put it somewhere, or mix it a little but not in the world of trying to play the markets.
    I'm more interested in....is the platform easy to use? Can you drawdown easily on an ad hoc basis, or regularly without incurring high fees? 
    Whoever does that the best is where I'll be looking to go, or stick with L&G. I like the website I see now and it is very easy to look at investment performance and change selections if I want to.
    In reality it will probably be that I want £x a month, for the next x years and if it grows in that time to pay for a bit longer then happy days. Whoever does that the best is where I'll be heading.
  • Albermarle
    Albermarle Posts: 28,095 Forumite
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    MallyGirl said:
    I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
    Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
    It’s something I’ll have to consider in a year or two.
    My workplace DC is with L&G but I will be transferring it elsewhere when I leave the employment. The choices of investment are limited compared to my SIPP. I am going to look for a transfer offer before I do anything 
    I'm not concerned with the choices of investment. Like most I will put it somewhere, or mix it a little but not in the world of trying to play the markets.
    I'm more interested in....is the platform easy to use? Can you drawdown easily on an ad hoc basis, or regularly without incurring high fees? 
    Whoever does that the best is where I'll be looking to go, or stick with L&G. I like the website I see now and it is very easy to look at investment performance and change selections if I want to.
    In reality it will probably be that I want £x a month, for the next x years and if it grows in that time to pay for a bit longer then happy days. Whoever does that the best is where I'll be heading.
    I had the impression that L&G were losing interest in pensions, but maybe not with workplace ones.

    On the retail side, they only have a very simple offering, with no drawdown facility, and a couple of years they sold off all their other retail investing activity ( S& S ISAs for example) to Fidelity.
  • dunstonh
    dunstonh Posts: 119,814 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    MallyGirl said:
    I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
    Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
    It’s something I’ll have to consider in a year or two.
    My workplace DC is with L&G but I will be transferring it elsewhere when I leave the employment. The choices of investment are limited compared to my SIPP. I am going to look for a transfer offer before I do anything 
    I'm not concerned with the choices of investment. Like most I will put it somewhere, or mix it a little but not in the world of trying to play the markets.
    I'm more interested in....is the platform easy to use? Can you drawdown easily on an ad hoc basis, or regularly without incurring high fees? 
    Whoever does that the best is where I'll be looking to go, or stick with L&G. I like the website I see now and it is very easy to look at investment performance and change selections if I want to.
    In reality it will probably be that I want £x a month, for the next x years and if it grows in that time to pay for a bit longer then happy days. Whoever does that the best is where I'll be heading.
    I had the impression that L&G were losing interest in pensions, but maybe not with workplace ones.

    On the retail side, they only have a very simple offering, with no drawdown facility, and a couple of years they sold off all their other retail investing activity ( S& S ISAs for example) to Fidelity.
    L&G also sold off their legacy pension book to ReAssure to focus on workplace pensions.  
    They are very active on the funds side. Both trackers and ESG.
    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.
  • Cobbler_tone
    Cobbler_tone Posts: 1,065 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    L&G have a lot of funds in their workplace scheme, although the vast, vast majority of our employees will be in their target date fund, aligned to whatever retirement age they have input. That is the default.


  • Shimrod
    Shimrod Posts: 1,166 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
    Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
    It’s something I’ll have to consider in a year or two.
    One of the big constraints on my L&G workplace pension was a single chance to take tax-free cash when putting it into drawdown - you couldn't part crystalise funds. So if you only took 15% tax free cash, everything else became taxable.

    Fund choice was also quite restrictive. While some funds from other investment managers were available they had high fund charges (1% upwards) compared to the L&G funds.
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