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Quick SIPP Transfer

New_World_Man
Posts: 73 Forumite


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
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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.0
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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.1
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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.0 -
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.Fashion on the Ration
2024 - 43/66 coupons used, carry forward 23
2025 - 62/890 -
Cobbler_tone 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.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 -
MallyGirl said:Cobbler_tone 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.
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.0 -
Cobbler_tone said:MallyGirl said:Cobbler_tone 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.
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.
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.0 -
Albermarle said:Cobbler_tone said:MallyGirl said:Cobbler_tone 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.
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.
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.
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.0 -
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.
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Cobbler_tone 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.
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.1
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