Aviva workplace pension part transfer to Interactive investor

LHW99

CRAIGEMMA said:

MetaPhysical said:

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

Why cash? Was it because of fund you were in

Possibly the Aviva fund was an insured pension one? I think those sort of funds aren't available on the likes of II, so transferring the actual fund itself wouldn't be possible

MallyGirl

bjorn_toby_wilde said:

MallyGirl said:

CRAIGEMMA said:

MetaPhysical said:

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

Why cash? Was it because of fund you were in

That is the likely reason. I have transferred several old pensions to II in the past - the cash ones were really quick and the in-specie ones were definitely not. One took about 3 months and a lot of chasing. I am about to do another transfer (from L&G) and it will be as cash as I wouldn't choose the same funds, even if they were offered by ii, when I have the whole market to choose from.

If they WERE offered by II then would you transfer in specie?

My thinking is that it would be quick and easy to sell the unwanted fund once it was transferred into II and buy another fund as opposed to the potential to be out of the market for much longer whilst L&G sell your funds and transfer the cash to your II account.

Probably not. Having experienced a cash transfer of just over a week vs an in-specie of over 3 months where the investment went walkabout and required huge amounts of chasing to get completion, I would likely opt for getting it over with and back under my control asap.

dunstonh

MallyGirl said:

bjorn_toby_wilde said:

MallyGirl said:

CRAIGEMMA said:

MetaPhysical said:

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

Why cash? Was it because of fund you were in

That is the likely reason. I have transferred several old pensions to II in the past - the cash ones were really quick and the in-specie ones were definitely not. One took about 3 months and a lot of chasing. I am about to do another transfer (from L&G) and it will be as cash as I wouldn't choose the same funds, even if they were offered by ii, when I have the whole market to choose from.

If they WERE offered by II then would you transfer in specie?

My thinking is that it would be quick and easy to sell the unwanted fund once it was transferred into II and buy another fund as opposed to the potential to be out of the market for much longer whilst L&G sell your funds and transfer the cash to your II account.

Probably not. Having experienced a cash transfer of just over a week vs an in-specie of over 3 months where the investment went walkabout and required huge amounts of chasing to get completion, I would likely opt for getting it over with and back under my control asap.

In-specie transfers can use a much quicker service now.   Not all platforms use it, but those that do can often find the funds are re-registered in 4-7 days.  I have re-platformed about 60 people in the last 12 months using the new method, and it's smooth.  No provider forms, no stock transfer forms, all electronic.   Although some Vanguard funds (offshore ones) can still remain a bit sticky for a further week or two.

Given what you say about control, another option would be to switch into the funds you intend to keep before doing the inspecie transfer.  Then time is less of an issue.

MallyGirl

dunstonh said:

MallyGirl said:

bjorn_toby_wilde said:

MallyGirl said:

CRAIGEMMA said:

MetaPhysical said:

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

Why cash? Was it because of fund you were in

That is the likely reason. I have transferred several old pensions to II in the past - the cash ones were really quick and the in-specie ones were definitely not. One took about 3 months and a lot of chasing. I am about to do another transfer (from L&G) and it will be as cash as I wouldn't choose the same funds, even if they were offered by ii, when I have the whole market to choose from.

If they WERE offered by II then would you transfer in specie?

My thinking is that it would be quick and easy to sell the unwanted fund once it was transferred into II and buy another fund as opposed to the potential to be out of the market for much longer whilst L&G sell your funds and transfer the cash to your II account.

Probably not. Having experienced a cash transfer of just over a week vs an in-specie of over 3 months where the investment went walkabout and required huge amounts of chasing to get completion, I would likely opt for getting it over with and back under my control asap.

In-specie transfers can use a much quicker service now.   Not all platforms use it, but those that do can often find the funds are re-registered in 4-7 days.  I have re-platformed about 60 people in the last 12 months using the new method, and it's smooth.  No provider forms, no stock transfer forms, all electronic.   Although some Vanguard funds (offshore ones) can still remain a bit sticky for a further week or two.

Given what you say about control, another option would be to switch into the funds you intend to keep before doing the inspecie transfer.  Then time is less of an issue.

Thanks. Going from L&G to II and L&G choice of funds was limited to 'own brand' offerings. I suspect that in-specie is not an option but I will investigate. I am transferring £600k so I need to get it right.

MetaPhysical

CRAIGEMMA said:

MetaPhysical said:

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

Why cash? Was it because of fund you were in

Yes.  The funds I was with inside Aviva were sold to cash, the cash moved into II and then I bought funds inside II from that cash.  It's easy to do.  The funds could not move across in-specie since they were unique funds to Aviva with the AvivaMyM family of funds.  The performance of them was pants.

MallyGirl

MetaPhysical said:

CRAIGEMMA said:

MetaPhysical said:

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

Why cash? Was it because of fund you were in

Yes.  The funds I was with inside Aviva were sold to cash, the cash moved into II and then I bought funds inside II from that cash.  It's easy to do.  The funds could not move across in-specie since they were unique funds to Aviva with the AvivaMyM family of funds.  The performance of them was pants.

I have the same with L&G - the same funds are not available to me in II. Cash transfer has been initiated so the clock is now ticking 

MallyGirl

Cash has arrived in my ii SIPP today so that is 2 weeks to go from L&G funds held with L&G to cash with ii

MetaPhysical

MallyGirl said:

MetaPhysical said:

CRAIGEMMA said:

MetaPhysical said:

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

Why cash? Was it because of fund you were in

Yes.  The funds I was with inside Aviva were sold to cash, the cash moved into II and then I bought funds inside II from that cash.  It's easy to do.  The funds could not move across in-specie since they were unique funds to Aviva with the AvivaMyM family of funds.  The performance of them was pants.

I have the same with L&G - the same funds are not available to me in II. Cash transfer has been initiated so the clock is now ticking 

So you can look for similar funds inside II.  The Aviva ones were far too conservative.

MallyGirl

I was actually quite high in equities in L&G so I have toned that down about with my investment of the cash - buying more of funds I was already using in the SIPP