In specie Sipp transfer

SVaz

I’ve requested a transfer from Charles Stanley direct to AJ Bell,  it contains crystallised and uncrystallised funds - there are only two investments,  HSBC ftse All world index inc.  and Royal London Short term money market fund inc. plus a few hundred in cash - CSD charge £180 + £10 per investment for the transfer out but AJ Bell will cover up to £500 in charges apparently.  

I’ve read it could take anything from 3-6 months so I’ve ceased contributions.
What happens while the funds are in transfer?  Are they ‘frozen’ / out of the market for a short time or is it pretty much instant once all the paperwork is sorted between the 2 schemes?

I’ve only ever transferred small pensions as cash before so it’s all a mystery. 

NoMore

In specie means your transferring the holdings rather than selling so your never out of the market. They may be inaccessible for a period but you are not out of the market. 

SVaz

That’s how I understood it but just wanted to make sure.   

SVaz

I’ll start contributing to AJ Bell once I’ve had confirmation from them that the discharge forms have been received and approved by both schemes.  

Bit annoying that it can’t all be done electronically but CSD need wet ink signatures and a photocopy of my passport for some bizarre reason, so I’ve printed and sent them off to AJ Bell today. 

Albermarle

It should not take 3 to 6 months, especially with only two funds, although you do hear of occasional long delays.
I have done it a couple of times, and it was all complete in a couple of weeks.

SVaz

Fingers crossed.  It’s got to be within 6 months to get the AJ Bell offer of £100 amazon voucher each,  would have preferred cash but I’m sure we’ll find a use for them. 

RecliningInPeace

I transferred from HL to AJB a few years ago and it took maybe 4 or 5 weeks, and that included sorting out an asset that could not be transferred in specie. Fingers crossed it will be done long before 6 months.

SVaz

If it’s done and dusted by Christmas I’ll be pleasantly surprised.    

dunstonh

I’ve read it could take anything from 3-6 months so I’ve ceased contributions.

Providers using the latest software are taking about a week to ten days for in-specie.  UT/OEICs are usually the quickest but offshore funds (e.g. Dublin or Luxemburg) can take months.   Its a bit hit and miss as the same fund can take under two weeks with one transfer and then 2 months with the next.

Longest I have had is just over a year.     Most of the time nowadays its a few weeks bar some offshore Vanguard funds which tend to be sluggish.

What happens while the funds are in transfer?  Are they ‘frozen’ / out of the market for a short time or is it pretty much instant once all the paperwork is sorted between the 2 schemes?

You cannot trade until the in-specie is completed.

cfw1994

Does it form part of Origo if the transfer is in-specie?
Both companies are part of that: should be within about a fortnight, IF in-specie is allowed for that, I would have thought?

dunstonh

cfw1994 said:

Does it form part of Origo if the transfer is in-specie?
Both companies are part of that: should be within about a fortnight, IF in-specie is allowed for that, I would have thought?

Origo is used for the exchange of data.  However, there are different systems in place for the in-specie.     If you are not asked to complete stock transfer forms, then you know that the newest system is being used.