Timescale to move from SIPP to drawdown AC with Hargreaves Lansdown?

KrullTheSaver

I hear you. Took 30+ days for me with only a vague, "sorry you're dissatisfied". Somewhat ironically they sent me a printed copy of their, "Investment Times" over Christmas with a card saying it was a special run only sent to "their most valued clients". Um... yeah... already started the process of moving elsewhere, thanks...

Melvinsmum58

@KrullTheSaver Yes we have been moving investments to II for last 12/18mths, I do think HL customer service has gone downwards, yet fees have stayed high. I will likely drop HL completely in next couple of years. I got a call from HL in the summer, after transferring a lot of funds, offering me lower fees, but they were still too high!

I put in a complaint regarding the drawdown delay, got a response with an offer of compensation on 16/12, accepted it a day or so later and have heard nothing back, no sign of any compensation money. Yes I know it has been Christmas, but even an acknowledgment of my acceptance would be appreciated. I might be complaining about my complaint resolution if it isn’t sorted this week!

disgruntled1234

I applied to take a small TFLS from my SIPP with HL on 8th December.  As of today (30 days since my application), still no sign of anything happening.  I've just sent them a secure message asking if there's any indication as to when I might receive the LS and when the other 75% of shares will  move into my drawdown account.  I'll be wanting to take another larger TFLS in April so I guess I'll start the process mid-March.

eastcorkram

disgruntled1234 said:

I applied to take a small TFLS from my SIPP with HL on 8th December.  As of today (30 days since my application), still no sign of anything happening.  I've just sent them a secure message asking if there's any indication as to when I might receive the LS and when the other 75% of shares will  move into my drawdown account.  I'll be wanting to take another larger TFLS in April so I guess I'll start the process mid-March.

Sounds like you should start today!

Melvinsmum58

disgruntled1234 said:

I applied to take a small TFLS from my SIPP with HL on 8th December.  As of today (30 days since my application), still no sign of anything happening.  I've just sent them a secure message asking if there's any indication as to when I might receive the LS and when the other 75% of shares will  move into my drawdown account.  I'll be wanting to take another larger TFLS in April so I guess I'll start the process mid-March.

I’d be amazed if they give you a timescale from your secure message, they didn’t with me, just lots of waffle about it taking longer than their prediction. If you don’t get anywhere, do put it a formal complaint, my TFLS happened very quickly once that went in. Coincidence….maybe, but maybe not. 

I have now got my compensation, so I guess that the person dealing with it maybe was off all Christmas and NY. 

And yes, give them plenty of notice for the larger TFLS, although with the Budget and Christmas out of the way one would hope they will catch up timescales.

ali_bear

Ah .. sounds like I missed out on some possible compensation there..?

I started the process in late October, nothing happened for two months. I sent them a webform message and got a lengthy reply all about how hard they work for the fees they charge. Then the next working week it went through. 

Melvinsmum58

ali_bear said:

Ah .. sounds like I missed out on some possible compensation there..?

I started the process in late October, nothing happened for two months. I sent them a webform message and got a lengthy reply all about how hard they work for the fees they charge. Then the next working week it went through. 

I complained because when there was a similar delay in summer of 2024, they did reply that they were currently processing applications from X date, which was useful in knowing how far behind, my application was. There is no reason why they couldn't have done something similar this time, they just chose not to. Most of us will accept a delay if we are given an updated timescale, it's the lack of info that is frustrating. 

Compensation wasn't much but it will go towards those astronomical fees...!

SouthCoastBoy

I have been an H&L customer for 20 odd years. I have always found them very efficient however my requests have always been straight forward. I'm getting close to drawdown and the posts above are a little disconcerting, especially as they have had a change of owner. I am considering moving everything before I need the drawdown to start.

I also have a pension with WTW which I will need to transfer at some stage (dreading that). I think it is going to be II or A J Bell for me can't decide which one.

DRS1

SouthCoastBoy said:

I have been an H&L customer for 20 odd years. I have always found them very efficient however my requests have always been straight forward. I'm getting close to drawdown and the posts above are a little disconcerting, especially as they have had a change of owner. I am considering moving everything before I need the drawdown to start.

I also have a pension with WTW which I will need to transfer at some stage (dreading that). I think it is going to be II or A J Bell for me can't decide which one.

If you are going to have part of your pension crystallised and part uncrystallised at the same time be aware that HL keep them as separate pots so you can invest them differently while others (ii for example) don't - they just apply a notional % split to the whole pot.  That means you can't invest the different parts differently.  It may or may not matter to you but if it does it is worth checking how the new lot do it 

SouthCoastBoy

DRS1 said:

SouthCoastBoy said:

I have been an H&L customer for 20 odd years. I have always found them very efficient however my requests have always been straight forward. I'm getting close to drawdown and the posts above are a little disconcerting, especially as they have had a change of owner. I am considering moving everything before I need the drawdown to start.

I also have a pension with WTW which I will need to transfer at some stage (dreading that). I think it is going to be II or A J Bell for me can't decide which one.

If you are going to have part of your pension crystallised and part uncrystallised at the same time be aware that HL keep them as separate pots so you can invest them differently while others (ii for example) don't - they just apply a notional % split to the whole pot.  That means you can't invest the different parts differently.  It may or may not matter to you but if it does it is worth checking how the new lot do it 

Thanks, I was aware of that, I don't think that particularly bothers me. I would be concerned about the overall portfolio and what it is invested in but I don't need it broken down into separate pots for crystallised and uncrystallised.