Transferring Royal London plan to II SIPP

dunstonh

TBH I have nothing kind to say about RL from the awful website to transfer issues. From long delays, forgotten transfers needing to be chased, out of the market for months… Even the regular monthly contributions are applied sporadically so completely miss dips in the market.

Are you sure RL is the issue?

RL use Origo. HL use Origo. The receiving scheme controls much of the process and RL (except on the CIS side) are pretty good on that.

Also, RL use insured funds. So, you don't sell the units before a transfer. The day they process the transfer is the day you units are sold,

RL will use the day they get the money from the employer. The employer controls that date. Not RL.

RL are certainly not perfect and not as good as they used to be but some of the issues you have mentioned dont sound as if they are necessarily at fault.

NormalNorman

https://forums.moneysavingexpert.com/discussion/comment/81876454#Comment_81876454

Thanks for the info. Cheers!

Aminatidi

Any more for any more 👀

Somebody

I initiated a transfer of my ex-employer RL pot to II last October and was completed in 10 calendar days. No issues. II will send you a tracker with updates until completion. Just to add it was transferred as cash.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81877411#Comment_81877411

0.35% all in is pretty cheap.

At II, you will have the monthly fees + the cost of the managed SIPP.

Aminatidi

Yeah the fees side I've got in hand thanks, this is purely about any benefits of RL that might be "lost" by transferring away.

Aminatidi

Right request in a couple of days back.

Should I expect any sort of "please confirm you want to transfer" contact from Royal London?

It occurs to me that I've opened an II account and kicked off a transfer of almost £100K of pension and at no point so far have I had to really prove I am who I say I am.

MallyGirl

https://forums.moneysavingexpert.com/discussion/comment/81881411#Comment_81881411

you will get a lot more of the 'prove you are you' stuff when you come to withdraw any of it

Aminatidi

Yes I'd hope so 😁

Just checked in the Royal London portal and it's now showing no policies so whatever the exact progress is it's clearly hit them and is/has been actioned - not showing in II yet but I didn't expect it to be - but reassuring that "something" seems to be happening pretty quickly.

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/81884198#Comment_81884198

Don't worry about ID. They share a bunch of personal data on transfer and check what you gave the receiving scheme matches the ceding scheme. They also carry out the electronic ID checks. So, in reality, whether you are with provider A, B or C, you are effectively in the same position you were before from an ID point of view.

Once it leaves the RL portal, it means II have all the data they need. Money is sent via faster payment or CHAPs and it should be with II already.