HL to ii Final Transfer Summary

Peter314

Ah, it sounds like they've side-tracked you into their complaints process then, which may slow things down. It may be worth phoning them, but I hate phones so I didn't try.
@squirrelpie

Yes, in a previous message we had said the next step would have to be a formal complaint. I guess they fixed on that and we are now on the complaints path. I've no expectation that this will be resolved any time soon…

Peter314

https://forums.moneysavingexpert.com/discussion/comment/81967513#Comment_81967513

Same here, same issue. After much nudging of HL they stated that they had sent everything necessary to ii and had no request for anything further from ii.

Do let us know when you get a resolution.

Peter314

Update: after months of waiting and chasing of ii the crystallised figures finally appeared so withdrawals can now be processed.

One oddity is that the 100% crystallised SIPP pot is split into two Flexi-access pots with account numbers differing by the final digit. The percentage split between the pots bears no relation the values of the two funds plus cash that the whole pot consists of.

There is no way that we can find to check how the assets are split between the two pots. We requested that they be amalgamated into a single drawdown pot but ii refuse to do this because supposedly that is how they came over from HL and they can't be amalgamated. This was news to us as the HL drawdown pot was always shown as a single entity.

The ii pensions team rep explained that they use a notional split of the assets and, whichever pot withdrawal is taken from, as long as there is sufficient cash in the GB balance to cover the payment then that is all that is needed.

So, hopefully all is now working ok, if a bit oddly.

Peter314

Final update: compensation offer (excerpt attached) received today.

Summary: £380.

bownyboy

My wife has also become a victim of this HL to ii transfer.

Transfer of SIPP completed back in March, but unable to do an UFPLS withdrawal because "We cannot currently calculate the values of your non-drawdown and drawdown pots. This may be due to a transfer that is still in progress. If you're not aware of any ongoing transfers, please send us a Secure Message so we can investigate further."

She has been in contact and each time they say its because HL have not 'completed' the transfer. Despite her whole SIPP being available and also being able to sell some of her ETF to give her some cash to withdraw.

Three months later we are still waiting while ii 'investigate' and blame HL for not providing the 'Lump Sum Allowance Information'.

She's about to put in a complaint as she's be unable to do an ufpls withdrawal

Peter314

@bownyboy: Yes, this "internal processing error" seems to have affected several people's SIPP transfers into ii. I'm sure they will sort out your wife's and pay compensation for their delay but it seems they treat each instance as a one off instead of fixing the problem in their system.

@SouthCoastBoy: Did ii resolve your SIPP transfer to your satisfaction..?

SouthCoastBoy

https://forums.moneysavingexpert.com/discussion/comment/82081464#Comment_82081464

yes, mine went through fine, although i havent tried to access any of the money yet.

Peter314

No problem until you want to take money from the SIPP.
Worth checking in good time before you want to commence drawdown or take a tax-free sum that they know the values of your non-drawdown and drawdown pots. If they don't, it may take a few months to resolve.

squirrelpie

https://forums.moneysavingexpert.com/discussion/comment/82087465#Comment_82087465

Not just the values of the drawdown and non-drawdown pots. They also require YOU to know exactly what you've drawn from your pensions before

SouthCoastBoy

https://forums.moneysavingexpert.com/discussion/comment/82087465#Comment_82087465

ive not taken any money from sipps so dont have a drawdown account set up. Hopefully it wont be too onerous