Sipp transfer Help

eazy11

Hi,

I decided to transfer my AJ Bell Sipp , cash and stocks, to interactive Investor as there recent new platform charges were attractive, especially fx charges on US shares. Application started in mid May, and progressed well with equities transferred by 02 June, and cash settled on 10th June.

I now need to take benefits from from Sipp, but ii say I can't do that until AJ Bell send them a Final Transfer Summary Report, which they chased but not yet received. I also phoned AL Bell, and they said they will do that, but they still seem to be taking time to send this final summary report.

My question is has how long should I wait before escalating this further, and what are typical time scales. Transfer started well but now seem to be stuck on the final hurdle. What can hold this up, eg dividends or maybe interest on cash?

DRS1

Similar issue mentioned on this thread.

HL to ii Final Transfer Summary — MoneySavingExpert Forum

Looks like that one took a couple of months.

dunstonh

My question is has how long should I wait before escalating this further, and what are typical time scales. Transfer started well but now seem to be stuck on the final hurdle. What can hold this up, eg dividends or maybe interest on cash?

In-specie transfers can take up to six months.

A mid May transfer request is far too early to be escalating at this short time later.

If you are still waiting in November then you have every right to escalate. In reality, if all funds are over and its the final transfer summary report (which is the last step in the process) then you will likely find it is completed within days to a week or two.

Doing an in-specie transfer just before you need Manny out was probably not a good idea. You generally don't do an in-species transfer if you need money out in the short term.

The longest in specie transfer I have seen it took 13 months. That's extremely rare and was before the current system was available, but it's one of the risks.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82048588#Comment_82048588

I may be wrong but I think the OP is saying the transfer has happened it is just the paperwork which is outstanding.

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/82048607#Comment_82048607

It's a multi-stage process. There are certain things that cannot be done until the funds have completely re-registered. Platform cash is the last thing to be transferred. And then, when that is done, there is a final transfer summary issued, which effectively closes the transfer. Until the receiving pension scheme gets that, even if all the funds have come over and potentially the platform cash, they cannot do any transactions on the pension until they have that final summary. It's always the last bit. So it's almost there and likely to be a matter of days rather than months.

The rest of my post was mainly for the benefit of others who are thinking they're doing in-species transfers and they've read what's happened here. Realistically, if the Op had posted here back in May asking whether they should do an in-species transfer when they want to make a draw in the following months, most people would say do the draw first and then do the transfer or make sure you have sufficient money available in case it takes longer.

eazy11

dunstonh said: So it's almost there and likely to be a matter of days rather than months.

Actually in my case the shares transfer was about 10 days, and a further 5 days for cash to follow. The final summary report is the one now taking time, and it seems I can invest the cash, but cannot take benefits until this report is received by ii.

From the MSE link by DRS1 kindly provided, this could take anything from a week to couple of months. I didn't realise that this would stop me from taking benefits.

I don't know if anything could be done to speed up the process.

squirrelpie

I don't know if anything could be done to speed up the process.

You say AJ Bell have said they will do it, implying they know about it and haven't done it yet. If that's so, you should ask them to state in writing when they will do it and what the reason for delay is.

dunstonh

Actually in my case the shares transfer was about 10 days, and a further 5 days for cash to follow.

It often is nowadays. However, the old rule still applies because the odd fund or fund house can still take up to six months. It's not uncommon to find most funds arriving within a few days, but fairly often you get one fund that just drags on.

I don't know if anything could be done to speed up the process.

It normally is pretty quick. In most cases, it's a day or two after the cash has arrived. I had a slow one a couple of months ago where it took two weeks and that was down to the ceding scheme just being slow.

eazy11

It normally is pretty quick. In most cases, it's a day or two after the cash has arrived. I had a slow one a couple of months ago where it took two weeks and that was down to the ceding scheme just being slow.

That's very useful to know dunstonh, Its already been over two weeks, I will give give another week and then chase up like squirrelpie said.