SIPP Transfer

rover_2

Are there any rules and regulations regarding the timings of transferring a pension pot into a SIPP?

A friend of mine recently transferred his pension pot from one provider into a SIPP elsewhere and it took over two months from the date the transfer instruction was sent. In this time the shares that he was wanting to invest in had risen in value therefore meaning he had made an opportunity loss on his investments.

Can he do anything about this? Is this a reasonable timeframe?

Thanks!

EdInvestor

Some providers have been known to take a year.:(

There have been recent complaints made by IFAs to the regulator about unacceptable delays.

Still, at least when you get to the SIPP you know the days of having to put up with insurance company service are now gone.

dunstonh

Longest one that I have done took 18 months and it was only resolved because A day rules sorted the issue that was holding it up.

Personal pensions tend to be relatively quick in transferring. A few weeks normally. Company schemes are notoriously slow.

Still, at least when you get to the SIPP you know the days of having to put up with insurance company service are now gone.

Although pick a poor service SIPP provider and you get no different.

averageguy11

Ed...I agree with your point re days of putting up with poor insurance company service