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Pension Transfer
P L
Posted: 01 February 2013 08:16:31(UTC)
#1

Joined: 10/08/2008(UTC)
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Could anyone explain to me why transferring a pension seems to have to take so long.
I initiated the process just before Chrismas but have only just received a letter from my current scheme requesting I authorise the transfer. Given I can buy/sell other investments in a fraction of a second and bank at 3am 24/7 what on earth are they doing that takes so long.
Cane Wreck
Posted: 01 February 2013 15:16:23(UTC)
#2

Joined: 31/01/2013(UTC)
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I think you need to remain in touch with the company to which you wish to exchange your resources. Many here recommend Vanguard but there are other excellent companies with which to keep your resources. The location company will be most beneficial in getting your resources into their legal care. One factor to choose first is if you wish to exchange the resources you currently keep to the new company or if you wish to sell your investments first and exchange only money.
hooligan
Posted: 03 February 2013 13:31:19(UTC)
#3

Joined: 02/10/2007(UTC)
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I have found a huge difference between transferring pensions between a company sponsored DC pension scheme and that of a specialist DC pension provider. Both were instructed to be cashed up and transferred to a Hargreaves Lansdown (HL) SIPP. The former has taken four months (and counting) and the latter took just two weeks.
The reasons for the delays in transferring from the company sponsored DC pension scheme range from producing an original birth certificate, through inertia in the staff involved at the company, through HL talking ot the wrong people at the company and the company pensions people working in a geographically remote sub-office to the main place of work.
I left the company in August 2012 and live just 600 yards from the old place of work. I won't name the company since it provides consultancy services for company and local authority pension schemes and I have some loyalty to (some of) the great people I used to work with.
The remaining pension was invested in LGIM's index linked tracker, together with MFS global and Schroders GAV global equities.
I think that going "face to face" with the staff involved with the transfer would have been a better way to go, because for sure, copying both parties into all emails (with contact addresses and telephone numbers) surely has not generated the necessary incentive to get off their derrieres.
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