Pension Transfer

[No One]

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They don't make it easy to find out how but I finally got the info and did it last year and am now planning for this year (part transfer also possible now), here's the process that applied to my situation (Standard Life works pension to HL SIPP), may be different for you @No One but they can't stop you moving your money to another provider by law. Was all done and dusted within the month.

Worth noting that I get a good discount on funds and fees in the SL works pension so although most of the available funds are complete dogshit I can hold Gold and General in my works pension at a much better rate than holding it in my SIPP so may well part transfer and leave some cash in that fund. Maybe the same for you.

Not advice, DYOR/DD, YMMV, etc. blah.

Transfers

1.  Member has or sets up pension plan through another provider (such as the SIPP you mentioned).

2. Member authorises the alternative arrangement provider (mentioned in point 1 above) to request the transfer from Standard Life. Depending on the pension scheme, the provider will either accept the member’s instructions verbally or via a completed application form.

3. After receiving the authority described in point 2, the provider contacts Standard Life and requests the transfer of funds. Please see Standard Life contact information in brackets below - should you have any issue with this, you could contact Standard Life directly                                                                                                                                               

4. Standard Life contact us here to confirm that we are happy for the employee to opt out and then immediately re-join their Standard Life arrangement - hence continue to benefit from future contributions (agreement on re-joining is discretionary). This takes place automatically with the communication  taking place directly between XXX and standard Life.

5. Confirmation received from XXX that they are happy with opt-out and re-joining. The transfer of the opted out plan will then proceed and a new plan, to enable ongoing contributions to continue, will be set up with Standard Life in your name.

6. Email issued to XXX confirming transfer has completed, along with a reminder to set up new plan from our end.

Called SL today to see if I could hold cash for the forseable future. They said no.

Looks like Standard Shite is going to be difficult so I will have to execute this plan.

@Ma2 can you giv eme a rough time frame between 1-2 2-3 etc

[No One]

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I also had the same issue but rules may be different for my scheme.

I have a Defined Contribution SL pension that my company contribute to. Mostly terrible funds and even with discounted yearly costs, still seemed expensive to me. Although you could change between funds 10 times a year without charge.

The SL GSIPP is stupidly expensive so I didn't enquire about moving in to that, but if it's possible it might be worth looking at if desperate (you can hold pretty much anything in it even gold)

Not sure if this made the difference this time but I didn't ask about direct contributions or partial transfer, I asked if I could move the total of the funds in my works SL pension into my existing HL SIPP (I have previously been told that wasn't possible but if i don't get the answer I want I usually just keep asking, or find someone else to ask) and the answer to my surprise was yes this could be done at no cost but only 1 time a year. Then a new SL company pension is set up for me and contributions continue.

So if your company has the same arrangement the process is as follows -

1. You have an existing SIPP set up
2. You authorise your SIPP provider to request the transfer from SL (there may be a form to fill in)
3. SIPP provider contacts SL to request funds
4. SL contact your company to confirm happy for you to opt out but then to immediately rejoin to get your future contributions. This all happens betewen SL and your company
5. SL send funds to SIPP and set up a new SL plan for you
6. SL confirm to your company it has been done and your company can tidy up their end

None of the above is advice, I am not a pension adviser, do not start this process as it may not even be in place for you.

I just wanted to share that there is no legal reason why this can't be done and that I got a negative response to my request to do this several times.

Edit to note I transferred out 6 months ago and contributions have continued to new SL company pension as before.

edit to clarify that mine is a DC pension not a DB pension which I think DB was talking about. 

https://www.dosbods.co.uk/topic/18761-credit-deflation-and-the-reflation-cycle-to-come-part-3/?do=findComment&comment=1389031

[Ma2]

Hi @No One

i also asked that at first! There is a cash fund on offer in mine but this had previously lost a lot for holders so not sure i trust it even though it has supposedly been improved as a fund (actually holds majority in cash now apparently, not just a small percentage) and they compensated holders following a court case - see below. 

But that choice is there for me and maybe for you - not financial advice etc etc. 
 

https://www.moneymarketing.co.uk/news/standard-life-to-compensate-all-sterling-fund-investors-at-100m-cost/

in terms of timeframes I’d say a couple

of weeks  

11 June 21

made request of HL to request balance from SL and received confirmation of my request  

 

18 June 21

got an email from HL asking me to  contact SL as I had a current defined contribution company pension with them. I replied same day to say look I was told by my company that the process is HL will contact SL to trigger the transfer and I pasted the process as you have it above into the mail.

 

25 June 21

having heard nothing the money magically appeared in my HL SIPP and I was spunking it on gold and oil the very same day 

 

I’ll check the exact details a bit later if I can but travelling so don’t have all the paperwork online, some stuff did come in the post. 
 

Previously I had to transfer the entire balance. Now I can part transfer. Probably SL wanting people to have the option to leave some in their pension.
 

As I said before it’s actually cheaper for me to hold some of the very few funds I would invest in in the SL pension (e.g. gold and general)  as there is a company discount on fees I don’t get through HL - worth checking if same for you. 

let me know if you have any other questions

and best of luck 👍🏻

[No One]

22 minutes ago, Ma2 said:

Hi @No One

i also asked that at first! There is a cash fund on offer in mine but this had previously lost a lot for holders so not sure i trust it even though it has supposedly been improved as a fund (actually holds majority in cash now apparently, not just a small percentage) and they compensated holders following a court case - see below. 

But that choice is there for me and maybe for you - not financial advice etc etc. 
 

https://www.moneymarketing.co.uk/news/standard-life-to-compensate-all-sterling-fund-investors-at-100m-cost/

in terms of timeframes I’d say a couple

of weeks  

11 June 21

made request of HL to request balance from SL and received confirmation of my request  

 

18 June 21

got an email from HL asking me to  contact SL as I had a current defined contribution company pension with them. I replied same day to say look I was told by my company that the process is HL will contact SL to trigger the transfer and I pasted the process as you have it above into the mail.

 

25 June 21

having heard nothing the money magically appeared in my HL SIPP and I was spunking it on gold and oil the very same day 

 

I’ll check the exact details a bit later if I can but travelling so don’t have all the paperwork online, some stuff did come in the post. 
 

Previously I had to transfer the entire balance. Now I can part transfer. Probably SL wanting people to have the option to leave some in their pension.
 

As I said before it’s actually cheaper for me to hold some of the very few funds I would invest in in the SL pension (e.g. gold and general)  as there is a company discount on fees I don’t get through HL - worth checking if same for you. 

let me know if you have any other questions

and best of luck 👍🏻

Thank you kindly for the extra details.

 

I just read the article you sent me, basically I need to get the funds there out ASAP, but I need to wait till I am officially 12 months in the company which is officially next month.

 

[No One]

Update, 

Using the AJ and Bell website I initiated the transfer from SL, I downloaded and signed the form to AJ and Bell and they began the process.

AJ and Bell emailed me after talking to SL saying the amount they have differs from the one I claimed. I figured is because my last months contribution from August still hasn't been paid by my comp to SL, so that will likely be in the next couple of days.

Due to this delay, and having to close one scheme before opening the next I will have to forgo one months pension contribution during the gap between closing and reopening.

 

[No One]

Update

Transfer complete today (funds will show tomorrow), new SL account being made now [WIP]