I’ve got an update for you all, and an explanation. Also importantly - if you are transferring your entire account from Vanguard, the increase in their minimum fee will not apply to you, even if the transfer is completed after 31 January.
From the team: At the point we opened up to Vanguard transfers, we were nearing completion of the development of our transfer process. However, the overwhelming demand required us to make adjustments to handle all requests efficiently. These changes were necessary to avoid potential issues, such as the need for individual signatures from all account holders. While implementing these updates has taken some time, they position us better for the long term and allow us to accommodate transfers from other pension providers.
All cash transfers up until 12th January have already been sent to Vanguard, and over 50% of in-specie requests have been sent to Vanguard this week, with the remainder to be processed by the 31st January.
Requests received by InvestEngine before 23rd January will be submitted to Vanguard before the 31st January deadline and will therefore not be subject to the increase in charges from Vanguard, provided it is a transfer in full. However, any transfer requests received after this date cannot be guaranteed to avoid the fee increase on 31st January.
We greatly appreciate your patience and understanding as we work through this process.
Latest from vanguard: “However, if you do choose to leave, you will not pay the minimum account fee if you have instructed a full transfer out and/or a full withdrawal or closure of your account before 28 February 2025. This applies even if the transfer or account closure process is not complete by this date”.
Unfortunately I can’t do a full transfer as you don’t currently allow employer contributions. Any update when this will be added?
Hi @ravindragokhale and welcome to the forum! At the moment you can only transfer your SIPP if you are a Vanguard customers. However the team are working hard to roll out wider transfers. As soon as that’s possible we’ll let the community know, so watch this space!
Hi @InvestSave thanks for joining the forum! I don’t have a date or timeline I can share with you at present - our pensions team are very aware that many of our customers want this feature and they’re working hard to make this available. As soon as it is we’ll announce it here, so watch this space.
Hi @Vladanm999 thank you for sharing your experience with us! We’re pleased to hear that your transfer was completed within a reasonable timeframe of 6-8 weeks. Your feedback is appreciated and can be helpful for others going through the same process
Just started mine yesterday, so that’s good to hear. Was actually expecting about 4 months which is what I’ve experienced with other providers in the past.