Is there an approximate timeframe for wider SIPP transfers?
Not being able to transfer in from my workplace pension is what’s really stopping me from going all in on InvestEngine and keeping me with two SIPPs, one Vanguard and one IE
Thanks for posting @cajobo I can’t give you a specific timescale - but what I can say is that the team is working hard, and we’re hoping to roll out wider transfers soon, so stay tuned!
Incredible how long it has taken to enable this generally then literally within a few days of Vanguard dropping the ball it’s available for vanguard SIPP transfers. Poor that, not a great look.
Not sure i’d want to be a vanguard transfer guinea pig, but will be watching to see how they do go.
To be fair to invest engine they moved an ISA really quickly and smoothly. But very sceptical about the SIPP. For whatever reasons it was a years worth of too complicated to do so far, but suddenly available for only Vanguard transfers given their fee announcement. It’s the “only from this provider” which i find strange vs from anywhere, even if they limited initially to see how it went.
As we’ve mentioned previously here in the community, and elsewhere, the team has been working hard on this for some time. We also brought in a new pensions lead recently, who has been focused on making this happen - so this was very much already on the roadmap for the near future.
That meant we could respond to the unprecedented demand caused by the Vanguard announcement quickly. The process can differ between providers, which is why it makes sense to start with one, and then roll wider transfers out as we make sure our systems are robust.
The team has also been working on those wider transfers, and we hope to have good news for you all soon, as we work to make them happen as soon as possible. Opening them up to a smaller group first will obviously help that process.
Again there has been demand for a year generally not necessarily related to Vanguard - who will still be one of the cheapest on the market. Was there really unprecedented demand in the space of a week or had it just built up anyway for the year since launch people have been waiting.
Either way it’s good they are slightly closer, but i’ll still be waiting to see how they go. As i say it’s been over , so hardly a huge rush now especially given the initial issues around tax relief when the SIPPs were open. I hope they go well but i’ll be seeing what the feedback is on any transfers first!
This is welcome news, hopefully Interactive Investor will follow soon.
I still need the ability to drawdown as I’m in the retirement phase now.
Not everyone is still in the accumulation phase.
That’s more of your money working harder for your retirement.
I can’t give you a specific timescale - but what I can say is that the team is working hard, and we’re hoping to roll out wider transfers soon, so stay tuned!