Hargreaves Landsdown pension transfer out

[Fred Bloggs]

If I have unused annual allowances from previous years contributions with HL, and I transfer to a new SIPP provider, I assume I can continue to make contributions for those previous years via the new provider?

Do I just need to retain my HL account / SIPP scheme number (proving the date of opening etc)?

If you max out the contributions to your SIPP for this year, you can carry forward unused contributions allowance for three previous years as long as you were in a pension scheme for those three years. You just need to keep good records in case you are asked by HMRC to justify what you did. There's no particular format for doing that. When I was using carry forward, I just kept notes of everything relevant on a spreadsheet so it was readily available.

[lecyclist]

If I have unused annual allowances from previous years contributions with HL, and I transfer to a new SIPP provider, I assume I can continue to make contributions for those previous years via the new provider?

Do I just need to retain my HL account / SIPP scheme number (proving the date of opening etc)?

[Lance]

I will update progress as mine goes through. I'm under no illusions. But it's not like I'm transferring cash (in specie). I'm transferring funds so any growth will carry on whilst it's done.

My Vanguard fund arrived 2 weeks ago, and the S&P one yesterday.
That's all funds, so just waiting for cash. Just over 3 months.

[Fred Bloggs]

I was looking at moving from Hargreaves Landsdowne - currently paying £650 per annum fees

The IPSE Aegon pension has a charge of 0.23% (inclusive of administration and investment charges) but can't see how to compare this (e.g full SIPP value or certain funds)

It looks like the Interactive Investor is just a flat fee of £19.99 per month so should give me a saving of circa £400

That is correct. At II for the monthly £19.99 you also have the trading account and ISA account included. And you get one free trade credit per month worth £7.99. The trade credits can roll up for three months. I usually use mine each month though.

[silverlight1]

I was looking at moving from Hargreaves Landsdowne - currently paying £650 per annum fees

The IPSE Aegon pension has a charge of 0.23% (inclusive of administration and investment charges) but can't see how to compare this (e.g full SIPP value or certain funds)

It looks like the Interactive Investor is just a flat fee of £19.99 per month so should give me a saving of circa £400

[Lance]

Update.... HL is slow as expected.
ii have other problems though.
This is the secure message I sent them today.

Hi,
I am receiving emails about my transfer. This is fine.
I am also receiving emails about a Mr. xxxxx's transfer from Willis Towers Watson (CS-TR-239xxx)
And for another individual who is transferring an ISA from Hargreaves Lansdowne (TR-056xxx)

I believe this is a GDPR breach. Please investigate and provide assurance that my personal details have not been leaked to another party in the same fashion.

It is frustrating as I keep being alerted of secure messages that I haven't received. And worrying that you have such a problem with data leakage.

[jmo21]

FWIW I transferred my SIPP from HL to II perhaps a couple of years ago. It wasn't smooth sailing. The impression I got was that HL were actually pretty good, and II were the ones with the poor customer service.

I've now got things fairly nicely set up with II, direct debits automated investments etc, however it wasn't fun. The HL website was much better to deal with in terms of customer user experience. I don't have any regrets now, but there certainly was a time where I wondered if I'd have been best to just stick with the devil I knew so to speak!

Thanks for telling us your experience Maslins.

Got my DD and automated investments set up, that was fairly straightforward tbh.

One downside is II take DD from my company on 1st of month, and auto investment date isn't til 3rd Weds of month, which means unless I invest it manually (which has a charge) then it needs to week 2.5 weeks before being auto invested (which is free)

Personal payment DD's are taken on the 12th of month, so much closer to auto investment date.

Agree the HL website is much slicker/shinier, but I am hoping that is just me being so used to it. That was one of the reasons I stuck with them longer than I should have actually.

[Maslins]

FWIW I transferred my SIPP from HL to II perhaps a couple of years ago. It wasn't smooth sailing. The impression I got was that HL were actually pretty good, and II were the ones with the poor customer service.

I've now got things fairly nicely set up with II, direct debits automated investments etc, however it wasn't fun. The HL website was much better to deal with in terms of customer user experience. I don't have any regrets now, but there certainly was a time where I wondered if I'd have been best to just stick with the devil I knew so to speak!

[jmo21]

Wee update, II sent an email 2 days ago, saying my transfer was now in stage 5 of 5, the settlement phase, which means they have lodged everything from their side to receive my in speccie funds from HL They say it could take up to 3 weeks, and the funds won't all come at once.

Today, 70% of my funds have now been transferred over into my new SIPP.

[Fred Bloggs]

I'm not sure if the funds are the same in both platforms. To be honest it's not worth my time to check. We'll see how it goes.

Often, the funds are the same but there's different classes of shares. For example, Fundsmith has I, R and T class shares/units. But it's all the same fund. I have found that if II don't deal in a fund that you want, then asking them to offer it has a positive outcome. But after you have transferred in, obviously.