Reply to: Hargreaves Landsdown pension transfer out

[Lance]

One thing to watch with HL is to take a print of the holdings before they are transferred out. I did so, but then on trying to recheck something, I found that the minute your holdings are transferred out of HL, no historical information remains on your account. So, you have no before reference available unless you are foresighted enough to take a snapshot of the HL account.

I noticed that. I got the winter statement though and that was accurate as I'd stopped buying into that particular fund. Took a screenshot of the other at that stage.

[jmo21]

do they need to sell a fund or can it transfer as the fund? It might take longer of they need to sell it

A couple of things worth checking here. If the investment is a unit trust or OEIC, there may be a share class difference between the platforms. If that's the case, it can add time because the in specie transfer is more complicated.

Also, when moving from HL to II, my holding in Marlborough Special Situations fund disappeared completely for a while before reappearing at II. Worryingly, nobody was quite sure what happened to it in the interim.

Finally, make absolutely certain that for in specie transfers, the before and after holdings are indeed the same.

Oh I know it is being converted to a different class, they give you various options (convert, leave at old provider, sell and transfer as cash), but so were a few other funds that have been converted and transferred already.

It finally left HL a few days ago, and funnily enough is not showing in II yet. I have been tracking both sites every other day and screenshotting the values to make sure everything transfers successfully. II tell me it can take up to 2 weeks from HL releasing the fund to arrive in the II account.

[Fred Bloggs]

Excellent point well made. I did check mine but it is a risk.

One thing to watch with HL is to take a print of the holdings before they are transferred out. I did so, but then on trying to recheck something, I found that the minute your holdings are transferred out of HL, no historical information remains on your account. So, you have no before reference available unless you are foresighted enough to take a snapshot of the HL account.

[Lance]

Finally, make absolutely certain that for in specie transfers, the before and after holdings are indeed the same.

Excellent point well made. I did check mine but it is a risk.

[Fred Bloggs]

I'm still waiting for my final fund to transfer over!

A couple of things worth checking here. If the investment is a unit trust or OEIC, there may be a share class difference between the platforms. If that's the case, it can add time because the in specie transfer is more complicated.

Also, when moving from HL to II, my holding in Marlborough Special Situations fund disappeared completely for a while before reappearing at II. Worryingly, nobody was quite sure what happened to it in the interim.

Finally, make absolutely certain that for in specie transfers, the before and after holdings are indeed the same.

[Lance]

I'm still waiting for my final fund to transfer over!

do they need to sell a fund or can it transfer as the fund? It might take longer of they need to sell it

[jmo21]

and....... it's complete..... Quite why the cash component takes so long I don't know.

I'm still waiting for my final fund to transfer over!

[Lance]

and....... it's complete..... Quite why the cash component takes so long I don't know.

[Fred Bloggs]

Comparing is difficult, due to the various fees that providers charge. Hargreaves are the most expensive.

This spreadsheet is out of date now, but Halifax iweb are still a good platform and on the cheaper side.

You could do worse than update this spreadsheet if the figures have changed:

https://forums.moneysavingexpert.com...ns-spreadsheet

Sweeping generalisations can be highly misleading. Whilst I don't really advocate people using Hargreaves Lansdown, they can be highly cost effective. But to achieve that you must not invest in unit trusts or OIECs. Since the majority of people, including myself, wouldn't wish for the charges tail to wag the investment dog, then it makes sense to steer clear of HL as the retail investment platform of first choice.

[proudgeneralist]

Comparing is difficult, due to the various fees that providers charge. Hargreaves are the most expensive.

This spreadsheet is out of date now, but Halifax iweb are still a good platform and on the cheaper side.

You could do worse than update this spreadsheet if the figures have changed:

https://forums.moneysavingexpert.com...ns-spreadsheet

[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