How long will a pension transfer take?
You can choose to transfer your investments as stock or as cash. But on occasion a cash transfer may be your only option. Generally speaking (and in usual circumstances) cash transfers tend to complete quicker than stock transfers. This is because cash can often be transferred electronically and all in one go. If an electronic cash transfer is possible, it typically takes up to 2 weeks. If your pension can’t be transferred electronically between providers, it’s likely to take between 6-11 weeks. If you’re transferring stock timeframes vary and can take longer. We’ll keep you updated throughout the transfer and let you know once it’s completed.
If you’re planning to transfer your SIPP away from Hargreaves Lansdown, please make sure your new provider is authentic. Unfortunately, there are investment scams out there which target people who've withdrawn, or plan to withdraw money from their pension and other accounts. They can also persuade people to transfer their pension to another pension within which there is an investment scam. These scams tend to involve firms and/or investments which aren’t regulated by the FCA, so if you fall victim to them there may be no compensation available.
Often fraudsters will attempt to make their ‘sales pitch’ as realistic and attractive as possible. They’ll aim to build a rapport with you – sharing fake reviews, using convincing literature and websites or claiming to be regulated. Warning signs can include cold calling or texting, pressure to act quickly, the promise of unique or unusual opportunities, the offer of quick and easy profits or something that seems too good to be true. Scammers might also offer free pension reviews and the chance to release money from your pension early, which isn’t normally allowed before age 55 under current pension legislation. You can find out more at www.fca.org.uk/scamsmart or by visiting our security centre.