The timeframe for transferring a pension can vary based on several factors, making it difficult to provide an exact duration. However, here’s a general guide to what you can expect:
Cash Transfers: These typically take around 2 to 3 weeks to complete.
In-Specie Transfers: These typically take around 4 to 6 weeks to complete.
The processing time is impacted by factors such as the complexity of the transfer, the type of assets involved and the efficiency of communication between the transferring providers. While we aim to complete the process as quickly as possible, delays can sometimes occur due to factors outside our control, such as your current provider’s processing times.
Some providers have additional steps where they require further information from you. This can often include a transfer questionnaire and if you are over the age of 50, you should receive additional information about your drawdown options. These processes will increase the transfer time so we recommend you contact your current provider to understand if they have these additional steps.
If you have any additional questions, don’t hesitate to contact us by emailing support@investengine.com