How long will the transfer take?
The transfer process typically takes between 2-4 weeks for ISAs (with an industry-wide SLA of 30 days) and 4-8 weeks for SIPPs. This depends on your existing provider and the type of assets being transferred.
While we aim to ensure a smooth and timely transfer, Vanguard are currently processing a large number of transfers and it's likely there will be delays for most customers.
What happens during the transfer process?
The transfer process generally involves the following steps:
- Request Initiation: Once you’ve initiated the transfer, we will contact your current provider.
- Information Exchange: Your current provider will validate your account details and share the relevant information with us.
- Asset Transfer: Depending on the type of transfer (cash or in-specie), your assets will either be sold and transferred as cash or moved in-specie. Please note, we can only offer ETFs and it’s worth checking our ETF offering to make sure we have your existing investments available before choosing to transfer in-specie.
- Account Setup: Once the assets/cash arrive, we will allocate them to your account, and you’ll receive a confirmation from us via email.
What is the difference between a cash transfer and an in-specie transfer?
- Cash Transfer: Your existing investments are sold, and the proceeds are transferred to us. You can then choose new investments within your account with us.
- In-Specie Transfer: Your existing investments are transferred to us without being sold, allowing you to retain your current holdings.
Will I lose access to my funds during the transfer?
During a cash transfer, your investments will be sold by your current provider, and the proceeds will be transferred to us. This means there may be a short period where your funds are not invested, however, we will allocate your funds as soon as they’re received. For in-specie transfers (where assets remain invested), you will not lose exposure to the market.
Can I still make contributions during the transfer?
Yes, you can still make contributions to your existing ISA or SIPP until the transfer is complete. However, this may delay the transfer and we recommend letting us know before making large contributions to ensure they are accounted for during the transfer.
Will I receive updates on the status of my transfer?
Yes, we will keep you informed throughout the transfer process. You can track ISA transfer progress via your dashboard and you will receive regular updates via email during the SIPP transferring process. If you have any questions during the transfer, feel free to contact our Client Services team at support@investengine.com.
What are the tax implications of transferring my ISA or SIPP?
There are generally no tax implications for transferring an ISA or SIPP, as long as the transfer is made directly between providers. If you have specific concerns about your situation, we recommend consulting with a tax specialist.
Who do I contact if I have questions?
If you have any questions or concerns about when your transfer will be completed, it’s best to contact Vanguard directly. However, it's worth noting they’re extremely busy at this time. If you have any questions regarding our platform and/or once your funds have arrived with us, please email our Client Services team at support@investengine.com.