Hi, I just signed signed up for a FT SIPP account. How to initiate a transfer from my current broker (HL) to FT. Any advice?
According to the Freetrade website: ’ Head to the app, open a SIPP account and click on the ‘Transfer a pension’ button to start the transfer. One of our SIPP transfer specialists will get in touch to guide you through the process.’
Tried that. Got a message saying that the system is overloaded and I should wait for 7 business days.
That’ll be the only way. These sorts of transfers (SIPP and ISA) are done by filling out a form with the new provider, which then contacts your former provider and arranges the transfer. The speed at which it happens will depend both on Freetrade’s customer service and that of your former provider.
As someone who worked in pension transfers don’t expect a quick turn around, average is about 6 weeks…
There seems to be a problem with the SIPP transfer flow in the app when their support chat is too busy, which should not happen but does.
When you click to transfer a pension it is meant to take you to a chat bot on intercom which should gather the transfer information from you through a handful of questions, however when they have their in app support on “do not disturb” mode, which appears to be often, instead of getting the chatbot to gather your transfer information you get a page saying they are too busy and to try again another day. It seemed to get me to the right screen when I tried again after market hours.
@shanice is the person who replied to the form so maybe tagging will help get to the bottom of why the sipp transfer flow breaks when customer service is overwhelmed?
TLDR try doing it again.
To start your transfer, head to the Account tab on your SIPP!
You can click the button here and you should see options for your transfer. You should not need to wait 7 business days so it sounds like something isn’t working quite right, so sorry about this.
Please drop me a DM with the email you use for the app so we can take a look and see what’s happening