also they publish regular reports about which pension provider takes how long to release or receive monies.
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It’s good to see that Aviva are competent at something. My attempts to deal with three workplace pensions, (specifically a salary pension, an AVC pension and an opted out pension) were nothing short of horrendous, and resulted in formal complaints which then resulted in cash compensation.
And in another case that I know of, a pension that was due at the beginning of August still hasn’t been provided. Neither the lump sum nor the monthly payments.
I simply cannot wait to transfer all my funds from the Aviva SIPPs.
Hey guys,
FYI - Invest Engine are removing their SIPP fees from 9th December making it the only SIPP I am aware off to be fee free.
A decent alternative if you don’t want to wait for T212 or need to sort out your SIPP before the end of the tax year!
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Honestly this might be a bit of a blow to Trading 212 imo.
One of the main reasons I wanted to switch from InvestEngine to Trading 212 was to save on fees (since I’m nowhere needing to do drawdown). Now Trading 212 won’t be the first to do no fees on a SIPP (which is free advertising), and (from what we’re told) drawdown/employer contributions won’t be available at launch (and won’t be coming for a while).
So I guess I’ll stick with InvestEngine until someone provides a decent SIPP product with no fees and with drawdown/employer contributions.
Hopefully the pressure from new providers (like InvestEngine and Trading 212) puts some pressure on the big boys to start lowering/removing their fees, as they already make enough money without them.
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The continuing problem with InvestEngine SIPP is that you cannot transfer-in SIPPS. Also it is by no means clear as to how easy any lump sum withdrawals can be completed on InvestEngine.
Trading212 have said their SIPP will allow transfer-ins from day-1, we shall see!
But it’s really good for us, the consumer. Take the positives when they happen!
In general.
I know you cannot transfer current year employees pension.
Can you (in general) transfer previous calender years (or tax years) from your workplace pension to a SIPP?
I’m not talking about 212 specifically, just in general
In general, if you are still receiving contributions from your employer on that pension, then it will depend on that pension’s provider on whether or not they allow partial transfers to another provider.
If the pension account is not actively being contributed to by your employer, then any provider must allow you to move your pension to another provider, if requested.
For any SIPP or Defined Contribution pensions you can do this yourself without issues, for Defined Benefits pensions I’d consult with a professional to check whether it’s better to leave it where it is or not (for most people it’s not worth moving it)
Oh, don’t get me wrong I love it lol
Who doesn’t like saving tens of thousands of pounds (if you include the loss of compound interest on that money) over the lifetime of their SIPP 
and I did mention that I hoped that this puts pressure on the bigger players for them to do the same.
Trading 212 dragged their feet way too much on this. The first estimated release was early 2021. If it ends up launching early 2025, then that’s a 4 year delay. As someone that does software development in the financial industry, that’s honestly unacceptable. The first time it got delayed they should have investigated what happened and addressed the issue (maybe poor project management, or lack of programmers, or the need for more experienced programmers, etc).
If any of our projects got delayed for even a week, there would be endless meetings/calls between all 3 companies (supplier, financial institution, and us) to try and find why that happened and who was to blame xD
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Not entirely true - I transfer 99% of my current year’s employee contributions in my Aviva workplace scheme to my Vanguard SIPP a handful of times a year.
I think it would be appreciated by many if you could launch it by the end of January 2025 as Vanguard are changing their terms and conditions and it would be beneficial to request a transfer in to T212 prior to that.
I am another person who just learned of Vanguard soon charging £4 a month for SIPPs. If only I knew this two months ago I would not have bothered. I am another person who will transfer mine and spouses SIPP’s to you. Please progress soon. thanks