A UK pension transfer can be a complex and lengthy process. After completing your research, meeting with financial advisors, and signing your pension transfer paperwork, you may be wondering what happens next. At Cameron James, we understand the importance of a seamless and efficient transfer process. In this article, we will walk you through the steps that occur after you sign your pension transfer paperwork with Cameron James as your IFA. You can also learn more about what you can expect about this topic in one of our YouTube videos below.
Initial Due Diligence by Receiving Scheme
Once we receive your pension transfer application and documents, the receiving scheme will perform an initial due diligence check. This check includes verifying your proof of identity, address, and other necessary documentation. Once the receiving scheme confirms that all required documents are in order, they will submit your transfer forms to your Final Salary (DB) scheme or Defined Contribution (DC) scheme.
Completion of Due Diligence by Ceding Scheme
Upon receipt of your transfer forms, your ceding scheme in the UK will conduct its own due diligence checks. This process can take anywhere from four to six weeks for Defined Benefit schemes, while legally, they have up to three months from the date of your CETV expiry or six months from your calculation date. They may also ask you to complete a MoneyHelper telephone call or safeguarded assets questionnaire. This is a new part of legislation and guidance aimed at protecting people from unknowingly transferring their Final Salary schemes.
For Defined Contribution schemes, most are part of the Origo system, an electronic transfer system that speeds up the process considerably. However, some older DC schemes can take up to 12 months to transfer.
HMRC Checks and Money Laundering Safeguards
During the transfer process, the ceding scheme may also perform HMRC checks to ensure that your SIPP is a registered scheme with HMRC. This is to double and triple-check that your SIPP is compliant and registered at the point of transfer. Additionally, as part of our commitment to protecting our clients from financial fraud, we may implement money laundering safeguards to ensure that your pension funds are not involved in any illegal activities.
Cameron James’ Transfer Chasing Team
At Cameron James, we understand that our clients want to know the status of their pension transfer. That’s why we have a dedicated transfer-chasing team that ensures the transfer process runs smoothly. Our team communicates with your ceding scheme regularly, checking on the status of your transfer and getting timelines for the process.
We understand that delays can occur during the transfer process, which is why we keep our clients updated with relevant information via email communications. Our team also liaises with your financial advisor to ensure they are informed of the transfer’s progress.
Pension Funds Sent and Received
After the completion of the due diligence process and HMRC checks, the ceding scheme will send the pension funds to your new scheme. If your scheme is a Defined Benefit scheme, they will require a transfer confirmation before transferring the funds. It is crucial to note that it may take some time for the pension funds to be received and allocated to your portfolio. During this time, you can get in touch with us to discuss any changes to your risk profile or investment goals.
Onboarding Process with Financial Advisor
Once the transfer process is complete, you will have an onboarding process with your financial advisor at Cameron James. This process is designed to ensure that you understand your portfolio’s valuation statement and online access and that everything is correct. It is also an opportunity to discuss your goals and objectives for the coming year, review any estate planning issues, and identify any changes that need to be made to your investment strategy.
During the onboarding process, your financial advisor will provide you with a comprehensive review of your investment portfolio. This review will cover your current investment holdings, risk profile, and any changes that may have occurred during the transfer process. Your financial advisor will also take the time to understand your investment goals and objectives and help you create a tailored investment strategy to meet those goals.
Ongoing Service and Portfolio Review
At Cameron James, we believe in providing ongoing service to our clients. After the onboarding process, we will continue to work with you to ensure that your investment portfolio is aligned with your goals and objectives. Our team of financial advisors will regularly review your investment portfolio to ensure that it continues to meet your needs.
As part of our ongoing service, we will also provide you with regular portfolio updates, investment research, and market commentary. We believe that it is essential to keep our clients informed of any changes in the market or their investment portfolio. That’s why we provide regular updates to keep you informed.
Why Choose Cameron James for Your UK Pension Transfer?
In conclusion, the UK pension transfer process can be complex and lengthy. At Cameron James, we understand the importance of a seamless and efficient transfer process.
We have a dedicated transfer-chasing team, and our financial advisors will work with you to create a tailored investment strategy to meet your goals and objectives. Our ongoing service ensures that your investment portfolio continues to meet your needs, and we keep you informed with regular updates.
If you are considering a UK pension transfer, contact Cameron James today for a free initial consultation to discuss your UK pension transfer. Our team of financial advisors will be happy to help you understand the process and create an investment strategy tailored to your needs.