Transferring a SIPP from Vanguard to InvestEngine

16 March 2025

2 screenshots of my pension transfer in progress (Vanguard) and complete (InvestEngine). A pink arrow and text explain that it took 12 weeks.

In December 2024 Vanguard announced a change to their pricing model: from %-of-portfolio fee to a 4/month fee for portfolios under 32,000 and a capped 0.15% fee for portfolios over 32,000. This change isn’t good for customers with tiny SIPP pensions (like me: I opened this account to see what Vanguard was like). The fees will end up being more than 5%, oof.

So I transferred to InvestEngine¹, who have no custody fees for SIPP portfolios. Transferring a SIPP pension works, but it takes 12-13 weeks so you have to be patient.

The timeline, for the true SIPP transfer fans:

• 18 Dec 24 - I asked InvestEngine in app for sipp transfer from Vanguard.
• 13 Jan 25 - InvestEngine email: We’re working on your transfer. I assume the delay is because they’re dealing with a lot of transfers in at the moment.
• 22 Jan 25 - Vanguard secure message: Got your transfer request, sometimes it only takes 10 days.
• 23 Jan 25 - InvestEngine email: We’ve sent your request to Vanguard.
• 2 Feb 25 - Vanguard secure message: We’re going to call you to confirm, then it should take only another 72 hours to do our checks. (They didn’t call.)
• 3 Feb 25 - Vanguard secure message: Have you taken pension advice? - replied 4 Feb.
• 6 Feb 25 - Vanguard secure message: OK fine, we’ll proceed with transfer. The SIPP is invested in an ETF called VWRP, which both platforms offer. So Vanguard’s documentation suggests that the transfer might be “in specie” (the shares are transferred without being sold) rather than a cash transfer.
• 12 Feb 25 - InvestEngine email: Your SIPP transfer is with Vanguard and progressing as expected.
• 23 Feb 25 - InvestEngine’s documentation reckons transfers in are taking 4-8 weeks but “Vanguard are currently processing a large number of transfers and it’s likely there will be delays for most customers.”) I message both InvestEngine and Vanguard to get an update: InvestEngine reply immediately saying “we expect transfers to take 6 weeks or more in most cases”.
• 23 Feb 25 - Vanguard reply: “We’re now arranging to send your Vanguard funds. Once sent, there’s a few stages to transferring units which usually takes up to 10 working days, but can sometimes take longer. Shortly, we will be ringfencing your holdings which means you won’t be able to see them in your account, but please be assured your funds are perfectly safe. […] We suggest transfers can take up to 10 weeks​​​​, however this is a guideline and can vary.”
• 26 Feb 25 - several messages from Vanguard saying: the balance of your account has now been fully withdrawn. Which must mean it’s now been placed in the transferring machine.
• 4 Mar 25 - a jaunty email from Vanguard saying “We’re working on it still”
• 5 Mar 25 - the VWRP stock arrives at InvestEngine!
• 9 Mar 25 - Vanguard sends a message saying it’s all done. Though there is still a small amount of cash sitting in the account. I guess they do it last in case there are any transfer wrinkles that need cash adjustments.
• 10 Mar 2025 - Vanguard change their mind, emailing “We’re still processing your Pension transfer request”. And a pair of secure messages that say “We’ve finished the transfer” and “We’ll begin your transfer soon”. Schrodinger’s pension.
• 11 Mar 2025 - the cash leaves Vanguard.
• 14 Mar 2025 - the cash arrives at InvestEngine. They email: “Your SIPP transfer is complete”.