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In this honest review, I’ll walk you through my personal experience using InvestEngine, especially after transferring my SIPP from Vanguard in late 2024. While I’m still a firm believer in low-cost investing, what unfolded over the next few months was a reminder that fees aren’t everything.
But let’s start from the beginning, and don’t worry, I’ll also share:
- How the Financial Ombudsman got involved
- What compensation I received
- What I’m doing now with my pension transfer
- And whether I’d still recommend InvestEngine in 2025
Why I Switched From Vanguard to InvestEngine
In late 2024, Vanguard introduced a flat monthly fee of £4/month for accounts under £32,000. As someone who regularly teaches that high fees eat into your returns, this change made me reconsider.
Though I had always respected Vanguard for its simplicity and reliability, I decided to switch to InvestEngine, which at the time was offering commission-free investing with zero platform fees for general and ISA accounts, and had recently started supporting SIPP transfers.
My SIPP Transfer Experience: Vanguard to InvestEngine
Here’s where things got tricky. I requested the transfer in December 2024, expecting it to take a few weeks. However, it wasn’t until May 2025 that my funds were fully transferred and visible in my InvestEngine account.
Throughout this period:
➤ I had to chase both platforms repeatedly.
➤ I received conflicting information.
➤ There was poor communication and little urgency from InvestEngine.
Eventually, Vanguard admitted that part of the delay was due to two funds not being sold on their end. But this only came after weeks of emails and a formal complaint.
Filing a Complaint: How I Got Results
Frustrated, I raised formal complaints with both *InvestEngine and Vanguard.
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- InvestEngine took weeks to understand the real issue. Their initial response didn’t address my concerns. Even when I clearly explained it again, their final response didn’t fully reflect what had occurred.
- Vanguard, on the other hand, handled my complaint professionally. They kept me updated, asked for more time, and ultimately ensured the missing funds were sent. They also proactively paid £250 in compensation.
Despite that, I still escalated both cases to the Financial Ombudsman, and I’m glad I did.
The Role of the Financial Ombudsman (and What I Got)
The Ombudsman reviewed both complaints.
➤ I had to chase both platforms repeatedly.
➤ I received conflicting information about where my funds were
➤ There was poor communication and little urgency from InvestEngine.
Lessons Learned (and Why I’m Giving InvestEngine a Second Chance)
This experience taught me valuable lessons:
- ⛔ Fees aren’t everything. Quality of service and peace of mind matter too.
- ✉️ Document everything. Emails, screenshots, timestamps, it all helps.
- ✉️ Raise issues early. Don’t wait weeks if things don’t feel right.
- 🚨 The Ombudsman works. You can get results and compensation.
Despite the rocky transfer, I don’t want to use one experience to judge a platform entirely. So…
I’m Starting Another SIPP Transfer (Yes, Really)
I’m now preparing to transfer another SIPP, this time from Hargreaves Lansdown to InvestEngine.
Why? Because I want to give InvestEngine another shot, especially now that they’ve had more time to streamline their pension transfer process.
So yes – consider me your guinea pig. 😉 Wish me luck!
The good news? The actual SIPP transfer application on InvestEngine takes less than 5 minutes to complete online. It’s a simple, guided process that requires just your existing provider’s details and your SIPP account information.
Now, let’s hope the transfer experience this time goes smoothly, no long delays or back-and-forth emails!
If you’re considering a transfer too, I’ve recorded a short walkthrough so you can see exactly how to submit your own SIPP transfer request step by step.
Would I Recommend InvestEngine?
For general investing and ISAs, InvestEngine remains one of the best low-cost platforms out there. The user interface is simple, their ETF options are strong, and you can build portfolios or go DIY.
But for SIPP transfers, my advice is: be proactive and prepared. Stay on top of communication and don’t hesitate to raise issues early.
📉 What People Are Saying About Our Investment Lessons
Ready to Start Your Own SIPP Transfer?
(in case you need it!)
Q: What is a SIPP?
A Self-Invested Personal Pension (SIPP) is a type of pension that gives you more control over your investments. You choose where your money is invested and can manage your portfolio yourself.
Q: Can you complain to the Ombudsman about investment platforms?
Yes, if they are regulated in the UK, such as Vanguard or InvestEngine. You must first raise a complaint with the company and wait up to 8 weeks for a response before escalating
Q: What should I do if my SIPP transfer is delayed?
Contact both providers, document all correspondence, and raise a formal complaint if it’s not resolved within a reasonable time.
Q: Do I need financial advice to transfer a SIPP?
Not always. If you’re confident and know what you’re doing, many transfers can be done without an adviser. But always double-check fees, investment options, and risks.
Will my Direct Debits and salary move automatically?
Yes, and payments to your old account are redirected for at least three years (often longer if needed)
Does switching affect my credit score?
The switch itself doesn’t, but closing your oldest account can affect average account age, so keep an anchor account.
Can Plum deposits be withdrawn?
Yes. Plum allows you to withdraw deposited funds back to your bank, making it essentially a cost-free way to create a DD.
What happens if I forget to set up DDs in time?
Most banks give you 30–60 days to activate them. If you miss the window, you could lose the bonus. Always set them up immediately after your switch completes.
Final Word: InvestEngine is promising. But if you’re transferring a SIPP, don’t just compare fees; also compare service, responsiveness, and real user experiences.
Let me know in the comments, would you trust InvestEngine with your pension?
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