Interactive Investor

Things to consider before you transfer

Please check that you won’t lose any safeguarded benefits if you transfer. This could include guaranteed annuity rates or a lower protected pension age than the Normal Minimum Pension Age (rising from 55 to 57 in 2028).

interactive investor won't charge you any fees to transfer your pension in or out. However, you should check if your existing provider charges transfer out fees.

Please note that if you plan to hold both drawdown and non-drawdown pots in your ii SIPP, you cannot allocate specific investments to each pot separately. This means that the value of each pot will change in line with the overall performance of all the investments held in your SIPP. 

How to transfer a pension to ii

Before you transfer a pension to ii, you need to open a SIPP account

When you open an account, you will have the option to transfer an existing pension at the same time. Just follow the on-screen instructions to start your transfer. You will need your National Insurance number as well as the details of the pension you want to transfer.

If you have already opened a SIPP account, you can transfer a pension at any time by logging in to your online account. Just select Cash & Transfers > Transfer in from the menu. Then select SIPP and then click transfer now.

  • Start your transfer. You will need the details of the pension you want to transfer. For some providers, we'll also need the address and contact details for their transfers team.
  • You will be asked how you wish your account to be transferred – in full or certain investments only.
  • Depending on the type of transfer you have requested, we may need you to return some paperwork. We'll let you know what forms you need to return. The quickest and easiest way to return your forms to us is via secure message in your online account.
  • We will take it from there. We will work with your current provider to complete the transfer.

You should complete a separate transfer application for each pension you wish to transfer. 

Transferring defined benefit pensions or pensions with safeguarded benefits 

If you wish to transfer a pension with safeguard benefits worth £30,000 or more, you will need to take independent advice that confirms the transfer is in your best interest. 

Safeguarded benefits include: defined benefit pensions, guaranteed annuity rates, the option to retire before age 55 and the option to take more than 25% tax-free. 

Both you and your adviser will need to complete a SIPP Financial Advice Declaration Form

Where the transferring value is less than £30,000, we will normally accept it without advice if the value represents no more than 10% of the value of your SIPP. If in doubt, please contact us before starting your transfer.

Please note that if you are transferring from a hybrid scheme worth £30,000 or more, we still require confirmation that the transfer is in your best interests. This applies even if the safeguarded benefits portion of the hybrid scheme is only worth a fraction of the total value.

Transferring a pension which is already in drawdown

If you are transferring a pension which has funds in drawdown, we require you to complete our drawdown investment strategy form, which is a FCA requirement. 

Please fill in the form letting us know how you plan to invest your transferred pension and return it with your transfer form.

The easiest way to return your forms is via secure message using your online account. 

Alternatively, you can return it by post to: Product Admin, interactive investor, 2nd floor, One Embankment, Neville Street, Leeds, LS1 4DW.

Find out more.