"}},{"@type":"Question","name":"Can I transfer existing SIPPs into an ii SIPP?","acceptedAnswer":{"@type":"Answer","text":"
You can easily transfer other SIPPs to the ii SIPP.
If you also want to move the investments in your current SIPP, you will need to do a full SIPP transfer. Alternatively, you can transfer the balance of your current SIPP as cash. You can then choose your investments once the transfer is complete.
To start, you will need to open an ii SIPP account. You can either start your SIPP transfer while opening an account, or you can do it later by logging in to your online account.
Once the transfer process has started, we will keep you up-to-date with progress.
"}},{"@type":"Question","name":"Can I transfer existing personal pensions into an ii SIPP?","acceptedAnswer":{"@type":"Answer","text":"
It’s easy to transfer your existing pensions into an ii SIPP. You can transfer personal or workplace pensions, as well as pensions that are already in drawdown.
You will need your National Insurance Number and pension details to transfer. You can also choose to open your SIPP account with us first and transfer at any time. We will organise the transfer directly with your current provider.
"}},{"@type":"Question","name":"Can I transfer my existing pension investments to the ii SIPP?","acceptedAnswer":{"@type":"Answer","text":"
Yes, you can transfer all or some of your existing pension investments to an ii SIPP.
When you transfer, you'll be asked if you want to transfer all stocks and cash held (an 'in specie'/full transfer) or specific stocks/cash only (a partial transfer).
If the investments you want to transfer are not available in the ii SIPP, you'll need to sell them first or keep them with your existing provider.
If you are drawing an income from your pension, please note this will not be available during the transfer.
"}},{"@type":"Question","name":"Where do ii SIPP customers transfer from?","acceptedAnswer":{"@type":"Answer","text":"
We aim to accept customer transfers from all major UK pension providers. The table below shows the top 10 providers whose customers chose to transfer to ii in Q3 2021.
Please remember, SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial advisor before making any decisions. Pension and tax rules depend on your circumstances and may change in future.
How to transfer your pension to our SIPP
You will need your National Insurance number and details of the pension(s) you want to transfer.
You can do this while opening an account - or you can log in and transfer at any time.
3
We will do the rest
We'll work with your current providers and keep you updated.
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 lower protected pension age than the Normal Minimum Pension Age (rising from 55 to 57 in 2028).
Please also check any 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.
Before transferring, we recommend seeking advice from a suitably qualified financial advisor or free, impartial pension guidance from MoneyHelper or (if you are 50 or over) Pension Wise.
Useful information about your transfer
Transferring your pension as a cash payment usually takes 2 to 6 weeks to complete. If you’d like to transfer in your existing investments then the transfer will take longer - typically 8 to 12 weeks, depending on the type of investments you hold.
For cash transfers, stocks must be sold before making the transfer. Timings also depend on how quickly your current provider works with us to arrange your transfer.
If you are transferring a defined benefit pension, a Small Self-Administered Scheme (SSAS) pension or an overseas pension scheme, the timeframes shown are not representative. For these schemes, transfers may take considerably longer.
If you want to trade while your transfer is in progress, most providers will be able to facilitate this as long as your investments aren’t in the process of being re-registered.
You should contact your current provider to place your trade(s). Don’t forget to keep both them and us updated on the changes to the investments in your account. We can’t be held liable for any missed opportunity if you choose not to trade while your transfer is in flight.
You may not be able to take benefits from your pension during your transfer. For more information on this, you should speak to your current provider. If you think you will need to take benefits within a specific timescale, you are transferring at your own risk and we can’t be liable for any loss.
During the transfer process, we will keep you updated with regular progress emails. The easiest way to contact us about your transfer is to send us a secure message via your account.
Here are some things your current provider may want to know:
What is the SIPP scheme name?
The Investor SIPP
What is the SIPP pension scheme reference number?
0083 5804 RJ
Is the SIPP a registered pension scheme under the Finance Act 2004?
Yes
Who is the scheme provider?
Interactive Investor Services Ltd
What is the address of the scheme provider?
2nd floor, One Embankment, Neville Street, Leeds, LS1 4DW
Who is the scheme's authorised practitioner/administrator?
BW SIPP LLP
What is the address of the scheme administrator?
163 West George St, Glasgow, G2 2JJ
Who is the scheme trustee?
Investor SIPP Trustees Ltd (company no. 10670459)
What are the transfer cheque payee details?
Investor SIPP Trustees Ltd "re YOUR NAME"
Some pension providers may ask you to return your original policy document to them or include a written declaration with your transfer application if you’re unable to find your documentation.
You can transfer most types of pension to the ii SIPP - including:
If you're not sure whether you can transfer your pension to a SIPP, check with your current provider.
If you want to trade while your transfer is in progress, most providers will be able to facilitate this as long as your investments aren’t in the process of being re-registered.
You should contact your current provider to place your trade(s). Don’t forget to keep both them and us updated on the changes to the investments in your account. We can’t be held liable for any missed opportunity if you choose not to trade while your transfer is in flight.
You may not be able to take benefits from your pension during your transfer. For more information on this, you should speak to your current provider. If you think you will need to take benefits within a specific timescale, you are transferring at your own risk and we can’t be liable for any loss.
There are several reasons why you might want to transfer existing pensions to a SIPP:
Having one SIPP, instead of multiple pensions in different places, can make it easier to keep track of your retirement savings.
Our SIPP gives you a much wider investment choice than a typical pension - and we provide free tools and expert insights to help you choose.
Most pensions charge a percentage of your pot each year, meaning the fees grow over time. Our SIPP charges a flat fee, which could save you thousands in the long run.
On the other hand, there are reasons you might not want to transfer all your pensions:
If your employer is contributing to your workplace pension, you might not want to transfer it until you change employers.
If you have pensions with safeguarded benefits (such as a final salary pension), you could lose these by transferring to a SIPP.
If your pension scheme(s) charge high exit fees, you should consider whether it is worth paying these.
If you're not sure whether a SIPP is right for you, we recommend you speak with a suitably qualified financial adviser.
Yes, you can transfer defined benefit or final salary pensions to an ii SIPP. However, you will lose any guaranteed income that was part of your defined benefit pension when you transfer.
Before you transfer a defined benefit pension, we recommend you speak to a financial advisor. If your pension value is £30,000 or more, you are legally required to provide evidence that a financial advisor has confirmed the transfer is in your best interests. You can do this by completing and returning our Financial Advice Declaration form.
If you have a guaranteed transfer value for your defined benefit pension, you must ensure you transfer before the guaranteed transfer value expires. We need at least six weeks to process your transfer from the date we receive your fully completed Valuation, Discharge form and Financial Advice Declaration. Please make sure you complete and send us your forms in time, to avoid any loss that may occur if your guaranteed transfer value expires.
Yes, you can transfer pensions in drawdown to our SIPP.
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.
You can easily transfer other SIPPs to the ii SIPP.
If you also want to move the investments in your current SIPP, you will need to do a full SIPP transfer. Alternatively, you can transfer the balance of your current SIPP as cash. You can then choose your investments once the transfer is complete.
To start, you will need to open an ii SIPP account. You can either start your SIPP transfer while opening an account, or you can do it later by logging in to your online account.
Once the transfer process has started, we will keep you up-to-date with progress.
It’s easy to transfer your existing pensions into an ii SIPP. You can transfer personal or workplace pensions, as well as pensions that are already in drawdown.
You will need your National Insurance Number and pension details to transfer. You can also choose to open your SIPP account with us first and transfer at any time. We will organise the transfer directly with your current provider.
Yes, you can transfer all or some of your existing pension investments to an ii SIPP.
When you transfer, you'll be asked if you want to transfer all stocks and cash held (an 'in specie'/full transfer) or specific stocks/cash only (a partial transfer).
If the investments you want to transfer are not available in the ii SIPP, you'll need to sell them first or keep them with your existing provider.
If you are drawing an income from your pension, please note this will not be available during the transfer.
We aim to accept customer transfers from all major UK pension providers. The table below shows the top 10 providers whose customers chose to transfer to ii in Q3 2021.
SIPP provider
% of total transfers to ii
Hargreaves Lansdown
14.8%
Aviva
12.3%
Scottish Widows
7.7%
Standard Life
7%
Aegon
6.2%
Legal and General
4.4%
Royal London
3.2%
AJ Bell
3.1%
Fidelity
3%
Reassure
2.7%
Why transfer your pension to the ii SIPP?
Low cost - we charge a low, flat fee. Most providers charge a percentage fee that grows with your pension. Learn more
Convenience - if you transfer your other pensions to our SIPP, you'll be able to see everything in one place, and pay just one monthly fee. Learn more
Choice - we offer the widest choice of investments on the market.
Flexible retirement options - when you reach 55 (57 from 2028), we provide a range of options for taking an income from your pension. Unlike many other providers, there is no extra charge for this. Learn more
Security - your pension is safe with us. Your money is always kept separate from our own, and we are fully FSCS protected. Over 400,000 people trust us with their pensions and other investments.
Combining your pensions into a SIPP can make admin easier, as you won’t have to deal with lots of different providers from former workplace schemes. Plus, a SIPP offers a wide choice of investments, if you want more control over where your money is invested than you typically have with traditional pensions.
Our low, flat fees can also add up to a lot of savings in the long run. However, it’s important that you check whether you would lose any safeguarded benefits or pay any additional fees before moving your pension, as well as the level of your current monthly fees.
SIPP charges at a glance
New customers start on our £12.99 a month Pension Builder plan. Open a SIPP before 31 August and your first 6 months are free. Find out more.
If you already have our ISA or Trading Account, you can add a SIPP for just £10 a month (plus your existing monthly fee).
You can contribute as little as £25 a month with our regular investing service. There are no trading fees when you contribute this way.
If you want to buy or sell shares and funds, trades usually cost £7.99.
*Analysis shows you could be better off by £100k over 30 years of investing in an ii SIPP due to our low flat fees. This is just for illustration if all other factors were the same. The advantage of lower flat fees over time means that you could be significantly better off in the long run. By how much will always depend on your personal circumstances. More about our analysis
New to ii? New customers who open a SIPP before 31 August will pay no Pension Builder subscription fee for six months - a saving of £12.99 a month. Terms apply.