ii SIPP

Transfer my pension

Switch your pension to our low-cost SIPP and you could have thousands more in retirement.

how to transfer   open a SIPP

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.

Why transfer your pension to the ii SIPP?

✔  Retire with up to £94,000 more thanks to our low, flat fees. Take more of what you earn into retirement by paying less in charges at ii.*

✔  There's no fee to transfer in, and it's free to leave.

✔  Choose from more than 40,000 UK and global investment options – including funds, trusts and ETFs.

✔  Flexible retirement options available, including drawdown

✔  Combine old pensions for simpler retirement planning

Before you transfer, please consider whether you would lose any safeguarded benefits from existing schemes, which could include guaranteed annuity rates or a protected pension age that is lower than the Normal Minimum Pension Age (rising from 55 to 57 in 2028). You should also check for any transfer-out fees from your current provider(s).

*Analysis shows you could be better off by £94k 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

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.

Download our ii SIPP Transfer In Guide (PDF)

1

Open an ii SIPP account

It only takes a few minutes.

open a SIPP

2

Start your transfer online

You can do this later if you want.

log in & transfer

3

We will do the rest...

including working with your current providers. We will update you regularly.

SIPP transfer FAQs

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.

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?
    Exchange Court, Duncombe Street, Leeds, LS1 4AX
  • 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:

  • Personal Pension Plans
  • Pensions in drawdown
  • Other SIPPs
  • Executive Pension Plans
  • Defined Benefit Occupational Pension Schemes
  • Free Standing Additional Voluntary Contributions (FSAVCs)
  • Small Self-Administered Schemes (SASS)
  • Stakeholder pension plans
  • Occupational Money Purchase Schemes
  • Retirement Annuity Plans
  • Recognised Overseas Pension schemes

If you're not sure whether you can transfer your pension to a SIPP, check with your current provider. 

Before you decide to transfer a SIPP to us, it's important that you make sure it's right for you. You should ensure that you won't lose any valuable benefits, such as safeguarded benefits, guarantees or bonuses. You should also find out what your exit fees will be before starting. 

If you're unsure, we recommend seeking the advice of a qualified financial adviser.

Yes - you can transfer an existing SIPP into an ii SIPP - the same way you'd transfer another pension.

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.

Yes, a personal pension is one of the pension types you can transfer to an ii SIPP. 

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.

 

quote Having everything under one roof makes things much easier, as I no longer have to deal with multiple providers.
Read Jessica's story »

Are your old pension providers keeping you in the dark about fees? Find out more

SIPP fees and charges

With our SIPP you’ll pay a low, flat fee. Most providers charge percentage fees that grow with your pension value.

Richard Wilson, CEO, interactive investor says:

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4 out of 5 pensions transferred to ii come from the major pension and life companies. Those companies tend to have complex and opaque charges, and hope their customers won’t notice when they are being quietly ripped off. Our customers won’t fall for that. They want a simple, transparent service where they have full control of their financial future.
quotemark

Open a SIPP by 30 April and pay no SIPP fee until November 2021.

This means your service plan fee of £9.99 covers you for all of your investment accounts. Following the offer period, the ii SIPP fee is only £10 a month more, and could save thousands compared to other pension providers who charge a percentage fee.  Terms apply

open a SIPP

Promotional SIPP offer terms and conditions

  1. No SIPP fee shall be payable on all new ii SIPP accounts opened on or after 1 October 2020 for six calendar months (the "Fee Free Period"). After the Fee Free Period has ended, the SIPP fee you will be required to pay will be as set out in our then current Rates and Charges.
  2. The Fee Free Period is open to new and existing customers who open a new ii SIPP account on or after the qualifying date.
  3. These terms and conditions should be read in conjunction with the ii SIPP Terms. In the event of a conflict between these terms and conditions and the ii SIPP Terms, these terms shall prevail.
  4. All other fees associated with managing your ii SIPP account shall continue to apply.
  5. We reserve the right to alter, withdraw or amend the Fee Free Period and/or these terms and conditions at any time without prior notice.
  6. All participants opening an ii SIPP account on or after 1 October 2020 agree to be bound by these terms and conditions.
  7. Interactive Investor Services Limited (“IISL”) is the promoter of this Fee Free Period offer. The registered office for IISL is Exchange Court, Duncombe Street, Leeds LS1 4AX.