SIPP - pension transfers
Take control of your pension with the ii SIPP.
If you’d like to control your own pension and would benefit from consolidating your other pension plans in one place, here’s reasons to consider an ii SIPP:
Control your own retirement strategy and investment decisions
Consolidate your pensions in one place making it easier for you to manage
Access your pension online or through your mobile
We won't charge a transfer in fee
Flexible pension drawdown options available
Reduce paperwork with one consolidated pension statement
Beware of pension scams
If you’ve been contacted 'out of the blue' about transferring your pension, beware. Scammers are after your money. Avoid investment and pension scams: check out the Pension Advisory Service pension scams leaflet and the FCA's ScamSmart website.
You can transfer the following types of pension into our SIPP:
- Personal Pension Plans
- Pensions in drawdown
- Other SIPPs
- Executive Pension Plans
- Free Standing Additional Voluntary Contributions (FSAVCs)
- Small Self-Administered Schemes (SASS)
- Stakeholder pension plans
- Occupational Money Purchase Plans
- Retirement Annuity Plans
- Recognised Overseas Pensions schemes
We can also help with Defined Benefit Pension Plans, and others with 'safeguarded' benefits, where you have received advice to confirm it is in your interests to do so. See below for more details.
Lost track of your pension?
There is a government tracing service to help you find lost pension schemes.
What will an ii SIPP cost me?
Our annual administration fee is just £120 whilst you're building your pension pot. Once you start to take retirement benefits, there is an additional £120 annual drawdown fee.
We charge one £22.50 quarterly payment for all your linked accounts and return this to you as non-refundable trading credits. So you can watch your portfolio grow whilst your costs stay the same.
For more details on trading commissions and any other costs, view our rates and charges.
Pension transfer checklist
Whilst there are many benefits to transferring existing pension schemes into an ii SIPP it may not always be beneficial to do so. Before you decide to transfer, you should check the following:
- Will you lose any valuable benefits such as guarantees or bonuses?
- Will your existing provider charge for transferring out?
- Would you be paying more in charges with our SIPP?
- Does your policy offer guaranteed annuity rates? You may lose a valuable benefit if you transfer out from a scheme offering guaranteed annuity rates. You many need to receive advice from a suitably qualified financial adviser before you can transfer.
- Is your employer contributing to your current pension scheme? If they are you’ll want to check that they will be prepared to contribute to the SIPP instead. It’s easy for them to set up a direct debit for regular contributions.
- Will any market value adjustment (MVA) apply on transfer from your existing provider? This is often the case if you are invested in a With Profits fund and could result in the reduction of the value of your pension fund available to transfer
- Do you have protected tax free cash higher than 25% of the fund or a protected retirement age (under 55)?
- Are you transferring a ‘final salary’ or ‘defined benefit’ scheme? If so, you should remember that the guaranteed income and any other 'safeguarded' benefits will not be available in your SIPP. You will need to have advice from an independent, qualified, adviser before we can accept such a transfer if the value is £30,000 or more. Where the transfer value is less than £30,000, we may accept the transfer without advice where it will represent no more than 10% of the overall value of your ii SIPP.
Other things to bear in mind:
- Beware of companies offering to help transfer pensions on your behalf or cash them in early - you can find out more about pension scams here.
- As with all investments, you may get back less than you invest in your new SIPP; you may not be able to hold the same funds (or class of fund) in your SIPP as you do in a current pension. But since our funds have no initial fee levied by the fund manager you may find we offer a wider choice and better terms for the funds you want.
- Some restrictions apply when it comes to transferring an overseas pension. We can usually accept transfers from a Recognised Overseas Pension Scheme so do check the scheme’s status with your provider. Such transfers are not counted as a ‘contribution’ and hence do not count towards your annual allowance. We recommend that your contact us before making such a transfer so that we can let you know of any additional information we may need.
- During the transfer process there is a period of time where you will not have access to your assets (and therefore may be susceptible to out of market risks) while the transfer is being completed. How long this takes will depend on how complex the transfer is.
We want you to be happy with your choice, so if you’re not sure that our SIPP is right for you, do take independent advice before reaching a decision. If you require further information, please call our SIPP team on 0345 607 6001.
Transferring your pension as a cash payment usually takes around 10 days to complete from receipt of your transfer request. If you’d like to transfer in your existing investments then the transfer will take longer - typically 6 to 8 weeks, depending on the type of investments you hold. Timings also depend on how quickly your current provider works with us to arrange your transfer.
If you don’t already have a SIPP with us then open an ii SIPP where you can also start your transfer. It only takes a few minutes to complete.
You’ll need your National Insurance number and details of the pension(s) to be transferred.
Our online transfer process aims to make it quick and easy to submit your request.
If your current provider needs a signed authority then at the end of the application process we’ll ask you to print, sign and send us the transfer authority.
We’ll liaise with your current provider(s) and provide you with regular progress updates.
Got an ii SIPP and ready to start a transfer?
Not quite ready yet? Simply log in to your account whenever you are ready and visit the 'transfers' section to start the process.
Questions your existing provider may ask if you need to contact them for a discharge form
- 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 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.
Easy to apply
Apply for an ii SIPP on your desktop, tablet or mobile in just a few minutes.
