Transfer your pension to the ii SIPP

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 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.

With ii, it’s completely free to transfer your pension. But always remember to check whether you’ll pay any exit fees or penalties to transfer away from your current provider.

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

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

Here are some things your current provider may want to know ahead of a transfer:

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.

There are several reasons why you might want to transfer your pension(s) 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 your 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 your pension(s):

• If your employer is currently 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 benefits by transferring to a SIPP
• If your pension charges 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.

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.

For your workplace pension, while it is possible to transfer to ii, you should check that your employer can make contributions to a SIPP instead. Read our guide on workplace pension transfers for more information.

What about other SIPPs?
You can easily transfer other SIPPs to the ii SIPP.

You have the option to make a full transfer or a partial one, provided your current provider allows partial transfers.

In many cases, you can also transfer existing investments directly to the ii SIPP - so rather than having to sell investments, transfer as cash and then buy them back, we can often transfer your investments directly from your existing SIPP into the ii SIPP. This is known as an ‘in specie’ transfer and you can choose it when you complete your transfer request.

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, 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 interest. 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.

Yes, you can usually trade while transferring. 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.

Read our transferring checklist for more information.

Yes, as long as your current provider allows it and you haven't yet taken any retirement income, you can usually transfer part of your pension to the ii SIPP.

If you have accessed your pension, and it’s in drawdown, you will only be able to transfer it in full to the ii SIPP.