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Drawdown transfer

Transfer your drawdown pension

Cash back Available now when you transfer.
Terms apply.

Request your drawdown transfer pack

Important information

What you do with your pension is an important decision that you may not be able to change. You should check you’re making the right decision for your circumstances and that you understand your options and the risks. Drawdown is a higher risk option than an annuity. The government's free and impartial Pension Wise service can help you and we can offer you advice. The information on our website is not personal advice.

Transferring your existing drawdown pension to the HL SIPP (Self Invested Personal Pension) is easy and in many cases you don't even need to sell your existing investments.

Before transferring, you should check whether any penalties will be applied to your existing plan, and that the transfer will result in at least comparable benefits. Drawdown in the HL SIPP is arranged on a non-advisory basis. If you receive advice on your current drawdown plan, this won't continue if you transfer to the HL SIPP unless agreed separately.

Cash back Transfer to HL and get £20 - £500 as a thank you

Transfer ISAs, pensions, funds or shares worth £5,000 or more to HL and we’ll give you £20 - £500. The money is a thank you from us. It won’t come from your account or investments.

The more you transfer, the more you receive. Terms apply.

To automatically qualify you must apply by 29 June 2018. Need more time to decide? Let us know and we'll give you up to an extra three months to transfer ISAs, funds and shares, and six months for pension transfers.

You will receive your cash back after the offer closes and all your transfers complete. The money will be paid into your HL loyalty bonus account. All we ask is that you keep your account with us for at least a year.

You transfer We pay you
£5,000 - £24,999 £20
£25,000 - £49,999 £50
£50,000 - £99,999 £100
£100,000 - £149,999 £250
£150,000 or more £500

Transfer and benefit from...

  • Pension freedom and flexible access
    If you are currently in capped drawdown you can choose to keep the cap on your income, or move to flexible drawdown and take unlimited income.
  • Low costs
    There is no drawdown set up fee, no transfer in fee and no charge to convert from capped drawdown. There are also no charges for one-off or regular withdrawals, or for changing your income instructions. In fact, the only addition to our normal pension charges is a higher closure fee for people who open and then empty their account within a year. View our charges.
  • Wide investment choice
    Choose from over 2,500 funds (unit trusts and OEICs), including many run by leading fund managers, as well as shares, investment trusts, gilts, corporate bonds, covered warrants, ETFs, and cash. Please note all investments can fall as well as rise in value so you could get back less than you invest.
  • Complete control
    You have the flexibility to choose your own investments or use our ready-made portfolios available through our Portfolio+ service (this is not specifically designed for drawdown but at your disposal if you decide any of the portfolios meet your investment goals). If you are unsure where to invest you could let an adviser choose the investments for you. You can also continue drawdown beyond age 75.
  • Easy management
    Manage your investments online, by phone, post, or using one of our apps. Invest where you want, whenever you want
  • Award-winning service
    We've been voted Best SIPP Provider by readers of What Investment for the past nine years running and awarded the Gold Standard for Retirement in 2014, 2015, 2016 and 2017. Our drawdown specialists are on hand to answer any questions you may have. There is no automated service, just friendly professional support.

How to transfer to the HL SIPP

  • The pack will contain more information about how drawdown works in the HL SIPP. You will also receive a set of risk questions which you will need to read through to ensure you are aware of the risks of drawdown and transferring.

  • Confirm you're happy to proceed by calling us on 0117 980 9940 or returning your risk questions by post. We will then send you your application form.

  • If you are happy to proceed, complete your application form and, if applying for drawdown in the HL SIPP for the first time, enclose proof of age documentation (such as a copy of your valid passport, photocard driving licence or birth certificate) to verify your age. Drawdown is normally only available to those aged 55 or above. We will handle the transfer for you and keep you informed every step of the way.

Most pension policies are transferred electronically as cash, so you will be out of the market for a period, taking less than 10 working days on average to complete. Transfers of investments are possible but can take significantly longer.

Request a transfer pack

Terms of the cash back offer - Spring 2018

1. The offer is that, subject to these terms and conditions, we will pay to you a cash amount of between £20 and £500, depending on the amount you transfer, when you transfer into us at least £5,000 worth of an existing pension, ISA (excluding Junior ISAs and Child Trust Funds) or funds and shares into our HL SIPP, Stocks and Shares ISA, Lifetime ISA or Fund and Share Account from another provider. Please note that the following exclusions apply to the offer: (1) the lodgement of certificated shares will not qualify for the offer; (2) new money cash subscriptions into any HL account will not qualify for the offer; (3) if the HL SIPP is your current workplace pension and you transfer previous pensions provided by your current employer then the offer is not available for such transfers; (4) defined benefit/final salary pension transfers do not qualify for the offer.

2. The offer does not apply to investments already held in the HL service, nor to switches or transfers between or within existing HL accounts nor to income and interest received on any assets held within those accounts.

3. The offer is funded by Hargreaves Lansdown’s money. For the avoidance of doubt the cash is not coming from your pension or investments. It is intended that this offer shall be available until 29 June 2018. However, we reserve the right to withdraw or suspend this offer where it becomes necessary to do so, including for legal or regulatory reasons or otherwise, by posting a notice on our website. In the event of early closure of this offer, all qualifying applications received up to the time of withdrawal will be accepted.

4. The offer will only apply to cash back transfer forms coded TRV9E, TRV9F, TRV9G and OTK received by us between 18 April 2018 and 29 June 2018. The application code can typically be found in the top right of a form. If transferring a pension for drawdown, you must enclose a note requesting cash back with your application to qualify. Provided we receive your transfer form within the offer period, even if the transfer itself is not completed until after the offer closes, you will still qualify. If you need more time to decide whether you wish to transfer to us, please let us know and we will extend this deadline for you (by up to three months for ISA, fund and share transfers, and six months for pension transfers). To request more time simply call our Helpdesk on 0117 900 9000 or email with your full name and address.

5. The cash back payment will be credited to your Loyalty Bonus Account after the cash back offer has closed and within 1 month of the date of completion of your transfer as determined by us. The Loyalty Bonus Account is separate from the HL ISA, Fund and Share Account, and SIPP. The cash can be kept in the Loyalty Bonus Account for fee collection, withdrawn or moved into a HL account you choose. If moved into an ISA or SIPP, it will count towards your annual allowance.

6. The value of your cash back will be based on the total value of transfers you make within the offer period (ISAs, funds, shares and pensions), not the value of each transfer. The values will be determined on the day we receive the proceeds for each. It is not possible to combine the value of transfers into accounts with different client numbers for the purpose of this offer. For the avoidance of doubt, the maximum amount of cash back you may receive under this offer is £500.

7. We ask you keep your HL account(s) for one year. Please feel free to switch between investments and in or out of cash within your account, but if you decide to transfer away or close your account within 12 months of the date your transfer completes, we reserve the right to reclaim the cash back paid. If cash is to be reclaimed then you will be notified and the cash will be taken within 7 days of the account closure or transfer.

8. We reserve the right to determine how the cash offer is calculated. Therefore, if you are unsure how your transfers will be treated under the terms of this offer please contact us before you return your transfer form. By submitting a qualifying application you agree to be bound by the terms of this offer. The terms are governed by the laws of England and subject to the exclusive jurisdiction of the English courts.

9. The offer cannot be used in conjunction with any other transfer offer.


Drawdown is an option that requires you to make an active investment choice and review investments regularly. Portfolio+ is not specifically designed for drawdown. Nonetheless our Portfolio+ range is available for drawdown investors who believe it meets their individual requirements.

Continue to Portfolio+