What are the charges to transfer my SIPP to another provider?
There are no charges to transfer your SIPP either as stock or cash to another provider, and there is no charge for closing your account. Dealing charges will apply to the sale of any investments. For more information please view our SIPP charges or call our Helpdesk on 0117 980 9926.
Before transferring, please ensure you’ll benefit from doing so, and won’t lose valuable guarantees or need to pay high set-up fees. Pensions are usually transferred as cash (unless a stock transfer is selected) so you will be out of the market for a period. If you are transferring your HL SIPP to a non-mainstream pension provider then we may need to request further information about your new pension provider. This could increase the time it takes to transfer your SIPP.
Please also check that your new provider is authentic. Unfortunately, there are investment scams out there which target people who've withdrawn, or plan to withdraw money from their pension and other accounts. They can also persuade people to transfer their pension to another pension within which there is an investment scam. These scams tend to involve firms and/or investments which aren’t regulated by the FCA, so if you fall victim to them there may be no compensation available.
Often fraudsters will attempt to make their ‘sales pitch’ as realistic and attractive as possible. They’ll aim to build a rapport with you – sharing fake reviews, using convincing literature and websites or claiming to be regulated. Warning signs can include cold calling or texting, pressure to act quickly, the promise of unique or unusual opportunities, the offer of quick and easy profits or something that seems too good to be true. Scammers might also offer free pension reviews and the chance to release money from your pension early, which isn’t normally allowed before age 55 under current pension legislation. You can find out more at www.fca.org.uk/scamsmart or by visiting our security centre.