3 tips to speed up your ISA, investment or pension transfer
It’s easy to transfer to HL, but there are some steps you can take to help speed up the process. Read on to discover three essential transfer tips, plus more about our latest transfer offer.
Last Updated: 18 January 2024
Transferring your ISAs, investments or pensions to a new provider is an important financial move, so it’s likely you’ll want a speedy and hassle-free process. Some transfer delays are unavoidable. But there are a few simple steps you can take to make your transfer as smooth as possible.
This article isn’t personal advice. If you’re not sure what’s right for you, please ask for advice. Before you transfer, check if you will lose any valuable benefits or guarantees and incur any excessive exit fees.
1. Check your personal details are up to date
One of the common causes of transfer delays is outdated personal information. Before starting your transfer, review your address, name, contact number and any other personal information with your existing provider.
If the information you hold with your current provider doesn’t match what your new chosen provider holds, it can lead to verification issues, which can result in more contact and unwanted delays. By making sure that your personal details are up to date, you set the stage for a smoother transfer process.
Regularly reviewing your details or making your provider aware of any changes in personal information, can also help you avoid potential complications in the future.
2. Make sure there are no outstanding fees
It’s worth checking whether there are any outstanding management fees on your existing account. It can be an obstacle for a swift transfer process.
Unpaid fees might mean your current provider withholds your transfer until the fees are paid. Contact your current provider to make sure you’ve settled up before you start your transfer.
3. Decide whether you want to transfer as cash or in-specie
In some cases, you can choose to transfer your investments or pensions as cash, or you can choose to keep them invested (an in-specie transfer).
If you choose an in-specie transfer option, your transfer is likely to take longer than a cash transfer. This is because your assets need to be moved between providers so there are additional administrative steps involved. Cash transfers can be quicker as they bypass the complexities and timeframes of having to transfer stocks from one provider to another.
When choosing how to transfer your investments or pensions, it’s important to be aware of the pros and cons of each transfer option. If you choose to transfer your investments as they are, it’s unlikely you’ll be able to make changes to your investments whilst your transfer is taking place. This can mean missing opportunities to buy or sell. If your investments are sold and transferred as cash, you’ll be out of the market until your transfer completes. If markets fall, this will work in your favour. But if markets rise, you’ll miss out on those potential gains.
Why transfer to HL?
If you want to hold your ISAs, investments and pensions all under one roof, you could think about transferring to HL. We offer flexible accounts that let you take control of your financial goals and decide where to invest. Plus, you could get cashback as a thank you. See details below.
By transferring to HL, you can:
- Easily see what your investments and pensions are worth online or by using the HL app.
- Choose investments suited to your own values. You can choose your own investments, pick from a ready-made option, or pay for a financial adviser to build an investment portfolio for you.
- Get support 6 days a week and speak to our helpdesk.
Once you have made up your mind to transfer, all you need to do is confirm the details of the account you want to transfer, and we'll do all the legwork for you. Before you transfer, check if you will lose any valuable benefits or guarantees and incur excessive exit fees.
