How to Transfer to Another Provider
Everything you need to know in order to transfer your HL savings and investments
If you want to transfer to another provider you won’t need to contact us, in most cases. Your new provider will contact us on your behalf. We’d be disappointed to see you go though, and if there’s anything we can do to change your mind please get in touch first.
Transferring your HL accounts
For further information please read our Frequently Asked Questions.
Your transfer checklist
Are your HL records up to date?
All the personal details that we have for you, like your full name and address, need to match those that you give to your new provider. Any mismatch could cause delays.
Do we have your National Insurance number?
If we need to sell shares as part of your transfer, then we’ll need your National Insurance number (or alternative) as well as confirmation of your nationality.
Are you happy with your investments?
You’re free to make changes to your investments right up until the point of transfer, but this can cause delays. It’s best to make sure that you’re happy with your investments before you begin the transfer.
Have you taken advice?
Transferring your account is a big decision and one you could regret. If you’d like to talk to an adviser, then please contact our advisory service.
Have you checked that the provider you’re transferring to, and the investments you plan to hold, are authentic?
Unfortunately, investment scams sometimes target people who have withdrawn, or plan to withdraw, money from their pension and other accounts. Such people can also persuade people to transfer into accounts within which there is an investment scam. These scams tend to involve firms and/or investments that aren’t regulated by the FCA; so if you fall victim to them, then 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, or the offer of quick and easy profits. Scammers might also offer free pension reviews and the chance to release money from your pension early. To find out more visit www.fca.org.uk/scamsmart or our security centre.
Are you up-to-date on your account fees?
Any outstanding fees will delay your transfer.
Are your investments due to change in any way?
If your investments change because of a corporate action, unit rebate, or delisting, then this can also cause a delay to your transfer.
Frequently asked questions
Make sure that you’re 100% confident that you’ll benefit from transferring and that you won’t lose valuable guarantees or need to pay high set-up fees.
There is no charge to transfer your account away from HL. If you need to sell investments before transferring, then you might face dealing charges. Before transferring, please ensure that you’ll benefit from doing so and won’t lose valuable guarantees or need to pay high set-up fees.
If your investments are sold and transferred as cash, then 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.
If your new provider holds a fund in a different share class, then we’ll need to convert this before transfer, which can take a few days to complete and confirm with them. Transferring stocks is a complex process, so we may take some time, with your new provider, making sure that everything is correct for your transfer.
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 that it takes to transfer your SIPP.
It’s possible to cancel your transfer, but you’ll need to let us, and your new provider, know as soon as possible. We can accept a written letter, or a secure message sent from your online account. Please confirm the specific details of the provider and which transfer should be stopped.
Depending on which account you have, you can also call our Pensions or Investment Helpdesk who will be more than happy to help.
An instruction to transfer is not an instruction to sell your investments, unless you include a specific sale instruction. Usually, you can choose to either sell your investments first and transfer uninvested cash or keep your investments and transfer them as they are. You should confirm your decision with your new provider, but your choice could be limited by the service that they offer, so it’s good to check with them first.
If your new provider can’t accept a particular investment that you hold, then they should contact you to confirm your options. This could include selling, converting the investment to a fund class they can hold, or potentially cancelling the transfer of those specific investments.
When transferring your investments as they are, you’ll stay invested throughout the process and you can continue to monitor your investments and make changes right up until the point of transfer. However, if there are pending trades or dealing instructions on your account, then this could delay your transfer and no changes can be made while the transfer is in progress. Any uninvested cash held will be transferred last.
When transferring shares, we’ll arrange dates for trade and settlement with your new provider. Share settlement usually takes about 2 days after the day of trade. The shares will be removed from your HL portfolio and will appear in your new account, with your new provider, once they’ve settled.
When funds are transferred to a new provider, the units must be re-registered with the fund manager. We’ll send each fund manager the appropriate transfer form and, once we receive confirmation that the re-registration to your new provider is complete, we will remove your funds from your HL portfolio. They’ll appear in your new account once your new provider has received confirmation from the fund manager that the re-registration is complete.
Any uninvested cash in your account will be transferred using faster payment or CHAPS, depending on the value. This will be done last, once all your investments have been transferred and settled.
Your investments will be sold as soon as possible, at a charge of £29 per trade. For overseas investments, standard foreign exchange charges will also apply.
If you’d prefer to sell your holdings yourself before transferring, then you can do this online at a lower cost.
After your investments are sold, the money needs to settle before it can be transferred. This usually takes 2 days from the trade date for shares and 4 days from the trade date for funds.
Once settled, any cash from investment sales, plus any other uninvested cash, will be transferred to your new provider by faster payment or CHAPS depending on the value. There is no charge for this.
A fund conversion is when your fund is changed to a different unit class without the need to buy or sell. This means that if your new provider doesn’t hold the exact same fund class as HL, you can keep the fund, just in a different unit class. You will remain in the market, and conversion does not count as a disposal for Capital Gains Tax. There is no charge to convert funds.
Your fund value should remain the same, but you’ll see a change in Unit Class name (e.g. ‘Class X’ to ‘Class I’), and the unit price and number of units will normally change, too.
Once we’ve received your transfer request, we’ll send you a secure message in your HL account – or a letter in the post if you haven’t registered for our paperless service.
This varies depending on the provider that you’ve chosen, but they should contact you once they’ve got your application and keep you updated until the transfer is complete. If they need any information from you, then they should let you know.
We’ll send you a secure message in your HL account – or a letter in the post if you no longer hold an HL account or haven’t registered for our paperless service.
If you’re transferring your HL SIPP and you’ve recently made a personal contribution, then this won’t affect the transfer of any investments, but we’ll usually wait for the tax relief to be received before transferring any remaining uninvested cash. This is because some providers can’t accept smaller payment amounts or won’t accept further payments after the initial transfer is received.
If you know this isn’t the case for your new provider, and you want us to transfer everything straight away, and any tax relief later, then please just let us know and we can arrange this for you.
If you’re due a dividend payment, then this won’t delay your transfer. We’ll forward it to your new provider once we have it.