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.
Our team might be able to help, please get in touch to discuss your options.
Why are you thinking of leaving?
Transferring your HL accounts
How do I transfer my HL ISA or Fund and Share Account?
All you need to do is tell your new provider that you’d like to transfer to them. They will contact us to arrange the transfer for you, and usually ask you to complete their transfer forms.
If your new provider doesn’t have their own forms, to transfer your HL Fund and Share Account you can send us a signed letter in the post as your formal request to transfer. You’ll need to confirm your new provider’s contact details, your new account reference and what it is exactly that you’d like to transfer from your HL account. To transfer your HL ISA you will need to fill out a form with your new provider.
How do I transfer my HL SIPP?
The fastest way to transfer is by selling your investments and transferring your SIPP as cash, electronically. You’ll be out of the market while this happens. Many pension providers use Origo Options which is a secure electronic transfer system. This typically removes the need for a postal application. You only need to tell your new provider that you’d like to transfer to them, and they’ll contact us to arrange the transfer. They may need your HL Client Number and the policy name (HL SIPP) so that they can get started. And if you’re transferring to a non-mainstream provider or type of pension scheme, we may ask for further details.
Some pension providers are now supporting electronic stock transfers as well so please check with them if you want to transfer your investments as they are. If your new provider doesn’t support electronic transfers, you’ll need to complete and return a postal HL SIPP Transfer Out Application.
How much does it cost to transfer my HL Account?
There is no charge to transfer your account away from HL. If you need to sell investments before transferring dealing charges will apply.
What should I check first?
Make sure 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.
Your transfer checklist
Are your HL records up to date?
All the personal details 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 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 advisor 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've withdrawn, or plan to withdraw, money from their pension and other accounts. They can also persuade people to transfer into accounts 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 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 due to a corporate action, unit rebate or delisting then this can also cause a delay to your transfer.