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Drawdown transfer

Transfer your drawdown pension

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.

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


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+