FAQs

Making contributions

• How much more can I pay into my SIPP?

  If you’re a UK resident under 75, you can make a personal pension contribution and benefit from tax relief at your highest marginal rate. Broadly speaking, tax relievable contributions are limited to £3,600 (gross) or 100% of your relevant UK earnings, whichever is higher.

  Pension contributions are also limited by annual allowance which is currently £60,000 for most people. The annual allowance is reduced for some people with higher earnings or those who have flexibly assessed a pension. This limit applies across all pension schemes, so you’ll need to make sure you look at any contributions made to your HL SIPP this tax year, as well as any contributions to other pension schemes when calculating how much more you can pay in. Higher earners may also be able to carry forward unused allowances from previous tax years.

  To find out more about how much you can pay in, download our factsheet.

  Pension and tax rules can change and benefits depend on your circumstances.

• How do I make a personal contribution to my SIPP?

  The quickest way to add money to your SIPP is online or with the HL app. Please read the key features (including contribution checklist) first, then:

  1. Log in to your account with the HL app or online
  2. Under 'Actions', choose 'Add money online' or for the app 'Add money'
  3. Follow the instructions to add money with your debit card

  Money in a pension isn’t usually accessible until age 55 (57 in 2028).

  Read the video transcript

  This video has various screen captures, along with a voice over. Descriptions of what is shown in the video are described below:

  Title: How to add money to your account in three simple steps

  "Log into your account using your username, date of birth, online password and three digits from your secure number. (Video shows the log in steps)

  Now you can see your portfolio showing your accounts and their current value. (Video shows logged in portfolio summary page)

  Select the 'Top up' button on the account you want to make a debit card payment in to. (Video shows cursor selecting 'Top up' for a Stocks & Shares ISA, as an example)

  (Video now shows a payment screen which specfies how you wish to add money - a cash lump sum, regular monthly savings or both, along with a debit card payment details form) Fill in your details and make a debit card payment directly to your account.

  If this is a subscription to an ISA or a SIPP then any money added to these accounts will count towards your allowance for that tax year. If you have yet to pay into your ISA in this tax year or have not contributed recently, you will have an additional page to refresh your knowledge on the ISA declarations and terms and conditions. (Video shows this additional page)

  You will then see a bank verification message. If your request has been authorised you will receive confirmation of your payment details". (Video shows an example of the verification message and then shows a page where you can choose your investments, funds, shares or trusts.)

  ---

  This video hopefully helps you understand the process, but it should not be taken as personal advice. Please remember money invested in the stock market can fall in value so you could get back less than you invest.

Managing your account

• How do I find my client number or username?

  You’ll find your client number on your most recent statement or the letter we sent to you when you opened your account. You can also find it in the top right-hand corner when you log into your account online.

  If you’ve forgotten your username, you can request a username reminder online. You’ll need your client number and the email address you chose for your account. We won’t be able to provide your username by telephone or post.

• How do I reset my online password or secure number?

  If you’ve forgotten or locked your login details, you can reset them online.

  We’ll ask you to confirm your username, date of birth and your security questions. You’ll then have the option to reset your Online Password, Secure Number or both.

Transferring a pension

• What type of pension can I transfer?

  You can transfer most types of pension to the HL SIPP:

  • Personal and stakeholder pensions
  • Pensions in drawdown
  • Retirement Annuity Contracts (RACs)
  • Self-Invested Personal Pensions
  • Most Additional Voluntary Contribution plans (AVCs) including Free Standing AVCs
  • Executive Pension Plans (EPPs)
  • Most paid-up occupational money purchase pensions
  • Old protected-rights pensions accrued from contracting out of the State Second Pension or SERPS (State Earnings Related Pension)

  If you’re part of a defined-benefit (DB) pension, such as a ‘final salary’ scheme, transferring your pension to a personal plan is probably not in your best interest. These pensions not only give you a guaranteed income, they also normally offer benefits to a spouse or partner after you die. You might be able to transfer, but if the transfer value is more than £30,000, you’ll have to take advice from a regulated financial adviser and provide proof that the advice is in favour of transferring.

• How long will the transfer take?

  If your pension is transferred as cash, this means your provider will sell your pension investments, and transfer the cash amount to your HL SIPP. You will not be invested during the transfer, so you will not make losses or gains. You can buy investments once the transfer is complete. Electronic transfers usually takes 3-4 weeks, and postal 8-10 weeks, depending on your provider.

  If your pension is transferred as it is (invested in the stock market), your provider will transfer each investment and any cash to your HL SIPP. If you hold an investment we do not offer, we’ll contact you during the transfer to confirm your preference. This type of transfer usually takes 6-8 weeks, but can take longer depending on your investments and provider. You stay invested during the transfer, so could make gains and losses. Usually you cannot trade until the transfer completes. Please note, we can only accept online applications of this kind for existing Self-Invested Personal Pensions or Small Self-Administered Schemes. If you hold a different pension, and are eligible to transfer your investments, please contact our helpdesk on 0117 980 9926 for a postal application.

• What are the charges for transferring to you?

  We don’t charge you to transfer your pension, but you should check with your current provider if they’ll charge you any exit fees, or if you’ll lose any guarantees by transferring. Make sure you do this before you start your transfer.

  View our SIPP charges

• Can I transfer to you and then take money out of my pension immediately?

  Yes, but normally only if you’re 55 or over. You’ll need to transfer your pension first. Then, once your transfer is complete, you can apply to take money from the HL SIPP.