Reasons to transfer a pension
As you go through life your needs are likely to change. These changes may make you want to transfer your pension. Common reasons could include:
- You've got lots of old pensions dotted about and want to combine them for easier management
- You've come across a provider that offers better value for money
- You're not able to invest where you'd like to
- Your current pension scheme is being closed
- Your current provider doesn’t offer the options you want at retirement
Transfer your pensions to HL and get £50 to £500 cashback as a thank you
Transfer pensions worth £5,000 or more to HL and we’ll give you between £50 - £500 cashback. The more you transfer, the more you receive. Terms apply.
To qualify you must apply online by 10 January 2021. Need more time to decide? Let us know and we'll give you up to an extra six months.
If your transfer completes within the Offer Period, the cashback payment will be paid no later than one month after the Offer has closed. If your transfer completes after the Offer has closed, the cashback payment will be paid within one month of the date on which your last qualifying transfer completes, which will be determined by us.
The money will be paid into your HL Loyalty Bonus Account. To keep the cashback, all we ask is that you keep your account with us for a year.
|You transfer||We pay you|
|£5,000 - £24,999||£50|
|£25,000 - £49,999||£75|
|£50,000 - £99,999||£100|
|£100,000 - £124,999||£200|
|£125,000 or more||£500|
Is transferring a good idea?
Consolidating your old pensions could give them a new lease of life. It could make it easier to manage your investments and keep track of your pension's investment performance and potential income, both on the run up to and in retirement.
A clear overview
Multiple pensions can make it difficult to understand how much you’ve saved, what you’re on track to receive and where you’re invested. Consolidating lets you see everything at the same time, allowing you to easily make changes and take advantage of new opportunities as they arise.
Potential for greater returns
Some traditional pensions can restrict you to a handful of investments, which can limit the potential for better returns. Modern pensions give you more choice, which can offer more opportunities. Of course, all investments can fall as well as rise in value, so although there’s the potential for growth, you could also get back less than you invest.
Having to keep on top of several company’s statements and accounts can be a headache. Combining your old pensions means you’ll only have to deal with one provider, one website, one phone number, one set of login details.
Why choose the Hargreaves Lansdown SIPP?
The HL SIPP is for people who want to take control of their retirement savings. You’ll also benefit from powerful, easy-to-use tools specifically designed to help build your knowledge, as well as expert research to help empower you to make decisions with confidence.
- Free to set up and low cost to run
Our yearly charge for holding investments is never more than 0.45%. See our full list of charges, including dealing fees
- Wide range of investments
Select your own investments, pick from ready-made portfolios, or pay for personal advice on where to invest
- Excellent customer service
Our dedicated helpdesk are on hand to answer your questions no matter how big or small
What to watch out for and check
Combining your pots could make your pensions easier to manage and help you save on fees. But you should contact your current and future provider to check a few things first:
- Ask if you’ll need to pay any fees to transfer away
- Find out if you’ll need to pay any set-up charges
- Check you won’t be forfeiting any valuable benefits or guarantees
- Make sure your new provider is regulated by the Financial Conduct Authority, and financially secure
While your transfer is taking place, it’s very unlikely you’ll be able to make changes to your investments. 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 and the new investment instructions that you give have been placed. If markets fall, this will work in your favour. But if markets rise, you’ll miss out on those potential gains.
How to transfer
The fastest way to transfer is online. To get started, all you need to confirm is the following details about the pension you want to transfer:
- Pension name and type (e.g. Aviva personal pension)
- Policy number
- Pension value (this doesn’t have to be exact)
Your annual statement should give you all the details you need or ask your current provider when you’re checking about existing benefits and exit fees. Make sure that all your personal details (including current address and name) are up to date with your existing provider before you start. If personal details don't match it will often lead to delays.
If you’re not already an HL client, that’s not a problem. Once you’ve read through our terms and key features, it only takes 5 minutes to create an account online as part of the process.
Terms of the cashback offer – Autumn 2020 – SIPP, ISA and General Investment Account transfers only
1. Subject to these terms and conditions, if you transfer an existing pension, ISA or general investment account from another platform, you will receive a cash amount depending on the amount you transfer (the “Offer”). The Offer is funded by us and the cashback will not come from your own cash or investments.
2. The Offer will be available between 5 October 2020 and 10 January 2021 inclusive (the “Offer Period”).
3. If your transfer completes within the Offer Period, the cashback payment will be paid into your Loyalty Bonus Account no later than one month after the Offer has closed. If your transfer completes after the Offer has closed, the cashback payment will be paid into your Loyalty Bonus Account within one month of the date on which your last qualifying transfer completes, which will be determined by us. Your Loyalty Bonus Account is separate from your HL ISA, Fund and Share Account and SIPP. The cash can be kept in your Loyalty Bonus Account for fee collection, withdrawn or moved into whichever HL account you choose. If moved into an ISA or SIPP, it will count towards your annual allowance.
4. We ask you keep your HL account(s) for one year from the date of the transfer. Please feel free to switch between investments and in or out of cash within your account, but if you decide to transfer away or close your account within 12 months of the date your transfer completes, then we reserve the right to reclaim the cashback paid. If cash is to be reclaimed then you will be notified and the cash will be taken within 7 days of the account closure or transfer.
Specific terms for SIPP transfers
5. If you transfer an existing pension with a value of at least £5,000 from another provider to our platform, you will receive a cash amount between £50 and £500, depending on the amount you transfer.
6. The Offer will only apply to cashback transfer forms coded APCB3, AWCB2, OTK, OTP, OTS, OTMQE, received by us within the Offer Period. If transferring a drawdown pension, you must include a note requesting cashback with your postal application to qualify. As long as we receive your qualifying application within the Offer Period, even if the transfer itself isn’t completed until after the Offer closes, you will still qualify.
7. The value of your cashback will be based on the cumulative total value of transfers you make within the Offer Period into your HL SIPP, not the value of each transfer. The value of the cashback will be determined in accordance with the tiers identified in the table accompanying these terms and conditions. It isn’t possible to combine the value of transfers into accounts with different client numbers for the purpose of this Offer. The maximum amount of cashback you can receive under this Offer is £500.
8. If you need more time to decide whether you want to transfer to us, please let us know and we will extend this deadline for you by up to six months. To request more time simply call our Helpdesk on 0117 980 9926 or email firstname.lastname@example.org with your full name and address.
Specific terms for ISA and general investment account transfers
9. If you transfer an existing ISA or general investment account with a value of at least £1,000 from another provider to our platform, you will receive a cash amount between £20 and £200 depending on the amount you transfer.
10. The Offer will only apply to cashback transfer forms coded: APCB4, AWCB5, APCB2, AWCB1, AWCB7, APCB7, OTS, OTP, OTK, OTMQF received by us, within the Offer Period. As long as we receive your qualifying application within the Offer Period, even if the transfer itself is not completed until after the Offer closes, you will still qualify.
11. The value of your cashback will be based on the cumulative total value of transfers you make within the Offer Period into your HL ISA and/or general investment account, and not the value of each transfer. The value of the cashback shall be determined in accordance with the tiers identified in the table accompanying these terms and conditions. It is not possible to combine the value of transfers into accounts with different client numbers for the purpose of this Offer. The maximum amount of cashback you can receive under this Offer is £200.
12. If you need more time to decide whether you want to transfer to us, please let us know and we will extend this deadline for you by up to three months. To request more time simply call our Helpdesk on 0117 900 9000 or email email@example.com with your full name and address.
13. Please be aware that the following are excluded from the Offer: (1) the transfer of a Junior SIPP, Junior ISA or Child Trust Fund; (2) new money cash subscriptions into any existing HL Stocks and Shares ISA account, Lifetime ISA, SIPP or Fund and Share Account; (3) the lodgement of certificated shares; (4) the transfer of previous pensions provided by your current employer, if the HL SIPP is already your current workplace pension; and (5) defined benefit/final salary pension transfers.
14. The Offer does not apply to investments already held on the HL platform, to switches or transfers between or within existing HL accounts or to income and interest received on any assets held in those accounts.
15. The Offer cannot be used in conjunction with any other transfer offer, this excludes transferring in more than one investment account detailed in this Offer and the Active Savings offer we have running until 2 December 2020.
16. We reserve the right to remove or suspend the Offer if necessary, including for legal or regulatory reasons or otherwise, by posting a notice on our website. If the Offer closes early, all qualifying applications already received at the time of the posting of the notice will still be accepted.
17. We also reserve the right to determine how the cashback payment is calculated. Therefore, if you are not sure how your transfers will be treated under the terms of this Offer, please contact us before you apply to transfer. By submitting a qualifying application, you agree to be bound by the terms of this Offer.
18. These terms are governed by the laws of England and Wales and subject to the exclusive jurisdiction of the courts of England and Wales.
19. This Offer is provided by Hargreaves Lansdown Asset Management Limited, which is a limited company registered in England & Wales with the company number 01896481, whose registered office is 1 College Square South, Anchor Road, Bristol, BS1 5HL. References in these terms and conditions to “our”, "us" or "we" are to Hargreaves Lansdown Asset Management Limited.