Transfer a pension
Available now when you transfer
Switch your future on. Switch your pension provider.
Why transfer a pension?
As you go through life your needs are likely to change, which may make you want to transfer your pension. Common motives include:
- You've got lots of old pensions with different providers
- 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
Benefits of consolidating pensions
Moving old pensions to your HL SIPP can help you to take control of your retirement savings.
- A clear view
See your overall pension value in one place, which could help you to make better decisions.
- Save time and money
One statement, one online account, one platform fee and one company to contact with questions.
- Potential for greater returns
Choose from a wide range of investments, which could offer greater potential for your money to grow.
- Flexibility at retirement
With the HL SIPP, you're free to choose from all the main retirement options, including taking a flexible income.
Benefits of transferring pensions to HL
Moving your pensions to the award-winning HL Self-Invested Personal Pension (SIPP) can help you to take control of your retirement savings.
- Potential for greater returns
Choose from a wide range of investments, which could offer greater potential for your money to grow. Get investment ideas and insights from our experts, use the Wealth Shortlist, or pay for personal advice on where to invest.
- Easy management
You can check your account whenever you like, online and with the award-winning HL app. Get ongoing support from our UK-based helpdesk and the answers to your questions no matter how big or small.
- Peace of mind
We’re a financially secure FTSE 100 company, trusted by over 1.6 million clients. We have over 40 years’ experience in empowering people to save and invest for a brighter future.
- Free to set up and low cost to run
Our annual charge for holding investments is never more than 0.45%. But some investments will have their own charges. See our full list of charges, including dealing fees.
- Flexibility at retirement
With the HL SIPP, you’re free to choose from all the main retirement options, including taking a flexible income.
Transfer your pensions to HL and get £100 to £500 cashback as a thank you
Transfer pensions worth £10,000 or more to HL and we’ll give you between £100 - £500 cashback. The more you transfer, the more you receive. Terms apply.
To qualify you must apply online by 30 June 2022. Need more time to decide? Complete the online extension form and we’ll extend the pension application deadline for you by six months. Alternatively, call our Helpdesk on 0117 980 9926 or send a secure message through your online account.
You’ll receive the cashback payment within the last 10 working days of the next month, from the date that your last qualifying transfer completes.
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|
|£10,000 - £29,999||£100|
|£30,000 - £59,999||£150|
|£60,000 - £89,999||£200|
|£90,000 - £109,999||£350|
|£110,000 - £124,999||£400|
|£125,000 or more||£500|
What to check before a pension transfer
Combining your pots could make your pensions easier to manage. 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
- Find out if your pension will be transferred as cash or stock (you might not have a choice)
You should also make sure your provider is regulated, for example if you’re transferring to a personal pension check the Financial Conduct Authority (FCA) register.
While your transfer is taking place, it’s 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. If markets fall, this will work in your favour. But if markets rise, you’ll miss out on those potential gains.
How to transfer a pension to your HL SIPP
Before you transfer, make sure that all your personal details (including current name and address) are up to date with us and your other existing pension provider. You can ask your other current provider what details they hold when you’re checking for any existing benefits and exit fees. This can help avoid delays.
How to transfer a pension to HL
Before you transfer, make sure that all your personal details (including current name and address) are up to date with your existing provider. You can ask your current provider what details they hold when you’re checking for any existing benefits and exit fees. This can help to avoid delays.
1. You complete a transfer application
The fastest way is to apply online, or you can also apply by post. If you’re not already an HL client, once you’ve read through our Terms & Conditions (including charges) and Key Features, you will be asked to create an account online as part of the process.
2. We'll take care of the rest
Once you’ve applied, we’ll contact your current pension provider and start your transfer. We’ll also keep you updated along the way and let you know once your transfer is complete.
You’ll keep the same HL client number and log in details (if you have online access).
Your transfer questions answered
I can speak to someone on the phone and everything is explained in a very helpful and easy to understand way.
BEST BUY PENSION 2022
BEST SIPP PROVIDER
UK Investor Magazine Awards 2021
BEST FOR DIGITAL PENSION 2021
Terms of the Spring 2022 transfer cashback offer – SIPP transfers only
1. Subject to these terms and conditions, if you transfer an existing pension 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. If you transfer existing pensions with a total value of at least £10,000 from other providers to our platform in your HL Self-Invested Personal Pension or Drawdown Pension, you will receive a cash amount between £100 and £500, depending on the total amount you transfer (the “Offer”).
3. The Offer will be available between 6 April 2022 and 30 June 2022 inclusive (the “Offer Period”). If 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.
4. The value of your cashback will be based on the cumulative total value of qualifying pension transfers made within the Offer Period. The value of the cashback paid will be determined in accordance with the tiers identified in the table accompanying these terms and conditions.
5. The following are excluded from the Offer: (1) the transfer of a Junior SIPP or defined benefit/final salary pension (2) new money cash subscriptions into any existing HL Account; (3) the lodgement of certificated shares; (4) movements of investments or cash already held on the HL platform, including switches or transfers between or within existing HL accounts or income and interest received on any assets held in those accounts.
6. The Offer will only apply to cashback transfer forms coded TRCM3, OTD, OTK, OTP, OTS, CBE422A, 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.
7. The cashback payment will be paid into your Loyalty Bonus Account which is separate from your other HL Account(s). You will receive the cashback payment within the last 10 working days of the next month, from the date that your last qualifying transfer completes. The payment date will be determined by us. The cash can be kept in your Loyalty Bonus Account for fee collection, withdrawn or moved into another of your HL accounts. If moved into an ISA or SIPP, it will count towards your annual allowance.
8. We ask you keep your HL account(s) for one year from the date that the last qualifying transfer completes. 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 out.
9. 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 across all pension transfers is £500.
10. If you need more time to decide whether you want to transfer to us, please complete the extension form and we will extend the pension deadline for you by six months. Alternatively, call our Helpdesk on 0117 980 9926 or send a secure message through your online account .
11. 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.
12. 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.
13. These terms are governed by the laws of England and Wales and subject to the exclusive jurisdiction of the courts of England and Wales.
14. 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.