Reasons to consider a pension transfer
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 transferring a pension
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
If you have more than one pension, consolidating them means you’ll only have one online account, and one company to contact with questions. - Potential for greater returns
Some providers don’t offer a wide range of investment choice. Transferring to a provider that does, could mean greater potential for your money to grow.
Why transfer pensions to the HL SIPP?
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, including the Wealth Shortlist. - Great value for money
The HL SIPP is 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.
It's free to transfer a pension to us
Your current provider may charge exit fees though, so it’s worth checking with them first.
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.
What to check before a pension transfer
Combining your pensions could make them easier to manage. But you should contact your current provider to check a few things first:
- Ask if you'll need to pay any fees to transfer away
- Check you won't be forfeiting any valuable benefits or guarantees
- Make sure that all your personal details (including current name and address) are up to date with your existing provider
- Find out if your pension will be transferred as cash or stock (you might not have a choice)
You should also make sure your new provider is regulated, for example if you’re transferring to a personal pension check the Financial Conduct Authority (FCA) register.
Save money with the return of our biggest ever cashback offer
Save money with the return of our biggest ever cashback offer
Transfer pensions to HL and you could get between £100-£3,500 cashback as a thank you. You can use it to top up your investments, put it towards fees or withdraw it to your bank account.
To get this offer, you need to register your interest first and start your transfer by 29 February 2024. .
You transfer | We give you |
---|---|
£10,000 - £29,999 | £100 |
£30,000 - £59,999 | £250 |
£60,000 - £89,999 | £500 |
£90,000 - £109,999 | £1,000 |
£110,000 - £124,999 | £1,250 |
£125,000 - £999,999 | £1,500 |
£1,000,000+ | £3,500 |
How to transfer a pension to your HL SIPP
The fastest way to transfer a pension to your HL SIPP is online. Alternatively, you can transfer by post.
How to transfer a pension to HL
The fastest way to transfer a pension to the HL SIPP is online. Alternatively, you can transfer by post.
1
Complete a transfer application
As part of the transfer application process, you’ll be
asked to read through our Key
Features and important information.
If you’re not already an HL client, you’ll be asked to
create an account online.
As part of this process, you’ll need to read
through our Terms & Conditions (including charges), Key Features and important
information.
2
Let us take care of the rest
We’ll contact your current pension provider and start your transfer. We’ll also keep you updated along the way and let you know when your transfer is complete. We’ll contact your current pension provider and start your transfer, and keep you updated along the way. You’ll receive your HL client number in the post.
3
Your pensions combinedTransfer complete
Your pension pots will be combined with your existing SIPP account. You’ll keep the same client number and log in details (if you have online access). We’ll let you know once your transfer is complete.
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.

Why choose HL?
- Easy management
You can check your account whenever you like, online and with the award-winning HL app. - Peace of mind
We’re a financially secure FTSE 100 company, trusted by over 1.8 million clients. We have over 40 years’ experience in empowering people to save and invest for a brighter future. And have won over 200 awards, including Best Buy Pension by Boring Money Awards 2023. - Ongoing support
Get ongoing support from our UK-based helpdesk and the answers to your questions no matter how big or small. Or, pay for personal advice on where to invest in your pension.
Pension tracing
To make sure you don't lose out, we're urging investors to check the whereabouts of all their pensions and claim back any that have been misplaced.
If you've moved jobs or changed address, you could have an old pension waiting to be found.
Pension transfer FAQs
Pension essentials

6 pensions you shouldn't transfer
Some pensions are typically better off left where they are. We explain what kind of pensions these are likely to be and how to find out if you have one.

Should I transfer my pension?
We explore whether transferring a pension could be the right choice for you and outline the steps involved.

I can speak to someone on the phone and everything is explained in a very helpful and easy to understand way.MR HARLEY

Boring Money Awards 2023
Boring Money Awards 2022

The Times Money Mentor 2022
Help and support
If you have any questions about transferring a pension, you can speak to one of our UK-based client support experts.
Call us on 0117 980 9926