Transfer a drawdown pension
Looking for a better service?
If your current drawdown provider is falling short of the mark, you can transfer to another. It’s important you find the right provider to meet your needs.
They might offer you better value for money and make managing your plan a great deal easier.
Before transferring your drawdown pension please check you won't lose valuable guarantees or need to pay high exit fees. You can view our charges here.
Why choose drawdown with HL?
- Expert help is only a phone call away. You can call our helpdesk on 0117 980 9926, Monday to Friday 8:00am to 5:00pm, Saturday 9:30am to 12:30pm.
- 24-hour online access. Monitor your account around the clock and place investment instructions with a click, or the swipe of a finger on our mobile app.
- Advice if you need it. You can manage the account yourself, take personal advice, or pick and mix the level of help and advice you need.
- Help choosing investments. We provide research updates on a wide range of investments, including popular shares and funds.
- No time restrictions. You can stay in drawdown indefinitely or buy a secure income at any time. Unlike some other providers, we won’t force you out at any age.
How to transfer a drawdown pension to HL
You can transfer your pension without selling your investments. This is known as a stock transfer. Or you can choose to transfer your pension as cash.
Transfer as cash
Your investments will be sold before the transfer starts. This is usually the cheaper option and takes less time to complete. It does mean you won’t benefit from any market rises while your pension is in cash, but you won’t suffer from any falls either. You’ll be free to reinvest once the transfer’s done and dusted.
Transfer your investments
You can transfer your pension without selling your investments, as long as we offer the same investments on our platform. This type of transfer often takes much longer to complete, and you might find exit fees are higher. You also won’t be able to change any investments during the transfer, but you might still prefer this option if you’d rather not be out of the market.
Steps to apply
To save you time and hassle, we’ll contact your current provider to arrange everything. You just need to let us know your transfer preferences and pension details, by requesting and completing a transfer pack.
1. Request your transfer pack
You'll receive everything you need to know about drawdown with HL.
You’ll also get a set of risk questions which you’ll need to read through and answer.
Just make sure you take your usual income before getting started, because income can’t be paid during a transfer.
2. Complete a risk questionnaire
If you’re confident you understand the risks that apply to your situation, call us on 0117 980 9926 to confirm you’d like to go ahead with the transfer. You can also return your risk questions by post.
Once we have your confirmation, we’ll send you your application.
3. Complete and return your application
This includes your pension details, what income you’d like to take (if any) and whether you’d like to transfer cash or investments.
After you've returned your application, we’ll keep you updated along the way. And once the transfer’s complete we’ll pay any income you’ve asked for.
Once your transfer’s complete, you’ll be free to buy and sell investments. You can choose your own investment ideas from our full range, pick a drawdown pathway or pay for an adviser to choose investments for you.
Financial advice if you need it
Our drawdown service is designed around you. Unlike with some providers, you can choose to manage your plan yourself. You can use the resources on our website and speak with our helpdesk when you need help.
If you receive advice from your current drawdown provider, it will usually stop if you transfer. But we offer financial advice if you need it. You can pay for one-off advice, maybe as a check that what you plan to do is right for you, or ongoing advice where one of our advisers manages the day-to-day running of your plan.
Drawdown resources to help
Your drawdown plan is valuable. Not only can it give you a growing income in retirement, but your loved ones could also benefit from it financially in the future. Our range of online tools could help you to manage your savings and make your money go further.