Consolidate your pensions

This video will help guide you through how to transfer a pension to HL.

The fastest way to transfer is online.

But before you do anything make sure you’ve contacted your current pension provider to check you won’t be giving up any guarantees or benefits or need to pay high exit fees. This could affect your decision.

And if you’re not sure what pension types you can transfer to HL, just check the FAQs on our website.

If you’re happy to go ahead, you’ll need these details to hand:

• The name of your current pension provider
• The name and type of the pension you’re transferring (e.g. Aviva personal pension)
• Your pension policy or reference number
• The pension value (this doesn’t have to be exact)

Your annual statement should give you all these details. If not, ask your current provider to confirm these to you when you contact them about existing benefits and fees.

If you don’t know who your pension provider is, you should contact the government’s Pension Tracing Service who can help.

Make sure you’ve read the Key Features of the HL SIPP, including the Transfer Checklist and Common Transfer Declaration, and Term and Conditions before you apply, as you’ll need to confirm you’ve done this before you submit your application.

To start your application through our website, you can visit our pensions section or go straight to the main transfer page.

HL clients, you can also get to this page through your Account Summary page if you’re logged in.

Once you’ve clicked transfer or get started, you’ll be asked to confirm what it is you want to transfer. In this case, a pension. The HL Self-Invested Personal Pension (SIPP) will automatically appear as the account receiving the transfer.

Next, just confirm if you’re an existing HL client or not.

If you’re not an existing HL client yet, you’ll be taken through our online application which takes about 5 minutes to complete.

Your personal details must match your current provider’s records before transferring, otherwise the transfer might be rejected. So please ensure your details are up-to-date with your current provider.

If you are an existing HL client, you’ll be presented with a reminder of important considerations as well as the SIPP Declaration, SIPP Key Features, Terms and Conditions with tariff of charges and investment risks.

If you’re not an HL client yet, you’ll get to this screen once you’ve created an account. You’ll then be prompted to login if you aren’t already.

It is important you read and understand this page and the documents available. The decisions you make now can affect your income in retirement. Remember, SIPPs are a type of pension for people happy to make their own investment decisions. Investments go down in value as well as up so there is always the risk you could get back less than you invest.

When you’re ready, press the ‘continue’ button.

Next, you’ll need the pension details we mentioned earlier, starting with your current pension provider’s name.

If you can’t see this in the dropdown list, you may need to apply with a postal application instead, which you can download in the ‘Useful Forms’ section of our website.

Then you’ll need to fill in your policy or reference number.

You’ll also need to enter your pension name, for example ‘Aviva Personal Pension Plan’ and the type of pension you’re transferring (which could closely match the pension name). For example, you may be transferring a ‘Personal Pension’.

Remember, you should be able to find these details on any pension statement or correspondence you’ve received from your current provider. If not, you’ll need to contact them to get these confirmed.

Lastly, just confirm if the pension you’re transferring is in drawdown or not. If you've taken any income or tax-free cash from your pension, it's likely in drawdown. This can also be called income drawdown, income withdrawal, unsecured pension or USP.

If you want to transfer a drawdown pension, you’ll need to complete a risk questionnaire and postal application form, which you can request online or by calling us.

Once you’ve completed these pension details, hit ‘next’.

Next, let us know if you want to transfer your whole pension or just some of it. Just be warned some providers don’t allow partial transfers. Please also let us know the value you’re transferring. This doesn’t need to be exact but please try and be as accurate as possible - we do use these details to initiate the transfer with your current provider. Any significant differences could delay your transfer.

Pensions are usually transferred as cash, which means your current provider will sell your investments and transfer your pension as cash, meaning you will miss out on any market falls or gains. However, where transferring as stock from your current provider is available, please be aware you won’t be able to make any change to investments during the time whilst your transfer is in process, for example to protect yourself from falls or realise gains. If you want to transfer as stock please contact us first to see if this may be possible.

On the next screen you’ll be asked if you want to give investment instructions. If you’re not sure where to invest right away that’s fine, you can choose your investments when the transfer completes.

Next, you’ll get a pension illustration based on your investment choice. You need to read through this and download a copy for your records. This shows what your HL SIPP could be worth in future using assumptions on inflation, charges and different growth rates over time. You can go back at this point and correct any investment instructions if you’d like to, or if you’re happy click proceed.

Next up is your income preference options. This is in relation to any income generated by your investments. This could be dividend payments, for example. This income can just sit as cash in your account for you to invest whenever you like. Or you can ask for it to be reinvested into the same investment that paid the income.

If so, we automatically reinvest where possible when income per holding reaches £10, or a higher level set by you. There will be a charge of 1% subject to a £1 minimum and £10 maximum for income reinvestment for equities – there is no charge for funds.

In the final step, you just need to review all the information and instructions that you’ve given. If you’re happy click submit. Then that’s it, your transfer application is all done and dusted. We’ll handle the rest and will let you know when we receive the transfer from your provider.

If your application fails online, you’ll be asked to download and send in an application by post.

If you’re thinking about transferring, please check you won't lose valuable guarantees or benefits or have to pay excessive exit fees. This video is not personal advice, if you are unsure whether an investment is suitable for your circumstances please seek advice. SIPPs are a type of pension for people happy to make their own investment decisions. Investments go down in value as well as up so you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028).