Get your pension ready
Don’t let lost and neglected pensions slow your retirement down
Sort out your pension in advance
If you're planning to retire in the next few years, you don't want old-fashioned and underperforming pension pots to slow you down.
Check they don’t have any valuable guarantees or benefits attached, or high exit fees for transferring away. If they don’t, consider getting them retirement-ready by transferring to a more modern service, like the Hargreaves Lansdown SIPP (self-invested personal pension). consider getting them retirement-ready by transferring to a more modern service, like your Hargreaves Lansdown SIPP.
More than a third of our drawdown clients have transferred a pension to our SIPP before they moved into drawdown. Giving them the chance to get everything ready and under control in advance.
Where to start?
Start by tracking down any old or lost pensions. Nearly 1 in 5 people have lost track of a pension. The government’s online pension tracing service could help.
Once you've made a list of all your pension pots, it's time to consider transferring underperformers, and any which don't offer the retirement options you want.
Why transfer to the HL SIPP?
Why transfer to your SIPP?
You'll be ready to access your pension how you want to
Some pension providers don't offer all the retirement options and you might need to transfer so you can access your pension the way you want to.
We offer all the main options: drawdown, lump sums and an online annuity service.
Your SIPP gives you access to all the main options: drawdown, lump sums and annuities.
And if you have multiple smaller pensions, combining them under one roof could give them the chance to have a bigger impact on your retirement income.
And if you have multiple smaller pensions, bringing them all into your SIPP could give them the chance to have a lasting effect on your retirement income.
As you get closer to retirement you’ll want to be able to invest your pension in a way that suits how you want to access it when you retire.
For example, if you’re planning to buy an annuity you might want to invest in less volatile investments (like bonds). Alternatively, if you’re planning to use drawdown, you may want to start investing in funds that pay a high level of income. Unfortunately, some pension plans suffer from limited investment choice, making it harder to get your pension ready for retirement.
The HL SIPP gives you complete control and freedom. You can choose from thousands of shares and funds, so you can pick investments which suit your retirement plans.
Remember, investments can fall as well as rise so you could get back less than you put in.
Keep track of your pensions 24/7
As you near retirement, you’ll need to check your pension more often – one statement a year from your provider won’t be good enough. On average, our clients aged between 55 and 64 check their account 7 times a year.
If you want better oversight of your pension, our award-winning app allows you to manage your SIPP anywhere, anytime.
How to transfer
Before you start your transfer, please read the SIPP key features (including the transfer checklist and common transfer declaration), terms and conditions (including tariff of charges) and important investment notes. Don’t forget to check you won’t lose any valuable guarantees or benefits by transferring, or have to pay excessive exit fees. It’s easy to check if you’re not sure – just contact your current provider.
The quickest way to transfer a pension is online. Alternatively, you can apply by completing one of our forms.
Once we receive your transfer instruction, we’ll sort the rest. We’ll contact your current provider and organise everything with them. Most pensions can be transferred without filling out more paperwork and the majority take just nine working days or less.
We’ll transfer your pension as cash (unless you request otherwise), which means it won’t be affected by any stock market rises or falls for a period. Once your transfer is complete, you can choose your investments.