SIPP - Pension Transfers

Transfer your pension into an ii SIPP

If you’d like to control your own pension and would benefit from consolidating them in one place, here’s how you could benefit with an ii SIPP:

  • Control your own retirement strategy and investment decisions
  • Consolidate your pensions in one place making it easier for you to manage
  • Reduce paperwork with one consolidated pension statement
  • Access your pension online or through your mobile
  • We won't charge a transfer in fee
  • Flexible pension drawdown options available

You can transfer the following types of pension into our SIPP:

  • Personal Pension Plans
  • Pensions in drawdown
  • Other SIPPs
  • Executive Pension Plans
  • Free Standing Additional Voluntary Contributions (FSAVCs)
  • Small Self-Administered Schemes (SASS)
  • Stakeholder pension plans
  • Occupational Money Purchase Plans
  • Retirement Annuity Plans
  • Recognised Overseas Pensions schemes

  • We can also help with Defined Benefit Pension Plans, and others with 'safeguarded' benefits, where you have received advice to confirm it is in your interests to do so. see below for more details.

    What will an ii SIPP cost me?

    It’s important that you know the ongoing costs of managing your SIPP.

    Whereas some providers will levy a charge based on the value of your pension, effectively charging more as your investments grow, we believe you should be the one that benefits from your investment success.

    So the ii SIPP has a single flat, annual fee of just £100 +VAT to cover the administration of your SIPP. Once you start to take retirement benefits, there is an annual drawdown fee of £100 +VAT.

    For more details on trading commissions and any other costs, visit our Rates & Charges page.

    view our rates and charges

    Pension transfer checklist

    Whilst there are many benefits to transferring existing pension schemes into an ii SIPP it may not always be beneficial to do so. Before you decide to transfer, you should check the following:

    • Will you lose any valuable benefits such as guarantees or bonuses?
    • Will your existing provider charge for transferring out, or would you be paying more in charges with our SIPP?
    • Does your policy offer guaranteed annuity rates? You may lose a valuable benefit if you transfer out from a scheme offering guaranteed annuity rates. You many need to receive advice from a suitably qualified financial adviser before the transfer can proceed.
    • Is your employer contributing to your current pension scheme? If they are you’ll want to check that they will be prepared to contribute to the SIPP instead. It’s easy for them to set up a direct debit for regular contributions.
    • Will any market value adjustment (MVA) apply on transfer from your existing provider (this is often the case if you are invested in a With Profits fund and could result in the reduction of the value of your pension fund available to transfer)?
    • Do you have protected tax free cash higher than 25% of the fund or a protected retirement age (under 55)?
    • Beware of companies offering to help transfer pensions on your behalf or cash them in early - you can find out more about pension scams here.
    • As with all investments, you may get back less than you invest in your new SIPP; you may not be able to hold the same funds (or class of fund) in your SIPP as you do in a current pension. But since our funds have no initial fee levied by the fund manager you may find we offer a wider choice and better terms for the funds you want.
    • Are you transferring a ‘final salary’ or ‘defined benefit’ scheme? If so, you should remember that the guaranteed income and any other 'safeguarded' benefits will not be available in your SIPP. You will need to have advice from an independent, qualified, adviser before we can accept such a transfer if the value is £30,000 or more. Where the transfer value is less than £30,000, we may accept the transfer without advice where it will represent no more than 10% of the overall value of your ii SIPP.
    • Some restrictions apply when it comes to transferring an overseas pension. We can usually accept transfers from a Recognised Overseas Pension Scheme so do check the scheme’s status with your provider. Such transfers are not counted as a ‘contribution’ and hence do not count towards your annual allowance. We recommend that your contact us before making such a transfer so that we can let you know of any additional information we may need.
    • During the transfer process there is a period of time where you will not have access to your assets (and therefore may be susceptible to out of market risks) while the transfer is being completed. How long this takes will depend on how complex the transfer is.
    We want you to be happy with your choice, so if you’re not sure that our SIPP is right for you, do take independent advice before reaching a decision. If you require further information, please call our SIPP team on 0345 607 6001.

    The transfer process

    Transferring your pension as a cash payment usually takes around 10 days to complete from receipt of your transfer request. If you’d like to transfer in your existing investments then the transfer will take longer typically 6 – 8 weeks) depending on the type of investments you hold. Timings also depend on how quickly your current provider works with us to arrange your transfer.

    Before you transfer your pension into a SIPP, we recommend that you read our SIPP Key Features Document, SIPP Terms & Conditions and our SIPP Investment Terms.

    1. Contact your existing provider - Ask your current pension provider(s) to send you a ‘Valuation and Discharge Form’ for the pension(s) you want to transfer to us and check whether there are any charges for leaving your existing pension provider.

    2. Get your SIPP setup online - Click here to find out more about the ii SIPP and how to apply (if you don't already have an ii SIPP).

    3. Complete our SIPP transfer in form - once you've received your transfer valuation, fill in our transfer form and post it to us

    4. We will keep you informed - We’ll contact your current pension provider(s) to arrange the transfer(s) and provide you with regular progress updates. We’ll also let you know if there’s anything else we need from you.

    Open your SIPP today and get a free 12 month subscription to Money Observer

    If you choose to open a new SIPP before 5th April 2018 we’ll give you a free 12 month subscription to Money Observer (worth £69.00) to say thank you.

    Each month you will receive:
    • A round-up of all the latest investment and market news
    • Expert views on which shares, funds, regions and strategies are expected to deliver top returns
    • Regular free supplements on the best funds, trusts and investment themes to follow
    • A unique databank of all funds and investment trusts, plus key investment ratios
    • Reports on Money Observer's highly successful model portfolios
    This offer is available for new ii SIPPs opened between 2nd January 2018 and 5th April 2018 only. We'll send you your first copy of the magazine in the next calendar month after your SIPP has been opened. The offer applies to UK postal addresses only.

    open a SIPP today

    Who provides the SIPP?

    Our SIPP provider, BW SIPP LLP, has administered SIPPs since 1999. Its employees are committed to providing excellent service using a breadth of administrative skills, supported by the latest technology.

    Ratings specialist AKG, an independent actuarial consultancy, rate their overall financial strength as “Strong”. They have twice undergone the rigorous Investor in Customers assessment and twice been rated “Outstanding”. BW SIPP LLP is wholly owned by Barnett Waddingham.

    Barnett Waddingham was founded in 1989, and has grown to become the UK’s largest independent provider of actuarial, administration and consultancy services. From small beginnings with just 20 people, it now boasts a total headcount of over 850 (including 64 partners and 97 associates) – with offices in seven locations around the UK.

    The ii SIPP is best suited to investors who have sufficient knowledge and experience to make their own investment decisions. It does not include assets that are not available via the stock market, such as direct investment in commercial property. We do not provide investment or tax advice so if you’re not sure whether a SIPP is right for you, we recommend you seek independent advice from a qualified adviser.
    The investments made within a pension can fall as well as rise and you may end up with a fund at retirement that’s worth less than you invested. You can normally only access the money from age 55 (57 from 2028). Prior to making any decision about the suitability of a pension to meet your retirement needs, we recommend that you seek the advice of a suitably qualified financial adviser. interactive investor does not provide pension advice.

    The tax treatment of a SIPP depends on the individual circumstances of each customer and may be subject to change in future. If unsure about this please seek independent tax advice or speak to HMRC.

    Questions your existing provider will ask if you decide to transfer your pension

    What is the SIPP pension scheme reference number?
    0083 5804 RJ

    Is the SIPP a registered pension scheme under the Finance Act 2004?

    Who is the scheme provider/administrator?

    What is the their address?
    163 West George Street, Glasgow G2 2JJ

    Who is the scheme trustee?
    Investor SIPP Trustees Ltd (company no. 10670459)

    What are the transfer cheque payee details?
    Investor SIPP Trustees Ltd ‘re your name’

    Some pension providers ask you to return your original policy document to them or include a written declaration with your transfer application if you’re unable to find your documentation.

    Lost track of your pension?

    There is a government tracing service to help you find any pension schemes you may have lost track of.

    find out more