Transfer into a SIPP

Transfer existing pensions with other providers to a Halifax SIPP.

 

 
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Why transfer into our Self-Invested Personal Pension?

It’s quick and easy to apply. With one of our SIPPs, you can invest for your retirement as you choose, and track performance alongside your other accounts. 

Sign in to transfer Sign in to transfer.

Here are some of the ways our pensions could make it easier to save for your retirement.

One easy-to-manage place

Combine your pensions into one place and manage them online using our Halifax Mobile Banking app or Online Banking.

No transfer cost

We won’t charge you for pension transfers – whether you’re transferring in or out.

Expert investment ideas

Our Research Centre and shortlists are a great way to get you started.

How to apply?

Find your pension details

Make sure you have your provider names, policy numbers, and recent pension values. You can find this information on your annual benefit statements or on an online portal, if available. If needed, you can always contact your past employers, or use the Pension Tracing Service.

Start your transfer

When you know if transferring is right for you, make sure you have your existing pension details ready to request online. We’ll contact you if we have any questions about your transfer.

We’ll do the rest

We’ll then process your request and start combining your old pensions. Check your progress through Online Banking or your Mobile Banking app and see when your transfer is complete.

Things to consider before transferring

Here are some examples of why you wouldn’t be able to transfer your pensions to our SIPP.

 

Overseas or active pensions

  • You want to transfer a pension that’s with an overseas provider.
  • An employer or someone other than you is currently paying into the pension you want to transfer. Although you can transfer partial amounts from an active pension (called a partial transfer), be careful you don’t inadvertently stop or cancel any active employer contributions.

 

Pensions with benefits

  • The pension is with a final salary (defined benefits) scheme.
  • You have safeguarded benefits within your existing pension – this may be a Guaranteed Annuity Rate (GAR), Guaranteed Conversion Option (GCO), Section 9(2B) rights, or a Guaranteed Minimum Pension (GMP).
  • You have other valuable features within your existing pension you don’t want to lose by transferring.

 

Drawdown and other considerations

  • The pension is already in drawdown – this means you’re taking an income, or you’ve taken a tax-free lump sum, from the existing pension.
  • The pension is currently subject to a bankruptcy order, pension earmarking or sharing order, or other receiving orders.
  • Your pension has been set up using ‘disqualifying’ pension credits from a pension sharing order (a pension sharing order has been applied to a pension already in payment or income drawdown).

 

Apply and transfer

Before you start...

Please make sure you're:

  • a UK resident for UK tax purposes
  • over 18 and under 75 years old
  • not a US Person
  • transferring pensions that are with a UK-based provider, haven't taken an income or a tax-free lump sum from the pensions you want to transfer, and your transferring pension doesn’t have any features or guarantees you don’t want to lose.

Start your transfer

To start your transfer, you’ll need the following:

  • your National Insurance number.
  • transferring provider’s name, policy number, and the type and value of each pension.

 

  • Sign in to your account.
  • Select Manage your SIPP.
Sign in to transfer Sign in to transfer.

Frequently asked questions

  • This can depend on the type of pensions you're transferring and whether we have all the correct details. It can also be based on how quickly your current provider responds to our requests.

    Cash-only transfers are generally quicker, but a transfer of investments (in-specie) can take a few weeks depending on the asset type(s) and complexity.

    However, we’ll keep in touch with you along the way, and will contact you about your transfer if:

    • There’s information missing from your transfer application or if there’s something we need to check.
    • Your pension was set up by your employer, which might be managed by trustees. If so, you’ll need to get permission from these trustees before you transfer to us.

    Making sure your personal and contact information is up-to-date and accurate is important and will help reduce unnecessary delays.

  • We don’t charge for transferring your pension to us, but your existing provider might charge you for transferring out. Please check this.

    Also, it’s always worth comparing your current fees and charges with those for our SIPP. For a full breakdown of costs see our Charges page for Share Dealing products including SIPP.

  • Some older pensions have safeguarded benefits or guarantees that you’d lose if you transferred. With that in mind, we can’t accept pensions with:

    • Pensions with defined benefits: also known as a final salary pension, this is where you receive guaranteed pension income based on your salary, rather than how much you’ve paid in.
    • A Guaranteed Annuity Rate: usually, this means you’d get a higher income for life at retirement than you’d receive at today’s annuity rates.
    • Guaranteed Conversion Option: this allows you to convert your pension into a fund, giving you more flexible benefits. However, at today’s rates, it’s unlikely that this fund will be worth as much as your original pension.
    • Section 9(2B) rights: these would provide you with an income that’s based on your earnings at the time the pension was set up.
    • Guaranteed Minimum Pension: some older pensions set up by an employer might offer this benefit. You’d receive this if your employer’s scheme was contracted out of part of the State Pension. To find out more details, contact your scheme administrator.
  • It’s important to review any features you have with your current pensions, and how valuable they are to you. Bear in mind that you’d give these benefits up when you transfer. If you’re unsure of anything, please check with the providers of the pensions you are looking to transfer.

    The types of features to look out for include:

    • Protected tax-free lump sum – this gives you the right to take more than 25% of the value of your pension as a tax-free lump sum, from the age of 55 (this will rise to 57 in 2028).
    • Protected pension age – this gives you the right to access your pension benefits before the Normal Minimum Pension Age (NMPA) of 55 (this will rise to 57 in 2028).
    • Life insurance, Critical illness, or Waiver of premium cover – these are benefits you’d potentially give up when you transfer.
    • Pensions invested in a With-Profits fund – this could reduce your share of profits if you transfer out before a certain date.
  • We can’t give you financial advice.

    If you want financial advice, you could speak to an Independent Financial Adviser. Unbiased and Vouchedfor will help you find an adviser near you. You normally pay for advice.

    Remember - you can get free and impartial guidance from the government’s Pension Wise service, which is provided by Money Helper. If you’re over 50, you’ll also benefit from a free 60-minute appointment.

    Alternatively, our partners Schroders Personal Wealth could also help. They provide personalised advice on a range of different products and services. It all starts with a free, no obligation chat, then a financial plan that’s tailored to you. To be eligible, you’ll have at least £100,000 in sole or joint savings, investments or personal pensions, or sole income of at least £100,000. Fees and charges may apply.

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Your money is protected

Investments with Halifax Share Dealing Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme. This limit is applied to the aggregated total of any stock or cash held across the following brands which we administer.

This is in addition to any other savings deposits you may hold across Lloyds Banking Group.

Important legal information

Halifax Share Dealing Limited. Registered in England and Wales no. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Authorised and regulated by the Financial Conduct Authority under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

Halifax is a division of Bank of Scotland plc. Bank of Scotland plc, Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh, EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.

Are you new to pensions?

The earlier you start saving into a pension, the better. Take control of your retirement with a Halifax pension.

Pensions home

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Are you new to pensions?

The earlier you start saving into a pension, the better. Take control of your retirement with a Halifax pension.

Pensions home