Transfer into a SIPP

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, Lloyds Wealth could also help. Personalised advice is available across a range of 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.