How Long Does A Pension Transfer To A SIPP Take?
For transferring cash or investments from an existing pension into a SIPP the length of time that it takes for funds to be transferred will depend on the existing provider. SIPP providers generally want the transfer to happen as quickly as possible.
Most SIPP providers once you’ve given them details of the pension account you want to transfer, will take it from there and let you know if there are any issues. How long the transfer will take depends on:
- How quickly your current pension provider gets back to your SIPP provider
- Receipt of the transfer paperwork, and whether it’s been correctly completed by your existing provider
- Whether you need to pay any outstanding fees or costs to your current provider
To provide a general indication of timeframes for different asset classes see our table below:
| Type of Investment: | Time Taken To Transfer: |
| Cash only | 2 to 4 weeks |
| Shares | 4 to 6 weeks |
| Funds | 6 to 8 weeks |
| International Shares | 10 to 12 weeks |
If you’re transferring an account with both cash and investments, your investments will transfer over first, then your cash afterwards.
For selected SIPP Providers who accept pension transfers in see below:
Invest From: £40 pmInvestment Options:
Thousands of funds to choose from; Select 50 – Browse a list of expert picks. Pathfinder – Risk profiled fund options. Investment Finder – Search 1000s of investment ideas.
Admin Charges:
£45 up to £7,500 a year or 0.35% via monthly regular saving plan.
£7,500 – £250k: 0.35% £250k – £1m: 0.2% £1m +: free
Transfer In Existing Pensions: Why we like it: The Fidelity SIPP offers low cost pricing with an extensive range of investment options with user friendly selection tools as well as planning calculators and retirement guidance. If you are transferring from an existing SIPP they will cover up to £500 of transfer out fees. Fidelity with over $300 billion of assets, are one of the largest money managers in the world.
Thousands of funds to choose from; Select 50 – Browse a list of expert picks. Pathfinder – Risk profiled fund options. Investment Finder – Search 1000s of investment ideas.
£45 up to £7,500 a year or 0.35% via monthly regular saving plan.
£7,500 – £250k: 0.35% £250k – £1m: 0.2% £1m +: free
Why we like it: The Fidelity SIPP offers low cost pricing with an extensive range of investment options with user friendly selection tools as well as planning calculators and retirement guidance. If you are transferring from an existing SIPP they will cover up to £500 of transfer out fees. Fidelity with over $300 billion of assets, are one of the largest money managers in the world.
Invest From: £25 pmInvestment Options:
Over 11,000 investments to choose from including funds, investment trusts, ETFs, company shares, bonds and more.
Admin Charges:
£0 – £250k: 0.45%
£250k – £1m: 0.25%
£1m – £2m: 0.10%
Over £2m: FREE
Transfer In Existing Pensions: Why we like it: Award winning pension provider, HL are a FTSE 100 Company and the UKs biggest SIPP provider which is testimony to the service they offer their 1m+ clients. With no setup or transfer in charges, and no charges to buy or sell funds, Hargreaves Lansdown offer a flexible SIPP where you invest as little as £25 pm.
Over 11,000 investments to choose from including funds, investment trusts, ETFs, company shares, bonds and more.
£0 – £250k: 0.45%
£250k – £1m: 0.25%
£1m – £2m: 0.10%
Over £2m: FREE
Why we like it: Award winning pension provider, HL are a FTSE 100 Company and the UKs biggest SIPP provider which is testimony to the service they offer their 1m+ clients. With no setup or transfer in charges, and no charges to buy or sell funds, Hargreaves Lansdown offer a flexible SIPP where you invest as little as £25 pm.
Invest From: £25Investment Options:
A low cost award-winning SIPP that gives you a choice of over 40,000 investments; Selected funds; Ready made portfolios.
Admin Charges:Sipp fee: £10
Investor Plan: £9.99 per month
Funds Fan Plan: £13.99 per month
Super Investor Plan: £19.99 per month
Offer: Open today and pay no SIPP fee until April 2021 (T&Cs Apply)
Transfer In Existing Pensions: Why we like it: For larger pension funds, Interactive Investor offer a flat fee SIPP which over the longer term could save you money as costs stay the same as your portfolio grows.
Open a SIPP by 31 August 2020 and pay no SIPP fee until April 2021. Terms apply
A low cost award-winning SIPP that gives you a choice of over 40,000 investments; Selected funds; Ready made portfolios.
Sipp fee: £10
Investor Plan: £9.99 per month
Funds Fan Plan: £13.99 per month
Super Investor Plan: £19.99 per month
Offer: Open today and pay no SIPP fee until April 2021 (T&Cs Apply)
Why we like it: For larger pension funds, Interactive Investor offer a flat fee SIPP which over the longer term could save you money as costs stay the same as your portfolio grows.
Open a SIPP by 31 August 2020 and pay no SIPP fee until April 2021. Terms apply
Invest From: £25 pmInvestment Options:
A wide choice of investments, including over 2,000 funds, shares from 25 markets, ETFs, investment trusts and more
Admin Charges:
£0 – £250k: 0.25%
£250k – £1m: 0.1%
£1m – £2m: 0.05%
Over £2m: FREE
Transfer In existing Pensions: Why we like it: There are no charges to set up their SIPP and if you are moving an existing SIPP to them there are no transfer in charges. With AJ Bell you can deal from as little as £1.50, and you will never pay more than £9.95 per online deal.
A wide choice of investments, including over 2,000 funds, shares from 25 markets, ETFs, investment trusts and more
£0 – £250k: 0.25%
£250k – £1m: 0.1%
£1m – £2m: 0.05%
Over £2m: FREE
Why we like it: There are no charges to set up their SIPP and if you are moving an existing SIPP to them there are no transfer in charges. With AJ Bell you can deal from as little as £1.50, and you will never pay more than £9.95 per online deal.
Special Offer:
Its a good idea to check whether your current provider will charge you for transferring out. AJ Bell will pay you up to £500 to cover your exit fees when you move an account worth £20,000 or more. See transfer offer for more info.
Important Risk Information:
This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of pensions is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
Different types of investment carry different levels of risk and may not be suitable for all investors. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.
* Details of how the Financial Services Compensation Scheme applies to investment firms can be found at fscs.org.uk.
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29th June 2020