TRANSFERRING A PENSION TO HL
Your guide to transferring a pension – key benefits and considerations
TRANSFERRING A PENSION TO HL
Your guide to transferring a pension – key benefits and considerations
The information in this guide is here to help you make your own informed decisions and is not personal advice. If you’re unsure, seek advice. Remember that all investments, including those in your pension, can fall in value as well as rise. So you may get back less than you put in.
Why transfer your pension?
Moving old pensions to your HL Group SIPP can make it easier to take control of your retirement savings. Here are some of the reasons why you might want to consider transferring pension to HL:
- A clear view See your overall pension value in one place, with one set of login details. And with a free app, so you can view and manage your pension account on the go.
- Save time and money One statement, one online account, one platform fee and one company to contact with questions.
- Potential for greater returns Choose from a wide range of investments, which could offer greater potential for your money to grow. And you can have as many different investments in your pension as you like, so you don’t have all your eggs in one basket.
- Flexibility at retirement With the HL SIPP, you're free to choose from all the main retirement options, including taking a flexible income. And you have the flexibility to take money from your pension as and when you need, from the age of 55 (rising to 57 from 2028).
Before considering whether to transfer a pension, make sure you check whether you will lose any benefits or incur any excessive transfer fees.
Things to consider before transferring
Combining your pensions could make them easier to manage. And requesting a transfer online only takes a few minutes.
There are some things to think about first, and you'll need to gather the details of the pension you’re thinking of transferring. Look for paperwork or contact your previous pension provider to:
- Check you won’t lose any valuable benefits or guarantees by transferring. Some providers charge you for transferring which may outweigh the benefits.
- Check if there are any transfer charges. Check any statements you have for a transfer value. If you’re not sure, speak to your existing pension provider for clarification.
- Compare the ongoing charges and service of both providers and make sure transferring is right for you.
To learn more about how our service works, please read the Key features and Terms & Conditions (including tariff of charges) of the HL Group SIPP before transferring. Learn more about your HL Workplace Pension by visiting our website.
While your transfer is taking place, you won’t be able to make changes to your investments. This can mean missing opportunities to buy or sell. If your investments are sold and transferred as cash, you’ll be out of the market until your transfer completes. If markets fall, this will work in your favour. But if markets rise, you’ll miss out on any gains.
Need to track down an old pension?
It’s been estimated that there could be about 2.8 million lost or forgotten pensions out there, worth an average of £9,500 each – over £26.6 billion in total.
As many as 1 in 20 people could have a pension they didn’t know they had. This is why keeping track of your pensions as you change jobs is important. And having them under one roof can make them easier to manage, reducing unwanted admin when you come to retire.
Here are some tips for tracking down old pensions:
Look through old paperwork
Start at home by looking through your paperwork. Try to find any annual statements or starter packs you received when you first joined. If you’re not sure whether you had a pension with an old employer, look through your old employment contracts or pay slips for any signs of pension deductions.
Look out for details of the scheme administrator or the pension provider holding your money.
Contact your old employers
If you can’t find any old paperwork, or the provider’s details aren’t clear, get in touch with your old employer. Confirm when you worked for them and ask for the name of the company’s pension provider at the time, along with their contact details. If your employer has changed name or contact details since you left, you can try a simple search of Companies House to track down their new details.
Try the Pension Tracing Service
If you’re still having no luck and you need a helping hand, try the government’s free Pension Tracing Service. The service can help you find pension provider contact details for:
- Your own workplace or personal pension scheme
- Your civil service, NHS, teacher or armed forces pension
- Someone else’s scheme, if you have their permission.
How do I start a pension transfer?
Transferring a pension to HL is easy, and it should only take you a few minutes to complete your application.
If you’ve decided that transferring is right for you and have online access to your pension account, you can usually start the process online.
First, make sure you’ve read and agreed to the Key features and Terms & Conditions of the HL Group SIPP.
Read the video transcript This video isn’t personal advice. All investments and income can fall as well as rise in value, so you could get back less than you invest. If you’re unsure of the suitability of an investment or course of action for your circumstances, please seek advice. Past performance shouldn’t be seen as a guide to what will happen in the future.
If you prefer, you can also complete our Transfer Form and send it to:
FREEPOST: Hargreaves Lansdown (no stamp required) Alternatively, you can use our postal address: Hargreaves Lansdown 1 College Square South Anchor Road Bristol BS1 5HL
Once you’ve completed your application to transfer, we’ll take care of the rest.
The transfer process usually take a few weeks to go through. We’ll keep you informed of any updates, or if there’s anything else we need from you.
You’ll get confirmation once the pension has been transferred.
