Transfer to a SIPP
Using existing investments as SIPP contributions
Benefits of transferring your SIPP to Bestinvest
- We’ll pay up to £500 towards transfer exit fees*
- A named SIPP specialist will oversee your transfer
- You’ll gain greater control and visibility over your pension investments
- The transfer process could take as little as 15 working days with many providers
The minimum combined value of all your pension transfers, together with any new contributions to the Best SIPP, is £10,000.
If you wish to discuss your individual circumstances surrounding these limits please do not hesitate to contact us.
Will I lose any valuable benefits or features from my existing pension?
Before you consider any transfer, it is important to ask yourself:
- Will I incur any penalties on my existing pension if I transfer?
- Is it an occupational final salary pension scheme? (in which case it is very unlikely to be advisable to transfer)
- Have I considered the charges on my current plan? (a new arrangement may be more expensive – especially if you have a stakeholder pension)
- If you are near retirement or don’t need the additional flexibility of a SIPP it may not be worth considering a transfer at all.
Which pensions can I transfer?
You can transfer most existing pensions you have such as personal or workplace pension schemes. Further details of what you can transfer can be found here.
Examples of providers we have transferred from include:
- Aegon Scottish Equitable
- Equitable Life
- Friends Life
- Legal & General
- Scottish Widows
- Skandia Investment Solutions
- Standard Life
What happens next?
After completing the necessary paperwork and returning it to us, if you are transferring an existing pension the following happens:
- On the day we receive your application we will send you a confirmation letter as receipt and outlining the process from there.
- We will send your application to our pension trustees EBS who will set up your account. Once this has been done we will send you an email informing you that your SIPP is set up and you can choose a username and password to log on.
- We will then send your application form to your existing providers for processing. They will then send ‘discharge forms’ to us to send to you as confirmation that you permit them to send us the funds. Please note that some providers will not require discharge forms while others will send them directly to you . Please sign these and return them to us so we can continue with the transfer.
- We will send your discharge forms to the providers who will then send us the funds or cash.
- When these funds have settled into your account, we will email you to confirm that you can access these and make any changes you wish.
How long does it all take?
Most pensions can now be transferred electronically in as few as 15 working days – so you can get started with your SIPP even sooner. This compares to 8-12 weeks for pensions that are transferred manually (although times can vary between providers and not all providers can accept electronic transfers).
SIPPs are not suitable for everyone. If you don’t want to invest across different asset classes or don’t think you will make use of the investment choices that SIPPs give you then a SIPP might not be right for you. Self-directed investors should regularly review their SIPP portfolio, or seek professional advice, to ensure that the underlying investments remain in line with their pension objectives. Prevailing tax rates and the availability of tax reliefs are dependent on your individual circumstances and are subject to change. Please note the term Best is a brand name of the Bestinvest SIPP.
*Exit fees may apply if you close your Bestinvest account.