Can I transfer a defined benefit or final salary pension?

Because of their valuable benefits, it is generally not advisable to transfer benefits built up in a final salary pension scheme or defined benefit pension. We will not accept these pension transfers on an execution-only basis.

We will accept the transfer in of some occupational schemes, but they should be checked carefully before transferring to make sure that you will not lose any valuable benefits.

Ready to transfer? It's quick and easy to transfer your investments to Bestinvest.

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Before you consider transferring a pension, it is important to ask yourself: Will I lose any valuable benefits or features from my existing pension plan? 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).

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. Please contact us for guidance or advice if you are unsure whether a SIPP is right for you.