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Transferring pensions into the Best SIPP can give you more control over your retirement investments. If you don’t already have a Best SIPP, the minimum combined value of pensions you are transferring (together with any new contributions) must be £10,000.
There are some considerations you should think about before transferring. Please see further details and the Important information below.
Frequently asked questions
Which pensions can I transfer to Bestinvest?
You can transfer a number of types of pension to a Best SIPP, after you’ve checked your pension transfer considerations. Types of pensions we transfer include stakeholder pensions, personal pension plans and existing SIPPs. Some of the providers we have transferred from include:
- Aegon Scottish Equitable
- Equitable Life
- Friends Life
- Hargreaves Lansdown
- Legal & General
- Scottish Widows
Can I transfer a defined benefit pension (also known as a final salary pension)?
How long does a pension transfer take?
In general, with our new electronic transfers existing pensions can be transferred to your Best SIPP in just 15 working days. This can vary from provider to provider, but you can rest assured that we will work closely with your current providers to ensure that your pension transfer is completed as quickly as possible.
Faster transfer times mean there is less time spent out of the market. However, it’s worth noting that some providers still require manual transfers that can take up to 12 weeks to complete.
What do I need to consider before starting a pension transfer?
Before you consider transferring a pension, it is important to ask yourself:
- Will I lose any valuable benefits from my existing pension plan?
- Will I incur any penalties on my existing pension if I transfer it?
- Have I considered the charges on my current plan?
Does it cost anything to transfer pensions to Bestinvest?
No. It is free to transfer pensions to Bestinvest. One of the many benefits of consolidating your pensions in the Best SIPP is that we will also pay up to £500 for any exit fees applied by your existing providers (subject to terms and conditions).
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. If your occupational pension scheme is worth more than £30,000 it may be a legal requirement that you receive financial advice before a transfer can take place. At Bestinvest we say it’s always a good idea to seek financial advice before transferring any type of pension scheme because you might be giving up benefits which may not be safeguarded such as scheme specific tax free cash.
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.
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).