Transferring pensions into the Best SIPP
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
About the Best SIPP
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.
Our SIPP has a minimum service fee of £10 per month (£120 per year). As a result, if you are not able to contribute at least £10,000 within 12 months of opening the account, either by way of lump sum(s), regular contributions, transfers in, or a combination, the Best SIPP is not good value for money due to the minimum service fee. The minimum service fee does not apply for Junior SIPPs.
Why transfer to the Best SIPP?
By transferring to the Best SIPP you can get:
- More control over your pension investments. It’s easy to buy, sell and switch them.
- A wider choice of investments than traditional pensions, including thousands of funds and UK shares.
- Better visibility to check the value of your pension and see how each of your investments is performing.
- Freedom to take an income in the way that suits you best.
What should I consider before 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).
- Have I checked the investment options available and whether I need the wider choice offered by a SIPP?
- If the pension is an employer-related plan, have I checked if the employer will cease to pay in benefits if it is transferred elsewhere?
It's also worth considering when you want to access your pension.
The minimum age at which you can start to take benefits from your pension is currently age 55 but this is rising to 57 from April 2028. If you are approaching age 55 and are wanting to access your pension before age 57 you may not want to transfer in.
These are some considerations you should think about before transferring but you can see further details on pension transfer considerations here.
Which pensions can I transfer to Bestinvest?
We do not accept transfers from employer pension schemes that contain any type of defined benefit or guarantee unless your financial adviser has recommended you to do the transaction.
You can transfer a number of types of pension to the Best SIPP including:
- Stakeholder pensions
- Personal pension plans
- Existing SIPPs
Here are some of the providers we have received pension transfers from:
- Interactive Investor
- Hargreaves Lansdown
- AJ Bell
- Standard Life
- Aviva
- Scottish Widows
- Nest
- Legal & General
- Aegon
How to transfer a pension to Bestinvest
If you are new to Bestinvest:
- You will need to open your SIPP account first which you can do online. The process can take less than 10 minutes.
- Once you've opened your account you will need to complete and return the Pension transfer form which you can download below.
If you are an existing Bestinvest client and don't have a SIPP account yet:
- Log in to your account online
- Select 'Open an account' and choose 'Personal pension (SIPP)'
- Then complete and return the Pension transfer form
If you are an existing Bestinvest client and have a SIPP account already:
- You just need to complete and return the Pension transfer form
Pension transfer form
Download Pension transfer form & sign by hand
Download Pension transfer form & sign electronically
What happens next?
- Once we've received the completed Pension transfer form, we will contact your current provider on your behalf and start the transfer.
- If we need any information from you to progress the transfer, we will get in touch with you.
Pension transfer FAQs
An in-specie pension transfer which moves investments like stocks, funds or other assets from one provider to another takes 8-12 weeks depending on your provider and the assets you hold.
Transferring your pension as cash is much quicker and in most cases can be requested via Origo (an electronic system that can transfer funds from one provider to another).
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.
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Our friendly team can help you with any concerns you have about your pension
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