How to transfer a pension to ii

Q: How long will my transfer take?

Transferring your pension as a cash payment usually takes 2 to 6 weeks to complete. If you’d like to transfer in your existing investments then the transfer will take longer - typically 8 to 12 weeks, depending on the type of investments you hold. For cash transfers, stocks must be sold before making the transfer. Timings also depend on how quickly your current provider works with us to arrange your transfer. If you are transferring a defined benefit pension or a Small Self-Administered Scheme (SSAS), the timeframes shown are not representative. For these schemes, transfers may take considerably longer.

Q: Can I trade during my transfer?

If you want to trade while your transfer is in progress, most providers will be able to facilitate this as long as your investments aren’t in the process of being re-registered. You should contact your current provider to place your trade(s). Don’t forget to keep both them and us updated on the changes to the investments in your account. We can’t be held liable for any missed opportunity if you choose not to trade while your transfer is in progress.

Q: Can I take an income from my pension during my transfer?

You may not be able to take an income from your pension during your transfer. For more information on this, you should speak to your current provider. If you think you will need to take benefits within a specific timescale, you are transferring at your own risk and we can’t be liable for any loss.

Q: Can I hold different investments in my drawdown and non-drawdown pots in an ii SIPP?

If you plan to hold both drawdown and non-drawdown pots in your SIPP, you cannot allocate specific investments to each pot separately. This means that the value of each pot will change in line with the overall performance of all the investments in in the SIPP.

How to transfer a pension
Transferring defined benefit pensions or pensions with safeguarded benefits
Transferring a pension which is already in drawdown

Things to consider before you transfer

Please check that you won’t lose any safeguarded benefits if you transfer. This could include guaranteed annuity rates or a lower protected pension age than the Normal Minimum Pension Age (rising from 55 to 57 in 2028).

Please note that if you plan to hold both drawdown and non-drawdown pots in your ii SIPP, you cannot allocate specific investments to each pot separately. This means that the value of each pot will change in line with the overall performance of all the investments held in your SIPP.

Before transferring, we recommend seeking advice from a suitably qualified financial advisor or free, impartial pension guidance from MoneyHelper or (if you are 50 or over) by booking an appointment with Pension Wise. We also recommend reading the information in our pension scams information booklet and on the FCA ScamSmart website.

Before you transfer a pension to ii, you need to open a SIPP account.

When you open an account, you will have the option to transfer an existing pension at the same time. Just follow the on-screen instructions to start your transfer. You will need your National Insurance number as well as the details of the pension you want to transfer.

If you have already opened a SIPP account, you can transfer a pension at any time by logging in to your online account. Just select Cash & Transfers > Transfer in from the menu. Then select SIPP and then click transfer now.

If you’re aged 50 or older, we need to know if you have had an appointment with Pension Wise to discuss your pension transfer options or if you wish to proceed with the transfer without having guidance. Click here for more information on guidance from Pension Wise.
Start your transfer. You will need the details of the pension you want to transfer. For some providers, we'll also need the address and contact details for their transfers team.
You will be asked how you wish your account to be transferred – in full or certain investments only.
Depending on the type of transfer you have requested, we may need you to return some paperwork. We'll let you know what forms you need to return. The quickest and easiest way to return your forms to us is via secure message in your online account.
We will take it from there. We will work with your current provider to complete the transfer.

You should complete a separate transfer application for each pension you wish to transfer.

How long will my transfer take?

Can I trade during my transfer?

Can I take an income from my pension during my transfer?

Can I hold different investments in my drawdown and non-drawdown pots in an ii SIPP?

Transferring defined benefit pensions or pensions with safeguarded benefits

If you wish to transfer a pension with safeguard benefits worth £30,000 or more, you will need to take independent advice that confirms the transfer is in your best interest.

Safeguarded benefits include: defined benefit pensions, guaranteed annuity rates, the option to retire before age 55 and the option to take more than 25% tax-free.

Both you and your adviser will need to complete a SIPP Financial Advice Declaration Form.

Where the transferring value is less than £30,000, we will normally accept it without advice if the value represents no more than 10% of the value of your SIPP. If in doubt, please contact us before starting your transfer.

Please note that if you are transferring from a hybrid scheme worth £30,000 or more, we still require confirmation that the transfer is in your best interests. This applies even if the safeguarded benefits portion of the hybrid scheme is only worth a fraction of the total value.

Transferring a pension which is already in drawdown

If you are transferring a pension which has funds in drawdown, we require you to complete our drawdown investment strategy form, which is a FCA requirement.

Please fill in the form letting us know how you plan to invest your transferred pension and return it with your transfer form.

The easiest way to return your forms is via secure message using your online account.

Alternatively, you can return it by post to: Product Admin, interactive investor, 2nd floor, One Embankment, Neville Street, Leeds, LS1 4DW.

Find out more.