Interactive Investor

Types of pension you can transfer to ii

You can transfer most types of pension to the ii SIPP – including: 

  • Personal Pension Plans
  • Pensions in drawdown
  • Other SIPPs
  • Executive Pension Plans
  • Defined Benefit Occupational Pension Schemes
  • Free Standing Additional Voluntary Contributions (FSAVCs)
  • Small Self-Administered Schemes (SASS)
  • Stakeholder pension plans
  • Occupational Money Purchase Schemes
  • Retirement Annuity Plans
  • Recognised Overseas Pension schemes which are QROPS listed

Check with your current provider if you are not sure whether you can transfer your pension to a SIPP. 

Transferring defined benefit pensions or pensions with safeguarded benefits

We can accept transfers of defined benefit pensions or pensions with safeguarded benefits.

However, please be aware that you could lose your safeguarded benefits when you transfer. After leaving a scheme with safeguarded benefits, it is not usually possible to transfer back. 

When transferring schemes worth £30,000 or more that have safeguarded benefits, you must provide proof of advice from a suitably qualified independent adviser that the transfer is in your best interest. 

If this applies to you, both you and your adviser must complete our Financial Advice Declaration Form before transferring. 

Even if the value is less than £30,000, we recommend speaking to a financial advisor before transferring.

Safeguarded benefits include: 

  • Defined benefit, or final salary, pensions
  • The option to take more than 25% of your pension as tax-free cash
  • Guaranteed annuity rates 
  • The option to take retirement benefits before turning 55
  • Guaranteed minimum pensions 

Transferring hybrid pension schemes

Hybrid pensions schemes have both defined benefit and defined contribution elements. 

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.