Yes you can, we currently allow transfers from many of the largest UK defined contribution pension providers, including AJ Bell, Hargreaves Lansdown, NEST, AVIVA and many more. If your pension provider is not on our current list, you can provide their details and we will investigate whether they can be added.
There are some transfers that we are not able to accept:
- any transfer from a drawdown product (i.e. a pension from which you have accessed benefits from);
- a transfer from a pension which has a pension sharing or earmarking order assigned to it (this relates to divorce proceedings);
- a transfer from a workplace pension that your employer is actively contributing to; or
- a transfer from a pension which has granted you a protected retirement age.
If you have any additional questions, don’t hesitate to contact us by emailing support@investengine.com
Do you support in-specie SIPP transfers?
Yes, you can transfer your SIPP to InvestEngine in-specie!
An in-specie transfer allows the investments you hold with your current provider to be moved as they are, without selling them. This ensures your investments remain in the market throughout the transfer process, so you won't miss out on potential growth or market movements during this time.
In-specie transfers are only possible for ETFs that are available on our platform. Any investments that we don’t currently support will need to be sold by your existing provider and their cash value will be transferred to InvestEngine.
To ensure a smooth in-specie transfer, we recommend checking our ETF range in advance to confirm that your current holdings are compatible.
When you select your provider during our transfer process we will only display the option to transfer in-specie where we know that the transferring pension could hold an ETF and that the provider allows in-specie transfers.
If you have any additional questions, don’t hesitate to contact us by emailing support@investengine.com
How do I transfer my pension to my InvestEngine SIPP?
You can transfer your pension to InvestEngine by following a few simple steps.
If you don’t have an InvestEngine account, you can create one by following the steps here: How do I sign up? You must be a United Kingdom tax resident and provide your National Insurance Number to open a SIPP account.
Once your account is set up, or if you have an InvestEngine account already, you will need to press ‘Create portfolio or transfer’ on your dashboard and then select ‘Transfer a pension’.
If you have any additional questions, don’t hesitate to contact us by emailing support@investengine.com
How can I help my transfer to complete?
Once you ask us to transfer your pension to InvestEngine we will contact your current provider and request the transfer. This request will include sending your personal data to match against their records.
You should ensure that your personal details are correct and up to date with both InvestEngine and your current pension provider. This will prevent unnecessary delays.
If you have any additional questions, don’t hesitate to contact us by emailing support@investengine.com
How can I track my SIPP transfer?
Once you have placed your transfer request we will email you to confirm its receipt and when you log into your InvestEngine account you will see a “transfer in progress” icon on the portfolio which the transfer will be paid to. If you initiate another transfer, you will see our transfer centre which shows all of your open transfers.
Our team is currently working on a progress bar for SIPP transfers, similar to our ISA progress bar. We understand how important this feature is and are actively working to introduce it in the near future.
On receipt of any cash payments or in-specie transfers we will email you to confirm its receipt.
If you need further updates or assistance during the process, please don’t hesitate to contact us at support@investengine.com. We’re here to help and provide any information you need.
How long does it take to transfer a SIPP?
The timeframe for transferring a pension can vary based on several factors, making it difficult to provide an exact duration. However, here’s a general guide to what you can expect:
Cash Transfers: These typically take around 2 to 3 weeks to complete.
In-Specie Transfers: These typically take around 4 to 6 weeks to complete.
The processing time is impacted by factors such as the complexity of the transfer, the type of assets involved and the efficiency of communication between the transferring providers. While we aim to complete the process as quickly as possible, delays can sometimes occur due to factors outside our control, such as your current provider’s processing times.
Some providers have additional steps where they require further information from you. This can often include a transfer questionnaire and if you are over the age of 50, you should receive additional information about your drawdown options. These processes will increase the transfer time so we recommend you contact your current provider to understand if they have these additional steps.
If you have any additional questions, don’t hesitate to contact us by emailing support@investengine.com
Once my current provider completes the transfer how long will it take for the cash or investments to be shown in my InvestEngine account?
Your current provider will send cash payments to the InvestEngine SIPPs Trustee bank account, which is controlled by Quai, the InvestEngine pension scheme administrator. Once this payment has been reconciled it will be forwarded to us and we will apply it to the portfolio you selected during the transfer request process. It takes approximately 3 to 5 days from your current provider releasing the payment to it arriving into your portfolio.
When we and your current provider agree to transfer an ETF, you will see an expectation transaction on your selected portfolio. Once the transfer settles (typically two days after the trade date) you will be able to trade those shares.
We will send you an email to confirm receipts of cash and asset transfers.
If you have any additional questions, don’t hesitate to contact us by emailing support@investengine.com
I’m currently expecting tax relief or a dividend payment into my existing pension, can I transfer?
Of course! Any residual dividend payments or tax relief you are still expecting in your current account will not affect the transfer process.
Once your current provider receives the payment, they will forward it to us. We will then apply it to your account as soon as we receive it. Please note that this process can take some time and we do not know that funds have been applied to your old pension. It can help if you could contact your old provider and ask them to move the residual balance to us.
If you have any additional questions, don’t hesitate to contact us by emailing support@investengine.com