Endorsed by Which? and Boring Money for over 5 years
“It's a great way to save for my future. I just wish I’d invested earlier in my life!”
Why transfer to us?
Save time and money
With our low-cost self-invested personal pension (SIPP). You could spend less on fees, so more of your money can grow for your retirement.
Easy to manage
With an online account you can see all your retirement savings in 1 place.
Choose how to invest
Pick a ready-made retirement fund, build your own portfolio from our range of funds. Or we can manage the pension investments for you.
No withdrawal fees
Unlike some pension providers, we do not charge a fee when you want to start using your pension savings.
Value
Our funds are good value, which means you can keep more of your returns.
No transfer fees
We do not charge a fee for transfers. Although your existing provider might, so you should check with them first.
Before you start a transfer
Pension transfers are a complex area and may not be suitable for everyone. Your eligibility to invest in a SIPP and what tax you will pay depend on your personal circumstances.
Before taking the next step, read the following information.
Any self-invested personal pensions (SIPP).
Read
Our pensions transfer factsheet for more information.
Already in drawdown?
Just because you've started taking money from your pension does not mean you have to stay with your current provider. Especially when you could save money by transferring to us.
Unlike some providers, we do not have a minimum withdrawal amount, so you can take your tax-free cash in lots of smaller chunks if you want to.
Our pension specialists are on hand to help, no matter what the question.
How investments are transferred
Your investments as they are – if you have Vanguard funds
This option is sometimes called re-registration or in specie. If you hold Vanguard funds with your current provider that we also offer, they will usually be transferred across to us directly as units or shares.
As cash
Any non-Vanguard funds will be sold by your existing provider and transferred to us as cash, where you can reinvest it in our range of over 85 funds.
If we choose and manage the investments in your pension for you
Once the Vanguard funds are transferred to us, we will sell them where needed and reinvest them in the funds in your portfolio.
Check with your current provider whether your investment can be re-registered to us; otherwise, they will be sold and transferred to us as cash.
We’ll reinvest any cash we receive in the funds in your portfolio.
Choose how to invest
Self-managed Personal Pension
- Build your own portfolio from a wide range of funds, including index funds, active funds and ETFs.
- Or choose from our range of ready-made portfolios.
Managed Personal Pension
- We choose and manage your funds for you based on how you feel about risk.
- We will manage your investments every step of the way. You will not be able to buy or sell funds yourself.
- You can speak to investment experts if you need to.
Get transfer ready
Check with your current provider
- To confirm how much your pension is worth.
- The terms and conditions of your scheme, for example, if you’ll lose any guaranteed benefits.
- If it has an up to date name and address for you. Your personal details must match what you tell us. If not, your transfer could take longer.
- If it charges exit fees.
What you’ll need
- The name of your pension provider and your policy number.
- The value of the transfer and if you already have Vanguard funds.
- Your National Insurance number.
How to start a transfer
Apply online
Tell us a few details about your current provider and investments. Please check your personal details like your name and address are up to date with your current provider as any differences can slow things down.
We contact your current provider
They confirm the value of the pension and what cash and investments it contains. There’s no need to contact us during the transfer. If we need more information from you, we'll contact you.
Your current provider will process your transfer
Some providers need to see signed paperwork before transferring. If your provider is one of them we’ll give you a form to print, sign and post to us.
We'll let you know when it's all done
We’ll email you and send you a secure message.
How long does a transfer take?
Some pension transfers could take as little as 10 working days or as long as 10 weeks or more.
What to think about before you transfer a pension
Transferring existing pensions may not be suitable for everyone. As with all financial decisions, there are important factors you need to consider.
Check if your pension has any safeguarded benefits, including:
- guaranteed income
- guaranteed investment return or annual bonus
- guaranteed annuity rates
- additional death benefits
- protected tax-free cash
These are potentially valuable benefits that you may lose if you transfer. You typically find them in older pensions, final salary, or career average pension schemes – but you should always check before transferring.
You can read a full explanation of safeguarded benefits in our pension transfers factsheet
If you started withdrawing money from your pension before 6 April 2015, you may be in capped drawdown. We cannot accept transfers of pensions in capped drawdown.
If you’re in any doubt about transferring a pension, you should speak to an authorised financial adviser.
Workplace pension schemes
If you want to transfer a whole workplace pension, you cannot be an active member of the scheme. This means you need to leave the scheme first.
You should talk to your pension scheme administrator before starting the transfer of a workplace pension.
You can sometimes transfer part of your workplace pension to us while still being a member of it. Contact your current provider to confirm if they allow it.
You should get advice when thinking about transferring a workplace pension to a self-invested personal pension (SIPP) to understand the risks.
The Vanguard Personal Pension is not a workplace pension. Your employer cannot contribute to it directly or on your behalf.
Up to date personal details
Make sure your current provider has your latest address and your correct name. If the information they have for you is out of date, it can delay your transfer.
That's no problem. We accept transfers of pensions already in flexible drawdown, unless you are in capped drawdown.
It must be a full transfer where you choose the funds to invest in as our managed service does not currently accept transfers in drawdown.
We do not currently accept transfers of pensions in capped drawdown to either our managed or unmanaged services.
Our fees and charges
What you’ll pay to invest depends on how you manage your account and the value of your investment.
Important documents
Read these documents carefully before you apply to open an account or invest.
Have another question?
Search our FAQs, ask our chatbot or send us a message.
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