Transfer your pensions

Capital at risk and tax rules may change. Your eligibility to invest in a pension depends on individual circumstances. You cannot usually access your savings until the age of 55 (57 from 2028). For UK residents only.
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Which? Recommended Provider for Self-Invested Personal Pensions

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Why transfer to us?

Low cost

Our low annual account fee is just 0.15% per year, capped at £375. If we choose and manage your funds for you, you’ll pay a 0.30% management fee.

No withdrawal fees

Unlike some pension providers, we don't charge a fee when you want to start using your pension savings.

Save time and effort

Manage all your investments in one account. You can link your family's accounts too.

No fee transfers

We don't charge a fee for transfers. Although your existing provider might, so you should check with them first.

Choice of funds

Over 85 Vanguard funds including active funds, ETFs and LifeStrategy funds.

Or if you prefer, we can choose and manage your funds for you.

Start small

There's no minimum transfer value, we'll accept pensions big or small.

What you should know before starting a transfer

Some pensions come with valuable benefits like guarantees which you'll lose if you transfer. This usually applies to older pensions, or final salary or career average pension schemes – but you should always check before transferring.
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Things to look out for include

  • Pensions with enhanced and primary protections - HMRC has advised all providers that this type of pension should not be transferred at the moment.

  • Guaranteed income
  • Additional death benefits
  • Guaranteed investment return or annual bonus
  • Guaranteed annuity rates
  • Protected tax-free cash
  • If you started withdrawing money from your pension before 5 April 2015, you may be in capped drawdown. We can't accept transfers of pensions in capped drawdown

You can find out more about these features in our Transfers Factsheet. Transferring a pension can be a big decision and you may wish to talk to a financial adviser first.

You should also check if your existing provider charges you for exit fees.

Please remember, the value of your investments can go down as well as up, so you may get back less than you invest. If you are unsure if this service is suitable for you, please contact a financial adviser.

How to transfer

  • Apply for a transfer

    We'll ask you for a few details so we can start your transfer and open a Vanguard account for you (if you don't already have one).

    If your existing provider doesn't do electronic transfers, we may also ask you to sign some paperwork. And if your pension has any special benefits or guarantees, we may ask you to talk to a financial adviser before transferring.

  • Check your personal details with your existing provider

    It's important that your personal details, especially name and home address, are up-to-date, as any mistakes could delay your transfer.

  • We contact your existing provider

    We'll start the transfer process by contacting your existing provider. If we need any extra information from you we'll get in touch.

  • Your existing provider will process your transfer

    Depending on your existing provider and the type of pension, this usually takes 1 to 10 weeks but it can sometimes take longer.

  • We'll let you know when it's all done


What you can transfer

Vanguard funds

If you hold Vanguard funds with your existing provider these will usually be transferred across to us directly as units or shares.

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.

Non-Vanguard funds

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

We’ll reinvest any cash we receive in the funds in your portfolio.

Frequently asked questions

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