Transfer into a SIPP

Transfer existing pensions with other providers to a Bank of Scotland SIPP.

How to apply?

Things to consider before transferring

Here are some examples of why you wouldn’t be able to transfer your pensions to our SIPP.

Overseas or active pensions

You want to transfer a pension that’s with an overseas provider.
An employer or someone other than you is currently paying into the pension you want to transfer. Although you can transfer partial amounts from an active pension (called a partial transfer), be careful you don’t inadvertently stop or cancel any active employer contributions.

Pensions with benefits

The pension is with a final salary (defined benefits) scheme.
You have safeguarded benefits within your existing pension – this may be a Guaranteed Annuity Rate (GAR), Guaranteed Conversion Option (GCO), Section 9(2B) rights, or a Guaranteed Minimum Pension (GMP).
You have other valuable features within your existing pension you don’t want to lose by transferring.

Drawdown and other considerations

The pension is already in drawdown – this means you’re taking an income, or you’ve taken a tax-free lump sum, from the existing pension.
The pension is currently subject to a bankruptcy order, pension earmarking or sharing order, or other receiving orders.
Your pension has been set up using ‘disqualifying’ pension credits from a pension sharing order (a pension sharing order has been applied to a pension already in payment or income drawdown).

Apply and transfer

Frequently asked questions

How long does it take to transfer? expandable section
This can depend on the type of pensions you're transferring and whether we have all the correct details. It can also be based on how quickly your current provider responds to our requests.

Cash-only transfers are generally quicker, but a transfer of investments (in-specie) can take a few weeks depending on the asset type(s) and complexity.

However, we’ll keep in touch with you along the way, and will contact you about your transfer if:
- There’s information missing from your transfer application or if there’s something we need to check.
- Your pension was set up by your employer, which might be managed by trustees. If so, you’ll need to get permission from these trustees before you transfer to us.
Making sure your personal and contact information is up-to-date and accurate is important and will help reduce unnecessary delays.
What are the charges for transferring? expandable section

We don’t charge for transferring your pension to us, but your existing provider might charge you for transferring out. Please check this.

Also, it’s always worth comparing your current fees and charges with those for our SIPP. For a full breakdown of costs see our Charges page for Share Dealing products including SIPP.
What are pension guarantees? expandable section
Some older pensions have safeguarded benefits or guarantees that you’d lose if you transferred. With that in mind, we can’t accept pensions with:
- Pensions with defined benefits: also known as a final salary pension, this is where you receive guaranteed pension income based on your salary, rather than how much you’ve paid in.
- A Guaranteed Annuity Rate: usually, this means you’d get a higher income for life at retirement than you’d receive at today’s annuity rates.
- Guaranteed Conversion Option: this allows you to convert your pension into a fund, giving you more flexible benefits. However, at today’s rates, it’s unlikely that this fund will be worth as much as your original pension.
- Section 9(2B) rights: these would provide you with an income that’s based on your earnings at the time the pension was set up.
- Guaranteed Minimum Pension: some older pensions set up by an employer might offer this benefit. You’d receive this if your employer’s scheme was contracted out of part of the State Pension. To find out more details, contact your scheme administrator.
What pension features could I lose on transfer? expandable section
It’s important to review any features you have with your current pensions, and how valuable they are to you. Bear in mind that you’d give these benefits up when you transfer. If you’re unsure of anything, please check with the providers of the pensions you are looking to transfer.

The types of features to look out for include:
- Protected tax-free lump sum – this gives you the right to take more than 25% of the value of your pension as a tax-free lump sum, from the age of 55 (this will rise to 57 in 2028).
- Protected pension age – this gives you the right to access your pension benefits before the Normal Minimum Pension Age (NMPA) of 55 (this will rise to 57 in 2028).
- Life insurance, Critical illness, or Waiver of premium cover – these are benefits you’d potentially give up when you transfer.
- Pensions invested in a With-Profits fund – this could reduce your share of profits if you transfer out before a certain date.
Can I get financial advice? expandable section

We can’t give you financial advice.

If you want financial advice, you could speak to an Independent Financial Adviser. Unbiased and Vouchedfor will help you find an adviser near you. You normally pay for advice.

Remember - you can get free and impartial guidance from the government’s Pension Wise service, which is provided by Money Helper. If you’re over 50, you’ll also benefit from a free 60-minute appointment.

Alternatively, our partners Schroders Personal Wealth could also help. They provide personalised advice on a range of different products and services. It all starts with a free, no obligation chat, then a financial plan that’s tailored to you. To be eligible, you’ll have at least £100,000 in sole or joint savings, investments or personal pensions, or sole income of at least £100,000. Fees and charges may apply.

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Your money is protected

Investments with Bank of Scotland Share Dealing are protected up to a total of £85,000 by the Financial Services Compensation Scheme. This limit is applied to the aggregated total of any stock or cash held across the following brands which we administer.

This is in addition to any other savings deposits you may hold across Lloyds Banking Group.

Important legal information

Bank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.