Moving a SIPP to another provider: how SIPP-to-SIPP transfers work

The short answer: You can move a SIPP to any registered UK pension scheme that will accept it. MoneyHelper says a transfer often takes 2 to 6 weeks, though providers have up to 6 months. You can move it as cash or keep your investments (in specie). Check exit fees and anything you'd lose first.

Can I move my SIPP to another provider?

Yes, in most cases. GOV.UK says you can transfer your pension pot to another registered UK pension scheme. A SIPP (self-invested personal pension) to another SIPP is one of the most common moves. Moving it anywhere other than a registered scheme counts as an "unauthorised payment", and you'd pay tax on it.

Two things need to line up:

• your current SIPP lets you transfer some or all of your pot

• the new SIPP will accept the transfer

MoneyHelper says you can usually transfer at any point, unless the scheme rules say otherwise. You can also pick which pensions to move. You don't have to bring them all together.

People switch for lots of reasons: lower fees, more investment choice, an easier app or more ways to take money out later. MoneyHelper points out that pension charges have been falling over time, and even a slightly lower fee can make a big difference over many years. If you're moving an old workplace pension rather than a SIPP, our guide to moving an old pension into a SIPP covers that.

Capital at risk. The value of your pension can go down as well as up, and you may get back less than you pay in.

What should I check before moving my SIPP?

Check what it costs to leave and what you'd give up. MoneyHelper says a transfer usually can't be undone, so it's worth taking your time.

MoneyHelper's transfer guide suggests asking your current provider about:

• exit fees or other penalties for leaving

• guaranteed annuity rates, which might give you a higher income than you'd get elsewhere

• a with-profits bonus paid after a certain date

• a protected minimum pension age that lets you take money earlier

• employer payments, because many employers won't pay into a different scheme

For people aged 55 or over, the FCA capped early exit charges at 1% of the pot on existing personal pensions, and banned them on contracts taken out from 31 March 2017. Some providers still charge admin or per-holding fees to move investments, so ask.

Then compare the new SIPP. MoneyHelper notes there's no comparison site that covers every pension provider, so you'll need to look yourself. The fees to compare are:

• set-up and transfer charges

• annual management fees

• investment charges

• fees to change your investments

Not sure what type of pension you've got? Our guide to the different types of pension can help you work it out.

What's the difference between a cash and an in-specie SIPP transfer?

A cash transfer sells your investments and moves the money. An in-specie transfer moves the investments themselves, without selling them. Hargreaves Lansdown, for example, asks during the application whether you want to transfer as cash or keep your pension invested.

Based on Hargreaves Lansdown and interactive investor's guide to in-specie transfers. Your providers' own rules and fees decide what applies to you.

In specie only works if the new provider can hold what you own. Interactive investor says the asset must be available on your new SIPP platform. If some investments can't move, the new provider will tell you, and those are sold and sent across as cash.

There's a valuation step too. HMRC's guidance says some assets moved in specie, like property, must be valued in cash terms by an independent person first. For most funds and shares, the providers handle this.

Will I be out of the market during a transfer?

With a cash transfer, yes, for a while. Hargreaves Lansdown warns that selling your investments means being out of the market during the transfer. If prices rise in that time, you miss the gain. If they fall, you avoid the drop. Nobody knows which way it'll go.

With an in-specie transfer, you stay invested the whole time. That's the main reason people choose it, along with avoiding the cost of selling and buying back.

Example: a cash transfer while markets move

These figures are made up, for illustration only.

Priya has £50,000 in a SIPP and moves it as cash. Her investments are sold on day 1, and the money arrives at her new SIPP 3 weeks later.

• If the funds she wants rise 2% during those 3 weeks, buying back costs her about £1,000 more. Her pot buys slightly fewer units.

• If they fall 2%, she buys back about £1,000 cheaper.

Either way, the effect is usually small next to years of fees. A pot this size paying 0.3% less a year saves about £150 a year, every year. If you'd rather not be out of the market at all, in specie avoids it, as long as the new SIPP can hold your investments.

How long does a SIPP transfer take?

Usually a few weeks. MoneyHelper says a transfer often takes between 2 and 6 weeks, but your provider has up to 6 months to act on your request.

Simple electronic transfers are often faster. Industry body Origo's figures show simple transfers took an average of 10 days between April 2025 and March 2026, and 11 days including more complex cases, Professional Paraplanner reports.

In-specie transfers tend to take longer, because each holding has to be re-registered. Interactive investor says one usually takes between 8 and 12 weeks.

Why are some transfers so slow? PensionBee's research points to paper forms and wet-ink signatures at some providers, and scam checks flagging transfers that turn out to be fine. Yes, in 2026, some pension transfers are still waiting for the post. Its own data for 2025 found an average of 5 days at the fastest provider it measured and 90 days at the slowest.

If your transfer stalls, MoneyHelper says you can complain to the provider that's slow to act.

Can I transfer part of my SIPP?

Often, yes, but it depends on your provider. Hargreaves Lansdown says you may be able to transfer only part of your pension and leave the rest where it is. It also says not all providers offer partial transfers, so check with your current provider first.

There's one big exception. If you've started taking money through drawdown, HMRC's rules say the drawdown fund has to move in full. A transfer of only part of a drawdown fund isn't a recognised transfer.

So a partial move can work if:

1. your current provider allows partial transfers

2. the part you're moving hasn't been used for drawdown

3. the new SIPP accepts a part transfer

Can I transfer my SIPP into an ISA or to my partner?

Not directly, for either. An ISA isn't a registered pension scheme, so moving your SIPP straight into one would count as an unauthorised payment, and you'd pay tax on it. There is a longer way round, though.

What you can do, once you reach the minimum pension age, is take money out and then pay it into an ISA. That age is 55 now and rises to 57 on 6 April 2028, MoneyHelper says. GOV.UK says you can usually take up to 25% of your pension tax-free, up to £268,275, and tax is taken off the rest. In 2026/27 you can pay up to £20,000 a year into ISAs, according to GOV.UK's ISA guide. Taking money out to reinvest it can mean a bigger tax bill, so it's worth getting guidance first. Our flexible pension calculator can help you see how your pension might look over time.

Tax treatment depends on the individual circumstances of each client and may be subject to change in future.

You can't hand your SIPP to a partner, either. HMRC's transfer rules say the money must be held to pay benefits for the person transferring. The main exception is divorce or dissolution: GOV.UK says you may get a share of your partner's pension, including private pensions, as part of the financial settlement.

How do I move my SIPP, step by step?

The good news is that the new provider does most of the work. Based on MoneyHelper's steps, the usual order is:

1. Check your current SIPP allows transfers out, and what it charges.

2. Make sure you won't lose anything valuable by leaving.

3. Pick the new SIPP, and check it accepts transfers in.

4. Decide on cash or in specie, and check which of your investments the new SIPP can hold.

5. Fill in the new provider's transfer form. Hargreaves Lansdown, for example, asks for your current provider's name and your account number.

6. The new provider contacts the old one and arranges the move.

7. Once the money lands, check how it's invested.

That last step matters. MoneyHelper says your money usually goes into the new scheme's default fund unless you've picked other investments. If you're thinking about bringing more pots together while you're at it, our beginner's guide to pension consolidation walks through the pros and cons.

Want to talk it through? GOV.UK says MoneyHelper gives free, impartial information about transferring your pension. For a personal recommendation, you'd need a regulated financial adviser, and you'll usually have to pay for that advice.

Still got questions?

Can my provider refuse or delay my transfer? Yes, if it's worried about a scam. MoneyHelper says your current provider must run checks, and can stop a transfer if it has serious concerns or delay it until you've had a free Pension Safeguarding Guidance appointment.

How much does it cost to move a SIPP? It depends on both providers. You might pay an exit fee to your old provider and per-holding fees for an in-specie move. Check the fees on both sides before you start.

Will the value change while my transfer is going through? It can. MoneyHelper says a transfer value is what the new scheme would receive, and it can rise or fall until the transfer actually happens.

Can I undo a SIPP transfer? Usually not. MoneyHelper says a transfer usually can't be undone, which is why it's worth checking everything first.

Someone called offering to move my pension. Is that OK? Be very wary. MoneyHelper says a cold call, visit, email or text about moving your pension is likely a scam. If you're worried, GOV.UK says you can contact Report Fraud on 0300 123 2040.

Do I need to tell my old provider myself? Usually not. The new provider normally contacts your old one and arranges the move for you.