Steps involved in a pension cash transfer
Your transfer options
A cash transfer is where the assets in your old pension are sold and the proceeds transferred to your Fidelity SIPP as cash. Once complete, you then simply choose new investments online to go in your SIPP.
You also have the option of a re-registration transfer, where you can keep the same investments in your existing pension (re-register), as long as they’re available on our platform. This means we will keep you invested in the same investment (or a similar version) where possible, otherwise it will be transferred to us as cash. To see the steps involved in a re-registration transfer please click here.
How it works
Below is a diagram that shows you how your cash transfer may work. The timings are approximate and the length of time it takes to complete your pension cash transfer will depend on a number of factors, including:
- how your original provider set your pension up
- how you apply to transfer your pension to us – whether by submitting an online application form through our website, or by downloading the form and sending it to us by post
- whether your current provider uses an electronic transfer system, and how quickly they respond to our requests for information.
Most leading providers use an electronic transfer system called Origo, which means your pension can be transferred electronically. In the event your provider does not use Origo then your transfer will need to be processed manually and paperwork will need to be issued by post. Origo pension transfers go through the same steps as manual pension transfers, but as this is automated you will not be required to complete or return any forms to us. Please note though, you may also receive paperwork directly from your current pension provider asking you to confirm your intention to transfer your pension.
Keeping track of your transfers
In the majority of cases if you applied to transfer through our website, then the quickest and easiest way of tracking your transfer's progress is to log in and use our transfer tracking tool. If you have not activated your online account then you will need to do this first. Simply register for online access and follow the instructions on screen. You will also receive text updates if we hold a verified mobile contact number for you. In the unlikely event there is a significant delay, we will try our hardest to contact you to let you know.
