You can transfer most personal pensions to your Nutmeg account, such as a SIPP or an occupational scheme that you may have left from past employment.
The Transfer Process
Pension transfers can be more complex than standard ISA or dealing accounts so your pension transfer may take a little longer. It’s usually 2 weeks if transferred electronically but up to 6 weeks or more if transferred manually. However your investments are unlikely to be ‘out’ of the market for more than a few days.
Nutmeg promises to transfer your pension as quickly and smoothly as possible. We’ll always try to transfer your pension electronically as this is usually quicker than a manual transfer and we only need one instruction from you.
We’ll do our best to keep you updated on the status of your transfer. However if you don’t hear from us for a while you can be confident we’re actively tracking the status of your pension. If it’s still in the hands of your current pension provider we will chase them every 7 days to ensure they don’t delay completion.
Nutmeg will process your transfer as quickly and smoothly as we can. We use the industry-leading system provided by Origo Options and can usually complete these within 10 working days. Apart from your initial instruction we won’t need you to fill in any forms or provide any other documents to complete the transfer.
Unfortunately, not all scheme providers allow electronic transfers and if this is the case we’ll need to ask you for further documents.
Generally, manual transfers are progressed as follows:
- We’ll send you a Transfer Authority Form which you will need to complete and return to us.
- Once this has been accepted by your ceding provider, they’ll issue Discharge Forms either directly to you, or through us.
- If they issue to us, we’ll only send you the part that you need to complete, i.e. the ‘Member Details’ section of the Discharge Paperwork, and ask you to return this to us.
- We’ll send all the paperwork to your ceding scheme. If they accept this, they’ll start the disinvestment and send the cash proceeds to us once available.
It’s worth noting that if any of the details we hold for you differ to your ceding scheme provider, they are likely to reject the transfer. We therefore strongly advise you to contact them first before you start the transfer to check these details. Just in case you’ve moved house or changed your names since joining their scheme.
Unfortunately we cannot accept any pension policies which carry a ‘defined benefit’ (final salary or a pension with a guaranteed amount at the end of it) element, or any pension from which you have already started drawing income (a pension that has been crystallised and put into drawdown).