You can transfer an existing pension into an Octopus Money SIPP. This includes workplace pensions, personal pensions and SIPPs held with other providers. Transferring your pensions (sometimes called pension consolidation) brings your retirement savings together in one place, making them easier to manage.
The transfer is handled electronically between providers and typically takes 3 to 8 weeks, depending on your current provider.
What pensions can I transfer?
You can transfer most defined contribution (DC) pensions into an Octopus Money SIPP. This covers workplace pensions from previous employers, personal pensions, stakeholder pensions and SIPPs held elsewhere.
You can't transfer an Active (current) workplace pension, a defined benefit (DB or "final salary") pension or a pension with a DB element into an Octopus Money SIPP.
How to start a pension transfer
If you already have a SIPP with us, you can start a transfer directly from your account:
- Sign in at app.octopusmoney.com
- Go to your SIPP account page
- Select "Transfer a pension"
- Choose your current pension provider from the dropdown
- Enter your pension reference number and estimated transfer value
- Confirm your registered address matches what your provider holds
- Review the summary, download your illustration and submit
Once submitted, we send a transfer request to your current provider electronically. You can track progress in the Transfers section of your SIPP account page.
If you don't have a SIPP with us yet, get in touch with our team and we can help you get set up.
What you'll need before you start
Before starting your transfer, have the following to hand:
- The name of your current pension provider
- Your pension reference or plan number (you'll find this on your pension statements, or you can contact your provider)
- The approximate value of the pension you want to transfer
How long does a transfer take?
Most pension transfers complete within 3 to 8 weeks. The exact timing depends on your current provider, as some process transfers faster than others.
During the transfer:
- Your current provider carries out checks, which may include anti-scam due diligence required by the Pensions Regulator
- Your investments are sold by your old provider and the cash is transferred to us
- Once the money arrives, it's invested into your chosen Octopus Money portfolio
Your money won't be invested in the market during the transfer period, which means you could miss out on gains (or avoid losses) while it's in progress.
If your transfer is taking longer than expected, don't worry. We actively chase your old provider for updates and you can check the latest status in your account at any time.
Can I transfer more than one pension?
Yes. You can transfer as many pensions as you like into your Octopus Money SIPP. Just repeat the transfer process for each one.
Can you help me find old pensions?
If you've lost track of a workplace pension from a previous employer, we may be able to help. Get in touch with our team or speak to your coach during your session.
You can also use the government's free Pension Tracing Service at gov.uk/find-pension-contact-details.
What is a Defined Benefit (DB) pension?
A defined benefit (DB) pension, sometimes called a final salary or career average pension, is a type of workplace pension that promises you a guaranteed income in retirement. The amount you receive is based on factors like your salary and how long you worked for the employer, rather than how much has been saved in a pot.
How do I know if I have a DB pension?
You likely have a DB pension if any of the following apply:
- Your pension paperwork refers to a guaranteed income, final salary, or career average scheme
- Your employer - usually a large company, public sector organisation (Armed Forces, Teacher, Local government), or NHS set it up on your behalf
- Your pension statements show a projected annual income rather than a pot value (e.g. "you will receive £8,000/year from age 65")
Why can't I transfer a DB pension into my Octopus Money SIPP?
DB pensions come with valuable guarantees that are typically lost when you transfer out. Because of this:
- The FCA requires anyone transferring a DB pension worth £30,000 or more to take regulated financial advice from a qualified adviser before the transfer can go ahead
- Octopus Money does not allow the transferring in of DB pensions to our SIPP to protect clients from unintentionally losing these guarantees and being financially disadvantaged
If you'd still like to explore transferring a DB pension, here's what we'd suggest:
- Get regulated financial advice: speak to an FCA-authorised financial adviser who specialises in pension transfers. They'll help you understand whether transferring is right for your situation.
- Check MoneyHelper: the government-backed service at moneyhelper.org.uk has free, impartial guidance on DB pensions.
- Contact your scheme directly: if you just want information about your pension, your scheme administrator or trustee can help.
Things to consider before transferring
Transferring is an important decision. Before you go ahead, it's worth thinking about:
- Exit fees. Some providers charge for transferring out. Check with your current provider first.
- Guaranteed benefits. Some older pensions offer guaranteed annuity rates or other valuable features that you'd lose by transferring. If you're unsure, speak to your coach.
- Time out of the market. Your money won't be invested during the transfer, so market movements could affect you.
- Transfers are usually irreversible. Once a transfer completes, you typically can't reverse it.
Good to know
Transferring a pension involves investment risk. The value of your pension can go down as well as up, and you may get back less than you invest.
Our execution-only service doesn't provide personal recommendations on whether you should transfer. If you're unsure whether transferring is right for you, consider speaking to a financial adviser.
Your investments are held by our custodian, Seccl, and protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, per firm.
Still need help?
Email us at support@octopusmoney.com or call our support team on 020 3195 4455, Monday to Friday, 9am to 5pm.