Transfers In & Out

A pension transfer involves moving the funds from one pension scheme to another.

This process allows people to transfer to a scheme that’s better suited to them, has lower fees, has access to different investment options or to consolidate multiple pensions.

Transfers can occur between different types of pensions, such as from a defined contribution pension to a self-invested personal pension (SIPP), or from one SIPP provider to another.

At SS&C Hubwise we facilitate transfers to and from the schemes and the forms required are detailed below:

When a member is looking to transfer benefits from another plan to the Hubwise SIPP a number of documents will be required to be presented to the ceding scheme and these documents are attached to this article:

• A transfer in authority form
• The PSTR certificate showing the Hubwise SIPP is a registered pension scheme with the HMRC, if an updated certificate is required please contact the administration teams via a Freshdesk Ticket and we will arrange for this to be provided.

In order to transfer the benefits to another pension scheme we will require the Transfer Out Form.

Please note that additional requirements will apply when transferring benefits to an occupational pension scheme, please contact us via Freshdesk if you have any questions.

In order to transfer benefits from an SS&C Hubwise SIPP we will require either completed forms from the member or receiving scheme or a request via Origo (Origo | Origo Transfer Service) or Equisoft.

Please note that if the transfer is to an occupational scheme additional paperwork may be required to link the member to the employer, please see the article on The Pension Regulator website – Dealing with transfer requests | The Pensions Regulator

On receipt of a request the administration team will carry out the following checks:

• Review the request to ensure the member details on the application to transfer match our scheme records.

If the data does not match the administration team will contact the members adviser for clarification.

• Review the details of the receiving scheme to ensure the scheme is legitimate.

When a scheme is reviewed multiple checks are carried out to ensure that the administrators of the new scheme are regulated by the FCA and the scheme is registered with the HMRC.

If transfers have taken place in the past or the data allows the transfer to take place the scheme will be added to an approved scheme list that we monitor and review on a regular basis to ensure that requested transfers may proceed in a quicker manner.

We will also determine if this is a personal scheme or an occupational scheme, if this is the case we will carry out additional checks as shown in the earlier link.

• Review the scheme structure:

Before any action is taken, the scheme will be reviewed to see if there are any outstanding actions on the scheme:

• Adviser fees
• Investment transactions
• PCLS/UFPLS requests
• Pension Sharing Orders
• Regular income payments
• Contributions due

If there are any outstanding transactions due, the scheme will be referred through the administration teams to create the correct communication to the adviser.

We will seek clarification on transactions to see if they are to be settled before actioning the transfer, this will be communicated via the a Freshdesk ticket with the scheme adviser.This is particularly important where income payments are being made and confirmation will be sought as to whether payments should continue or cease immediately.

If there is anything that is outstanding or needed to be flagged on a transfer request please raise this via a Freshdesk ticket.