Can I transfer from another Pension Scheme?
You can establish a SIPP for the sole purpose of receiving previously accumulated pension rights from other pension arrangements.The whole of a pension arrangement in drawdown must be transferred. Wealthtime can accept transfer values from the following sources:
Enhanced, Primary and Fixed Protection will not be lost on transfer provided it is a ‘permitted transfer' under HM Revenue & Customs rules. A transfer payment from a qualifying recognised overseas pension scheme can be used to enhance your Lifetime Allowance. You will need to register this with HM Revenue & Customs and provide evidence of this to Wealthtime when you start to take your benefits. Due to the rules governing transfers it may not always be possible to transfer your existing pension benefits to a SIPP. The trustees/administrator of your previous arrangement will be able to advise you in this respect. They will also be responsible for calculating the transfer value of your accumulated funds. Wealthtime has no involvement in this. Pension transfers with deferred benefits and SIPPs being established for the purpose of pension opt out (as defined by the FCA) will only be accepted when accompanied by a recommendation from an authorised pensions adviser.
Can I transfer in whilst in phased drawdown?
Yes. If the pension scheme is to be transferred in phased drawdown we will open a SIPP arrangement for you for uncrystallised funds and an Income Transfer Plan (ITP) arrangement for crystallised funds. Both parts will be held under the same Plan.
Can I transfer in specie?
Yes. An in specie transfer means that rather than your current pension assets having to be sold and a cash value transferred, it may be possible to transfer the physical assets with the agreement of your existing pension provider/establisher.
If the assets are to be re-registered into the SIPP as part of an in specie transfer value then Wealthtime will require a current valuation from the transferring scheme and a list of assets including asset/unit holding, price and value. Wealthtime will then confirm which assets can be re-registered.
Any assets that cannot be re-registered cannot be transferred and the monetary equivalent would need to be transferred instead. Assets are registered in the name of Wealthtime Trustees Limited when transferred in specie to the Wealthtime SIPP.