Yes, you can transfer a SIPP to another SIPP with a different provider, or potentially another type of pension scheme. You may consider transferring if you’re not happy with the current service you’re receiving, or if another provider is offering an investment option you want to pursue. Alternatively, if you compare SIPP fees carefully, you might have noticed that SIPP charges are lower elsewhere.
However, pension transfers can be complicated, particularly if you have non-standard investments as part of your SIPP, so it’s probably best to seek out professional financial advice first. There might also be exit fees to pay when you transfer out which could easily cancel out any fee savings you’re hoping to make.
» MORE: Learn more about pension transfers