Yes, you’re able to transfer a capped drawdown pension to HL. However, you’ll also have the option to convert to flexible drawdown (where income isn’t restricted) when you apply. Remember though, this is an irreversible decision. Once you take income from flexible drawdown your contributions into money purchase pensions, like the HL SIPP, will normally be restricted by the Money Purchase Annual Allowance (MPAA) - currently £4,000 each tax year.
If you’d like to transfer a capped drawdown account to HL, but you already hold a flexible drawdown arrangement with us, we’ll need to convert your capped arrangement to a flexible one upon transfer.