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Explore how I can invest for retirement

Our Modular iPlan brings pensions, ISAs and other investments together in one place.

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See what I could get in retirement

Get a personalised illustration to see what you could get by investing with James Hay.

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How can I take money out of my pension

If you are 55 or over, you can start accessing your pensions now – and we’re here to help.

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Register for an online account

Set up your James Hay Online Account now – and get ready to invest.

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All your pension assets – all in one place

Over a working life it can be easy to build up multiple pension plans as you change employers or set up different products. Keeping track of different pension plans can be time-consuming. Plus, when it’s time to start taking an income from your savings, it can be hard to keep on top of what has been paid out, what funds are left and how your portfolio is invested.

Consolidating pensions into a single plan, such as the James Hay Modular iSIPP may be the answer. But it’s vital to ensure that transferring a pension to another provider won’t mean losing valuable benefits and that the costs and terms of the new scheme compare favourably with the original plan. If in doubt, please seek guidance from a regulated financial adviser.

Consolidating with James Hay

James Hay can accept transfers from any other pension scheme, including both personal pensions (including other SIPPs) and occupational schemes. We cannot accept transfers where the pension fund has already been used to buy an annuity.

We aim to make it simple to transfer other plans into the Modular iSIPP:

  • There is no charge for making a cash transfer, however £50 per plan will be charged for any in-specie transfers.
  • A transfer can be in cash or by moving the investments held provided the assets being transferred are permitted in the Modular iSIPP and the transferring scheme agrees.
  • The Modular iSIPP can accept both pensions that have not yet been used to take an income, and pensions that have. (Please note: capped and flexi-access drawdown cannot be held together in the Modular iSIPP).
  • If the total held in qualifying investments in the Modular iPlan, including the value of any transferred pensions, is more than £200,000, the £179 SIPP annual administration charge is waived.

Is transferring the right thing to do?

Transferring pension plans into one plan can make it much easier to follow your investment progress, keep track of money taken out, and plan withdrawals in line with the pension lifetime allowance A limit on the amount of pension benefit that can be drawn from pension schemes – whether lump sums or retirement income –without triggering an extra tax charge. The lifetime allowance was introduced in 2006 as £1.5 million but has been reduced over time to £1,030,000. When the lifetime allowance was introduced in 2006 and in subsequent years when it has been reduced, those with benefits valued in excess of it have been able to apply for ‘protection’ to protect the value of benefits they have built up (and that may also build up in the future) from tax charges. You can read more about these different types of protection on the HMRC’s website and your own tax status.

If the fees on previous plans were uncompetitive, consolidating into one plan may also potentially reduce the ongoing costs you pay.

But not all pensions may be suitable for transfer – for example:

Getting advice and guidance

If you are transferring from a final salary scheme or any other scheme with safeguarded benefits, we will insist that you first receive advice from an appropriately qualified financial adviser of your choice who is regulated by the Financial Conduct Authority (FCA) The UK’s chief regulatory body for financial services. Firms that sell or advise on pensions and investments in the UK must be authorised by the FCA. Firms that are FCA-regulated offer investor protection and a complaints system if things go wrong . The adviser must recommend the transfer before we will go ahead. Equally, if you are unsure about ANY transfer to us, we strongly recommend that expert advice is sought.

James Hay cannot provide advice. If you would like to speak to a financial adviser but do not have one, please visit www.unbiased.co.uk or call 0800 023 6868 to find a regulated adviser in your area.

If you are planning to take money out of your pension in the near future, you are also entitled to free, impartial guidance from Pension Wise. You can receive Pension Wise guidance online, over the phone or face to face. Visit www.pensionwise.gov.uk or call either 0800 138 3944 or 0300 330 1003 (from outside the UK +44 20 3733 3495), if you wish to use this service.

Please note:

James Hay cannot accept any transfer from final salary schemes or other pension schemes with safeguarded benefits unless you can provide documentation of advice from an FCA-regulated adviser that recommends the transfer.

Other assets to transfer to us?

Don’t forget it’s not just pension assets you can transfer into the James Hay Modular iPlan. You can also consolidate ISAs into the Modular ISA and investment funds into the Modular GIA.

> What could I get in retirement

> Making the most of pension freedom

> Avoiding pension scams

> What you can do at 55 and how we can help

> Consolidating your pensions with James Hay

> How to take money from your pensions with James Hay

> Income-planning with the Modular iPlan