Transferring to another provider

If you’d like to transfer out, we’ll make your move go as smoothly as possible.

We’d be sorry to see you go, though. So if there’s anything we can do to make you stay, feel free to speak to our friendly team by emailing customeraccounts@ajbell.co.uk before starting your transfer.

Why are you thinking of moving?

To help us improve, please let us know why you’re thinking of transferring out:

How to transfer your AJ Bell account

1. Apply with your new provider

First, you’ll need to begin your transfer with your new provider – for example, by completing their transfer form. Once you’ve done that, they’ll contact us to get your transfer up and running. If you’re transferring your SIPP, we may need you to complete a discharge form – we’ll contact you about that, if so.

2. Choose how you want to transfer your investments

You can choose to transfer your account as cash or investments.

Read more about transferring cash vs transferring investments.

3. Confirmation

We’ll send you a confirmation email when the transfer is complete. If you’ve chosen to transfer all of your cash and investments, we’ll then close your AJ Bell account.

Before-you-transfer checklist

Are your details up to date?

All the personal details we have for you – such as your full name, address, email address and phone number – need to match the details you give to your new provider. Any mismatch could cause delays.

If you’re transferring cash – are you happy selling your investments?

If you want to transfer your investments as cash, remember you’ll need to sell them first. Before selling, keep in mind that cash transfers can be vulnerable to market volatility. That’s because you'll be out of the market while the transfer completes. If you’re selling investments in a Dealing account, don’t forget that you may also need to report and pay capital gains tax.

Can your new provider accept the investments you want to transfer?

If you’re transferring investments, it’s important to make sure your new provider can accept them. Any investments they can’t accept you’ll need to sell and transfer as cash – or you can continue holding them with AJ Bell.

Have you paid all your charges with us?

Any outstanding charges could delay your transfer. This includes an overdrawn balance in your account.

Have you taken advice?

Transferring your account is a big decision – so if you’re unsure, please think about taking financial advice.

You can get guidance on money and pensions from MoneyHelper. It’s a free service, backed by the government.

Or if you’re after pension guidance specifically, try Pension Wise (part of Money Helper), designed for people over 50. You can contact Pension Wise by calling 0800 138 3944 or visiting their website.

Are you sure the provider you’re transferring to is legitimate?

People looking to transfer or withdraw money from their accounts can be targets for scammers. If you invest in a bogus scheme or investment, you could lose everything – and it’s unlikely compensation will be available. To find out more about protecting your investments, visit the FCA’s ScamSmart page or our security centre.

Fraudsters may approach you by email, phone, text or in person, and they tend to impersonate legitimate, regulated firms. Be especially wary if someone promises you access to your pension before the age of 55, or tries to convince you to withdraw money to invest somewhere with a high return, or offers you a 'free pension review'. Unsolicited phone calls about your pension are illegal. If you receive one, you should hang up immediately and alert the Information Commission's Office (ICO).

Frequently asked questions

• How much does it cost to transfer my AJ Bell account?

  There’s no charge to transfer your account away from AJ Bell. If you need to sell investments before transferring, dealing charges may apply.

  Before transferring out, take the time to check that you’ll benefit from the transfer, and won’t lose valuable guarantees, or need to pay high set-up fees.

• Should I transfer my account as cash or investments?

  It’s up to you whether you transfer your investments as they are, or sell them so you can transfer them as cash. Both approaches have their pros and cons – here’s what you should consider.

  If you sell your investments to transfer them as cash, you’ll be out of the market until your transfer completes. If markets fall, this will work in your favour. But if markets rise, you’ll miss out on those potential gains. There’ll also be a delay if you choose to transfer your account as cash but haven’t yet sold your investments. If this is the case, we’ll contact you to remind you to sell them.

  Finally, if you should also think about capital gains tax (CGT). ISAs and SIPPs are free from CGT, but Dealing accounts aren’t. So if you sell investments in a Dealing account and your gains exceed your tax-free allowance, you'll have to report and pay the CGT you owe.

  If you choose to transfer your investments as they are, you’ll first need to check your new provider can hold all of them. If they can’t hold an investment, you can choose to sell it before the transfer to transfer it as cash, or continue to hold it in your AJ Bell account. Also, keep in mind that transferring investments takes longer than transferring cash, and during the transfer you won’t be able to buy or sell any investments. So you should make sure you’re happy with the investments you hold before you begin.

• How long will it take to transfer my account?

  It depends on whether you choose to transfer your account as cash or as investments.

  If you transfer your account as cash, it’ll be quicker – potentially taking less than two weeks. Just remember that if you sell your investments and transfer them as cash, you’ll be out of the market until your transfer completes. If markets fall, this will work in your favour. But if markets rise, you’ll miss out on those potential gains.

  If you transfer your investments without selling them first, it’ll take longer. How long depends on the investments that you hold. Here’s a rough guide to how long each asset takes:

  UK shares

  4–6 weeks

  Funds

  6–8 weeks

  International shares

  10–12 weeks

  We'll continue to chase your new provider if they’re delaying your transfer. But keep in mind we aren't responsible for any delays they cause.

• What can delay the transfer of my account?

  There are a few bumps in the road that could delay your transfer. First, it’s important that the personal details we hold for you match those you give to your new provider – so make sure your account details with us are up to date.

  There’ll also be a delay if you choose to transfer your account as cash but haven’t yet sold your investments. We’ll get in touch with a reminder to sell your investments, if this is the case. Similarly, if you’re transferring investments, you’ll need to check that your new provider can accept them all.

  Your transfer could also be held up if you owe us any outstanding charges.

  Finally, if you’re transferring your SIPP to a provider we don’t recognise, we may need to carry out additional checks or request information from you, or your new provider. In some cases, you may have to attend an appointment with the independent guidance service Moneyhelper. This may delay your SIPP transfer.

• Can I buy or sell investments while I’m transferring my account?

  No, there’ll be a dealing block on your account while you’re transferring cash or investments. This is to stop trades being placed while investments are re-registered, which delays your transfer. While you’re transferring investments, you won’t be charged for holding them in your account.

• How will I know when my transfer is complete?

  We’ll send you a confirmation email when the transfer is complete. If you’ve chosen to transfer all of your cash and investments, we’ll then close your AJ Bell account.

• What if I’m due tax relief in my SIPP?

  If we receive any tax relief from HMRC for a SIPP you’ve recently transferred out, we’ll forward it on to your new provider.

• What if I want to take pension income from my SIPP during the transfer?

  You can take pension income from your SIPP while you’re transferring it, providing there’s enough cash in your account.

  But you won’t be able to request new lump sum tax free payments or set up any new drawdown payments.

• What if I’m due a dividend payment?

  We’ll forward any dividends we receive to your new provider. This won’t delay your transfer.