Fees
Transferring a personal pension or an existing SIPP to SCM Direct is straightforward when it is a defined-contribution pension. The SCM Direct SIPP is execution-only — no regulated adviser is required (though one may be recommended for larger or more complex transfers). Typical completion time is four to six weeks. There is no setup or initial fees. The maximum annual charge is £50 +VAT. The ongoing annual fee is 0.1% + VAT, subject to a minimum annual charge of £15 + VAT.
There are no additional charges for transfers in, and the fee for transfers out will not exceed the previous year’s fee.
The all-in investment cost is 0.85% per year once invested; the minimum is £10,000. Drawdown is supported once you reach the minimum pension age.
Important: This guide covers transfers of defined-contribution (money purchase) pensions only. Defined benefit (final salary) pensions are a different matter; transfers from DB schemes worth more than £30,000 require regulated advice by law, and SCM Direct’s online SIPP is not the right route for these.
Step 1 — Apply for an SCM Direct SIPP here. The SIPP is administered by SS&C Hubwise Ltd.
Step 2 — Choose your portfolio. Eight risk-adjusted portfolios are available within the SIPP, including the Ethical (ESG) portfolio. The Risk Analysis Questionnaire suggests which fits your timeframe — particularly important for retirement planning, where the time horizon dictates risk capacity.
Step 3 — Complete the SIPP Transfer Authority. SCM Direct sends this on application. It authorises your current pension provider(s) to release the funds to your new SCM Direct SIPP. You sign it; SCM Direct sends it onward.
Step 4 — Your current provider releases the pension. Defined-contribution transfers typically complete in four to six weeks. If you are consolidating multiple pensions, each can be on a different timeline.
Step 5 — Funds are invested in your chosen portfolio. Once cash is received, it is allocated to your chosen portfolio within one working day.
0.85% per year, all-in. Same fee as the ISA, JISA and GIA. There is no transfer-in fee on the SCM Direct side. Your current provider may charge an exit fee; check their schedule before starting.
If any of your pensions is a defined-benefit (final salary) scheme valued at more than £30,000, FCA rules require you to take regulated pension transfer advice before moving it. The advice is from a specialist firm, not from SCM Direct. SCM Direct’s SIPP cannot accept a DB transfer without that advice in place. If in doubt, ask your current provider whether the scheme is DC or DB before applying.
If you are consolidating multiple small DC pensions into one SIPP, it is worth checking:
For most modern personal pensions and workplace DC schemes, none of these apply and consolidation is straightforward.
£10,000.
Yes, if it’s defined contribution. The most common origins are SS&C Hubwise and Curtis Banks-administered SIPPs; transfers from other DC providers are also accepted.
Yes. No regulated adviser is required. One may be recommended for larger or more complex situations.
Yes. Drawdown is supported once you reach the minimum pension age (currently 55, rising to 57 in April 2028).
Not without regulated advice from a specialist; see the warning above.
No.
Apply for the SCM Direct SIPP or start with the Risk Analysis Questionnaire. To speak to someone first: 020 7838 8650 or enquiries@scmdirect.com.
