Our business model is changing, consequently we decided it was in the best interests of our customers that we found a new provider to operate your pension.
You can access the AJ Bell SIPP via your online login at ajbell.co.uk. Once you’ve completed your log in details you can also download the AJ Bell mobile app for iPhone, iPad and Android devices.
Raindrop and AJ Bell customer support teams are here to help, but are unable to offer financial advice.
To get financial advice, you have the following options:
- Reach out to an independent financial advisor at Unbiased
- Speak to UK Government backed Money Helper service for free
Please be aware of Pension Scams when speaking to financial advisors https://www.thepensionsregulator.gov.uk/en/pension-scams or https://www.moneyhelper.org.uk/en/money-troubles/scams/how-to-spot-a-pension-scam.
- It is always a good practice to check the FCA Register before engaging with any financial adviser.
Regardless of how you decide to proceed, it is important to regularly review your pension to ensure it meets your needs in retirement.
Yes, you can continue to contact Raindrop until 19 December 2023 at
Email: support@myraindrop.co.uk
Phone: 02039517253
Address: Runway East Borough Market, 20 St Thomas Street, London, SE1 9RS
Please visit https://www.ajbell.co.uk/can-we-help for full details of how to contact AJ Bell.
Yes, if you already have an AJ Bell SIPP we will transfer your existing Raindrop pension investment(s) and any cash into your existing AJ Bell account. You will be able to access everything that was transferred from your Raindrop account by using your existing AJ Bell log in credentials.
You will still be able to access your SIPP, though you may not be able to continue making contributions to your pension, this will depend on your prevailing UK tax status.
You can continue to contribute to your Raindrop pension until 4 p.m. on the 24th of August 2023. Once your pension has been migrated to AJ Bell on 18 September 2023, you’ll be able to log in to your new SIPP account and set up regular monthly contributions by direct debit, or make ad hoc payments.
Yes, your employer can pay into your new AJ Bell SIPP by cheque, Direct Debit or BACS. Please see below for some additional information regarding employer contributions:
Employer contributions are paid gross, i.e. without tax being deducted first.
Each time your employer makes a single contribution to your SIPP, you will need to send AJ Bell a completed SIPP additional contribution form. If you want your employer to make a payment by BACS, please send AJ Bell a secure message asking for their bank details.
If you want your employer to make regular payments to your SIPP by Direct Debit, please ask them to complete a SIPP employer Direct Debit form and send it to AJ Bell.
You can pay £60,000 or 100% of your salary a year, whichever is lower, into your SIPP. This is called your annual allowance. This is the maximum you can contribute into your SIPP before you stop receiving tax relief from the government.
Note that the annual allowance is expressed as a ‘gross’ figure, so an annual allowance of £60,000 actually means you can only make a ‘net contribution’ of £48,000 because the government automatically adds the basic rate tax relief of 20% (£12,000) which brings the total to £60,000.
If you earn above £260,000 or have already accessed your pension, your annual allowance may be less than £60,000. It is recommended to speak to a financial advisor if you want further assistance regarding your pension.
You can make one-off and monthly contributions, either via direct debit or bank transfer.
You can make one-off and monthly contributions into your new AJ Bell pension account, either via debit card or direct debit.
You can make a one-off contribution via your debit card, simply log in and select ‘Single Payment’. To pay monthly via direct debit, simply select ‘Regular payments to get started.’
Your last direct debit payment will be taken from your Raindrop pension on or before 4 p.m. on 24 August 2023. Following this, Raindrop will cancel all your active direct debit mandates and you shall receive a direct debit cancellation notice.
Once your pension has been transferred to AJ Bell on 18th September 2023, you will need to log in to your new AJ Bell SIPP account, to set up a new direct debit for your new monthly contributions with them. They will continue to take your monthly contributions.
Yes, you can pay into your Raindrop pension via bank transfer. Simply email us at ‘support@myraindrop.co.uk’ and we will send you the details for bank transfer. However, as your pension is being migrated to AJ Bell, we need to receive this instruction on or before 4 p.m. on 24 August 2023, after which you will have to use your debit card to put money into your AJ Bell pension.
You can pay into your AJ Bell pension using your debit card or via direct debit. AJ Bell does not facilitate bank transfer contributions to your pension. Simply log in and select ‘Single Payment.’ Or pay in via direct debit by selecting ‘Regular payments to get started.’
No, neither Raindrop nor AJ Bell supports paying into your pension via open banking.
You can pay into your Raindrop pension via direct debit or bank transfer. Once your pension has been transferred to AJ Bell on 18th September 2023, you can pay into your AJ Bell pension using your debit card or direct debit.
Yes, simply log in, click ‘Account menu’ and choose ‘Regular payments’ from the drop-down list. This will show you all your active Direct Debits which can then be amended, subject to minimum contribution requirements.
Yes. For one-off contributions, the minimum amount you can pay via debit card is £5.
When making a regular contribution into your AJ Bell pension via direct debit, you can pay a minimum monthly contribution of £25 and a maximum of £4,000.
Yes, simply log in to your AJ Bell account and select ‘Set up a regular payment’. You can then add your details and choose how much you would like to contribute each month.
No, you can only set up one direct debit with the bank account you have registered with.
Yes, you can contribute via both personal and business (employer) accounts into your new AJ Bell SIPP.
Yes, you can contribute via both personal and business (employer) accounts into your new AJ Bell SIPP.
You can make regular monthly contributions from one business account, and one-off ad-hoc contributions from the second one.
You cannot however make regular monthly contributions from the second business account as only one business bank account can be set up to make regular payments via direct debit.
Yes, if you do not already have beneficiaries set up on your Raindrop pension, you can do so after your pension has been transferred to AJ Bell. Simply log in and complete the 'SIPP beneficiaries' page under the 'Update my details' section of the website. You can nominate a number of different people, trusts and/or charities, choosing the percentage they’ll each receive.
As the scheme administrator of your SIPP, AJ Bell has discretion over how your pension is passed on. However, it's rare that nominations aren't followed. Usually, this only happens if there's been a change of circumstances (for instance, a divorce), and your wishes haven't been updated.
Payments to your beneficiaries will either be as a lump sum or an ongoing pension. How these payments to your beneficiaries are taxed will depend on your circumstances. Find out more about SIPPs and death.
Any outstanding tax relief payments received before the transfer date will be added to your Raindrop pension. If any payments are still outstanding as on the transfer date 18 September 2023, they will be transferred to your AJ Bell pension once received. This can take up to 6-11 weeks after the migration on 18 September 2023.
Tax relief usually takes 6-11 weeks to be reflected as HMRC has to process your calculations and payments. As your Raindrop pension is being transferred and migrated to AJ Bell, any residual tax relief may take longer than usual until the migration has been completed.
Please be assured though that your scheme administrators will be collecting your tax relief on your behalf and the money will be reflected in your pension once received.
No, your annual allowance is unaffected by this transfer. Your remaining annual allowance is dependent on how much you have contributed to your pension since the 5th of April 2023.
Your annual allowance is 100% of your salary or £60,000, whichever is lower.
You can continue to invest in the fund you are invested in with your Raindrop pension once you move to AJ Bell. Or, if you prefer to choose your own investments, you can do so from AJ Bell’s wide range of options. This includes shares, funds, investment trusts and Exchange Traded Funds (ETFs).
For more information on funds available with AJ Bell you can visit their funds page.
Your current investment in your chosen fund will be transferred to AJ Bell as it is. Your investment will transfer ‘in-specie’, which means your holdings/investments will transfer over to AJ Bell as they are on the date of the transfer, which is 18 September 2023.
Any cash which is held in your pension will also be transferred over to your AJ Bell pension.
Mostly yes, most BlackRock funds that were available with your Raindrop pension are available with AJ Bell.
The only fund which is not available is the BlackRock LifePath 2019-2021 Class P ACC fund, which is being closed by BlackRock on 7 September 2023. Your investment will be automatically switched to a similar fund range by BlackRock, which is their Lifepath flexiclass accumulation fund.
Yes, your current Legal & General ESG fund will continue to be available with AJ Bell.
Yes AJ Bell offers a wide range of funds, including ESG options.
For more information on AJ Bell’s funds you can visit their funds page.
Yes, when your pension is transferred to AJ Bell, it will be transferred into the same fund as you are currently invested in. The only fund which is not available is the BlackRock LifePath 2019-2021 Class P ACC fund, which is being closed by BlackRock on 7 September 2023. Your investment will be automatically switched to a similar fund range by BlackRock, which is their Lifepath flexiclass accumulation fund.
If you would like to change funds, you can do so by logging in to your online account with AJ Bell.
If you want to sell, just log in to your account and select ‘Portfolio’ from the ‘My Account’ menu. You can then choose which investment you want to sell from within your portfolio by selecting the ‘Deal’ button.
If you want to buy, select ‘Buy and Sell’ from the 'My Account’ menu, and from there you can search for your investment. If you need to deal over the phone, you can call AJ Bell’s dealing services on 0345 54 32 600.
You can also search for an investment you wish to deal in using the site search tool at the top right side of all screens. Alternatively, you can use our investment search to find investments. You can find out which investments you can deal in by visiting our investment options page.
When you opened your Raindrop pension, you had selected your preferred fund to invest your pension into. When your pension is transferred to AJ Bell, it will be invested in the same fund it is currently invested in with Raindrop. The only fund which is not available is the BlackRock LifePath 2019-2021 Class P ACC fund, which is being closed by BlackRock on 7 September 2023. Your investment will be automatically switched to a similar fund range by BlackRock, which is their Lifepath flexiclass accumulation fund.
You will then have the option to change this and choose different investments if you wish.
Your pension transfer will be ‘in-specie’, which means your holdings/investments will transfer over to AJ Bell as they are on the date of the transfer (in cash or in a specific fund). This reduces the potential impact of market fluctuations as your holdings will not be sold for cash and repurchased at a later date.
The only old fund which is not available is the BlackRock LifePath 2019-2021 Class P ACC fund, which is being closed by BlackRock on 7 September 2023. Your investment will be automatically switched to a similar fund range by BlackRock, which is their Lifepath flexiclass accumulation fund. This transfer will also occur ‘in-specie’ and you will not have to do anything.
The funds which you had access to through Raindrop will continue to be available with AJ Bell, however you can also choose different or additional investments with AJ Bell. You can find out more about them at the investment options page.
The only fund which is not available is the BlackRock LifePath 2019-2021 Class P ACC fund, which is being closed by BlackRock on 7 September 2023. Your investment will be automatically switched to a similar fund range by BlackRock, which is their Lifepath flexiclass accumulation fund.
Yes, if you want to switch funds, select the ‘Deal’ button next to your each fund you hold on your Portfolio page, then then select ‘Sell’ from the ‘Buy / Sell’ drop down. This will allow you to sell your existing holding(s) into cash. You can then select ‘Buy and Sell’ from the 'My Account’ menu, and from there, you can search for your new chosen investment(s).
If you need to do this over the phone, you can call AJ Bell’s dealing services on 0345 54 32 600.
Yes, you can invest in multiple funds or other investment types with AJ Bell.
AJ Bell charges an annual custody fee of 0.25%, this decreases for funds to 0.10% on the value between £250,000 and £500,000 and there is no custody fee on the value of funds over £500,000.
AJ Bell have agreed to waive dealing charges to buy or sell the existing investments within your new pension, however their normal dealing charges will apply if you choose to buy or sell different investments.
If you choose to buy any collective investment products within your pension, these will have their own annual ongoing charges or ‘OCF’, these costs are taken out of the investment and are on top of your custody charges as a percentage of your pension holdings. Each type of investment may have a different annual fee.
For further information on AJ Bell pension charges, visit their charges website here.
All charges will be deducted from your pension account. AJ Bell will collect custody charges monthly – usually within 20 business days of the month end. The custody charge is based on the mid-price value of your account’s investments on the last working day of the month.
The first Custody charge will be collected from your AJ Bell pension account within 20 business days of the end of the first complete month that your investments are held with them.
Raindrop charged 0.75% if you were invested in our BlackRock plan or 0.79% if you were invested in our Legal & General ESG plan.
The comparable charge with AJ Bell will be 0.45% for BlackRock plans and 0.50% for the Legal & General ESG plan, please see full charges comparison table below:
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Yes, if you have already started the process with Raindrop and do not wish to transfer your pension to AJ Bell, you do not have to.
If you haven’t already taken out all your money from your pension yet, please send the completed forms (Benefit Requirement Application & Risk Warning Questionnaire) to Raindrop/Platform One on or before 5 p.m. on 25 Aug 2023.
Your completed forms must have been received by Platform One on or before 5 p.m. on 25 August 2023, else your pension will be transferred over to AJ Bell on 18 September 2023.
To avoid missing the deadline, please send in your forms well in advance to avoid any last-minute delays.
If you miss the deadline above, you will need to wait until your pension has migrated to AJ Bell and submit a new request to access your pension.
You have the following options:
Option 1: Completely withdraw of all your money within your Raindrop pension. Deadline to send us the completed forms (Benefit Requirement Application & Risk Warning Questionnaire) to Raindrop/Platform One is 5 p.m. on 25 Aug 2023. Your forms must have been received by Platform One by 5 p.m. on 25 Aug 2023. To avoid missing the deadline, please send in your forms well in advance to avoid any last-minute delays.
Option 2: Choose to transfer your Raindrop pension to AJ Bell
Option 3: Choose to transfer your Raindrop pension to a different pension provider, who is not AJ Bell
Option 4: Choose to do nothing (in this case, your Raindrop pension is automatically transferred over to AJ Bell)
For more details on any of the above options, simply email us at ‘support@myraindrop.co.uk’
Yes, you can withdraw your remaining funds with Raindrop if you wish. Simply email us that you wish to withdraw the remaining funds in your Raindrop pension. We will then facilitate the rest of the withdrawal process for you.
You need to then send the completed forms (Benefit Requirement Application & Risk Warning Questionnaire) to Raindrop/Platform One on or before 5 p.m. on 25 Aug 2023.
Your forms must have been received by Platform One by 5 p.m. on 25 Aug 2023. To avoid missing the deadline, please send in your forms well in advance to avoid any last-minute delays.
If you are unable to meet the deadline above, your pension will be transferred over to AJ Bell on 18 September 2023.
If you miss the deadline above, you will need to wait until your pension has migrated to AJ Bell and submit a decumulation request to them once your online account is set up.
No, it is generally not possible to access your pension benefits before age 55 (except in certain specific cases such as due to ill health), regardless of who your pension is with.
If you have poor health or a serious medical condition, for example, you may be able to access your pension before age 55. If this isn't the case, HMRC may view your early pension release as unauthorised, and you could be charged up to 55% tax on the amount you withdraw. If you do fall under these circumstances, please email us at ‘support@myraindrop.co.uk’ and we will tell you what we would need to proceed.
No, you will need to reach out when you turn 55 and we will be happy to help. If your pension has migrated to AJ Bell, you will need to reach out to them post 18 September 2023. You will receive a welcome pack from AJ Bell explaining everything you need to know regarding accessing your pension after 18 September 2023.
Yes, if you are 55, we can help withdraw your pension. Simply email us at ‘support@myraindrop.co.uk’ and we will help you with the next steps. However as the Raindrop SIPP is being transferred to AJ Bell, we will need to receive any instruction for cashing in your pension by 5 p.m. on 25 August 2023.
Your SIPP will be migrated to AJ Bell on 18th September 2023 and if you wish to cash your pension in after 18th September 2023, you need to contact AJ Bell here. Please visit https://www.ajbell.co.uk/can-we-help for full details of how to contact AJ Bell.
If you are 55 and over, yes, we can help you withdraw your pension. Simply email us at ‘support@myraindrop.co.uk’ and we will help you with the next steps.
If you are below 55, it is generally not possible to withdraw from a pension before age 55 (except in certain specific cases such as due to ill health), regardless of who your pension is with.
Yes. You will need to submit a decumulation request to AJ Bell from your new online account.
Any interest that is credited to your Raindrop pension account will be transferred over to AJ Bell. You do not need to do anything and we will take care of this.
No, neither Raindrop nor AJ Bell will charge you for withdrawing your pension.
Once your Raindrop pension has been transferred to AJ bell you will be able to submit a new request to access your pension. AJ Bell will write to you with details of how to do this around the time your pension is transferred to them.
Your pension will be transferred to AJ Bell on 18 September 2023. After this, AJ Bell will send you a welcome pack explaining everything about your pension account and options. Please read these carefully as it is important information regarding your pension and retirement.
No, we will not be able to transfer a new pension to Raindrop as we have currently paused this functionality and are no longer accepting new pension transfers for the time being.
Your existing pension will stay as it is, invested in the fund of your choice.
Yes, after your Raindrop pension has been transferred to AJ Bell, you can initiate a new pension transfer by logging in and submitting an instruction via the ‘My account’ / ‘Transfers’ menu.
To transfer out to another provider other than AJ Bell, you need to identify the pension provider to transfer your pension to, open a pension account with them and get them to submit a transfer request of your Raindrop pension to our scheme administrator Platform One. Your new pension provider must submit this request on or before 5 p.m. on 25 August 2023, else your pension will be transferred over to AJ Bell.
If you’ve already begun the transfer, you do not need to do anything further. Your pension will be transferred into your new provider shortly. Please note that your pension provider should have submitted this request on or before 5 p.m. on 25 August 2023, else your pension will be transferred to AJ Bell.
No, we do not charge you anything to transfer your pension. You simply need to identify a new pension provider and get them to submit a transfer request of your Raindrop pension to our scheme administrator Platform One on or before 5 p.m. on 25 August 2023.
Yes, you will always have the option in the future to transfer out of AJ Bell to another pension provider free of charge.
AJ Bell Management Limited is authorised and regulated by the Financial Conduct Authority. Under AJ Bell your pension is covered by the Financial Services Compensation Scheme (FSCS). This means your pension is protected up to the value of £85,000, if needed.
Raindrop has reached an agreement with AJ Bell for the sale and transfer of our pension accounts. AJ Bell is an award-winning investment platform in the UK with over 450,000 customers and with over £70 billion in assets under administration.
AJ Bell are a Which? Recommended Provider for Self-invested Personal Pensions three years running, 2020–2022. Please see here for further information: (https://www.ajbell.co.uk/awards)
Raindrop conducted extensive due diligence prior to selecting AJ Bell in areas such as company reputation, ease of transfer for customers, customer value for money, investment ranges and customer fees.
We’re sorry to hear you wish to make a complaint. You can reach us via email at support@myraindrop.co.uk, phone at 02039517253.
Should you have cause to complain about your pension following the transfer to AJ Bell you can contact them at:
AJ Bell
4 Exchange Quay
Salford Quays
Manchester
M5 3EETel: 0345 54 32 600
Email: help@ajbell.co.uk
If you’re not satisfied with our response, you can refer your complaint to the Financial Ombudsman Service, free of charge at:
Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Tel: 0300 123 9123
Website: www.financial-ombudsman.org.uk
The Financial Conduct Authority has laid down clear procedures about how complaints should be handled, and as a regulated firm we adhere to these proceedings. Making a complaint will not affect your right to take legal proceedings.
Your Raindrop SIPP transfer will be effected on 18 September 2023.
AJ Bell will write to you setting out details on how to access your account following the transfer of your pension to them. Your pension account and all investments and cash held within it will be accessible as soon as you have completed your log in process.
If you wish to transfer out to another provider, our scheme administrator needs to receive the transfer out request electronically from your new pension provider on or before 5 p.m. on 25 August 2023, else your pension will be transferred over to AJ Bell.
You can make the final contribution to your Raindrop pension on or before 4 p.m. on the 24th of August 2023.
If you’re 55 and over and you’d like to withdraw your pension, simply email us at support@myraindrop.co.uk to confirm the same. We will then facilitate the rest of the withdrawal process for you.
You will need to send the completed forms (Benefit Requirement Application & Risk Warning Questionnaire) to Raindrop/Platform One on or before 5 p.m. on 25 August 2023. To avoid missing the deadline, please send in your forms well in advance to avoid any last-minute delays.
If you are unable to meet the deadline above, your pension will be transferred over to AJ Bell on 18 September 2023.
If you miss the deadline above, you will need to wait until your pension has migrated to AJ Bell and submit a decumulation request to them once you have set up your online account.
You will be able to access your new pension account with AJ Bell as soon as you complete your log in details, which AJ Bell will provide to you in writing shortly before the transfer date.
Your pension will be transferred to AJ Bell on 18 September 2023. AJ Bell will send you a welcome pack explaining everything about your pension account and options. Please read these carefully as it is important information regarding your pension and retirement.
You can find and review AJ Bell T&Cs here - https://www.ajbell.co.uk/sites/default/files/useful-forms/AJBYI_terms_and_conditions.pdf
You can find all the important information relating to AJ Bell in the following links:
SIPP key features - https://www.ajbell.co.uk/sites/default/files/useful-forms/
AJBYI_SIPP_key_features.pdf
SIPP charges - https://www.ajbell.co.uk/sipp/charges-and-rates
Investment options - https://www.ajbell.co.uk/our-services/investment-options
Order Execution policy - https://www.ajbell.co.uk/sites/default/files/AJBYI_Order_execution_policy.pdf
Yes, please visit https://www.ajbell.co.uk/can-we-help for full details of how to contact AJ Bell.
