Did you invest in a PEP way back? Do you have any idea how it’s performed lately? Well, it could be time to carry out a review… Whilst you can’t invest new money into your PEP this doesn’t mean you're stuck with the funds you’ve got…you could think about transferring the value of your investment, along with its tax-free status, to the smile invest funds supermarket.

What is a PEP transfer?
It’s a way of changing over the funds in your PEP. You can get rid of your existing PEP investments and choose new ones (to the same value less any charges) and keep your PEP tax-free status.

Why would I consider transferring my current PEP?

• I’m not happy with its performance
• I want to choose new funds
• I want access to funds that didn’t exist when I set up my PEP
• I want to spread my investment across different funds
• I want to reduce my annual management fees by choosing funds with lower charges
• I want better service. I’m fed up with only getting annual statements and want to be more involved... With smile invest you can monitor your investments 24/7 with our account management tool. You’ll also get loads of other tools and news to keep you informed and up to date

Remember, past performance is not a guide to future performance and there are no guarantees that new funds will perform better than your old ones. It’s important to think carefully and weigh up the possible pros and cons before transferring your PEP.

How to do it?
Just click the pink link 'transfer my PEP now' that will take you to the Fidelity PEP transfer application form, follow the simple instructions, print it off and then post it to Fidelity. Unfortunately, you’ll have to print it, as Fidelity needs to receive your actual signature to complete the transfer of your behalf.

What information do I need to make the transfer?
You’ll need the details of your existing PEP, such as the contact details of your provider and the approximate current value of the plan, all this should be contained within your last annual statement. You’ll also need the names of the new PEP qualifying funds you want to invest in, don’t worry though, over 95% of our funds accept PEP transfers.

How long will it take?
The transfer could take two or more weeks. It depends on how quickly your existing PEP manager completes the paperwork. During this time, you will not benefit from any market movements as your money will not be invested until the transfer is complete. This means that your investment will not change in value.

What charges will I pay?
smile invest do not charge anything for the actual transfer process and some funds have no initial charge either. Please refer to the application form to check whether your new fund manager will charge you for investing in their fund, and be aware that your existing PEP manager may charge an exit fee. For more details on charges please see our ‘charges explained’ page.