Sanlam Pension Reviews, Transfers, Drawdown and More

Sanlam’s presence in the UK has undergone a massive transformation in recent years. If you hold a "Sanlam" pension in 2026, you are likely navigating a landscape shaped by two major deals: the acquisition of Sanlam Life & Pensions by Chesnara plc in 2022, and the 2024-2026 integration of Sanlam’s asset management into Ninety One.

For most investors, Sanlam is now a "legacy" brand. While your money is still active, it is likely being managed by Ninety One’s investment teams and administered under the Chesnara umbrella.

If you hold an old Sanlam pension, get in touch below and an independent financial adviser will go through all of your options with you.

Sanlam Pension Products

Sanlam traditionally offered a range of high-end wealth management products. In 2026, these are primarily categorised as legacy accounts:

• Sanlam SIPP: A flexible personal pension that allowed for a wide range of investments. These are now often managed via the Ninety One investment platform or third-party wrap platforms.

• Sanlam Life & Pensions (Chesnara): Most individual pension policies were transferred to Chesnara. While these are "closed" to new direct customers, existing policyholders can still manage their funds and make contributions.

• Ninety One Managed Portfolios: As of February 2026, the strategic relationship between Sanlam and Ninety One is fully operational. Many Sanlam pensions are now invested in Ninety One’s "Multi-Strategy" or "Active Asset Management" funds.

Putting a Sanlam Pension into Drawdown

If you are reaching retirement age (currently 55, rising to 57 in 2028), accessing your Sanlam pot depends on which part of the business holds your money.

• Flexi-Access Drawdown: Legacy Sanlam SIPPs typically offer full drawdown flexibility. You can take your 25% tax-free lump sum and set up regular taxable income.

• The Ninety One Influence: Because Ninety One now manages the underlying assets, your drawdown strategy may involve their specific "Income Focus" funds, which are designed to provide a steady yield while preserving capital.

• Chesnara Administration: If your policy is with the Life & Pensions arm, your drawdown request will be processed by Chesnara. They provide the standard range of retirement options, including taxable lump sums (UFPLS).

Reviewing an Existing Sanlam Pension

A pension review is more critical for Sanlam holders than almost any other provider due to the multiple changes in ownership:

1. Fee Leakage: Legacy Sanlam products often had complex fee structures. With the move to Chesnara and Ninety One, some older "Sanlam Private Wealth" charges may no longer be competitive compared to 2026 flat-fee SIPPs.

2. Investment Manager Change: Your money was originally managed by Sanlam’s in-house team; it is now managed by Ninety One. A review ensures that Ninety One’s "active" investment style still aligns with your personal risk tolerance.

3. FCA Status Check: Some older Sanlam entities (like Sanlam Private Investments) are now listed as "no longer authorized" on the FCA register because their activities have been absorbed into other groups. A review confirms exactly which regulated entity is now responsible for your savings.

Transferring To and From Sanlam

Transferring INTO Sanlam (Ninety One / Chesnara)

Sanlam is no longer actively seeking "new" direct pension customers in the same way as a firm like PensionBee. However:

• Adviser-Led Consolidation: Financial advisers can still move client money into Sanlam/Ninety One funds via established wrap platforms.

• Existing Customers: If you already have a policy, you can usually consolidate other old pots into it to simplify your admin.

Transferring OUT

• Portability: You are fully entitled to move your Sanlam pension to a modern provider like AJ Bell, Vanguard, or Fidelity.

• Exit Fees: Most modern Sanlam/Chesnara policies do not have exit fees, but very old "Executive Pension" policies or those with "With-Profits" elements may have penalties.

• The Process: Transfers are typically handled via the Origo network and take 15 to 25 working days.

Pros, Cons, and Customer Reviews (2025-2026)

The Pros

• Institutional Expertise: Ninety One is a global leader in active management, potentially offering better performance than basic "tracker" funds.

• Stability: Chesnara is a specialist in managing legacy life and pension books, providing a secure environment for long-term holders.

• Consolidated View: The transition to Ninety One’s technology has improved the digital reporting for many legacy SIPP holders.

The Cons

• Brand Confusion: It can be difficult for customers to know who to call (Sanlam, Chesnara, or Ninety One).

• Closed to New Business: The lack of new retail customers means the platform may not feel as "innovative" as a modern fintech app.

What Customers are Saying

"I’ve had my pension with Sanlam for 15 years. The switch to Ninety One as the manager was seamless, and I’m actually seeing better performance reports in 2026 than I did previously." — Trustpilot Review, Jan 2026

How Our IFA Service Can Help

At Money Helpdesk, we specialise in helping clients navigate "orphaned" or legacy pensions like those from Sanlam.

Our IFA service helps you by:

1. Ownership Verification: Identifying exactly which company (Chesnara, Ninety One, or another) currently holds your money.

2. Fee Benchmark: Comparing your legacy Sanlam charges against the 2026 market leaders to see if you could save thousands by switching.

3. Investment Re-Alignment: Ensuring the Ninety One strategy is appropriate for your 2026 retirement goals.

4. Transfer Advocacy: Managing the communication with Chesnara to ensure a smooth transition if you decide to move your money.

Get started here to begin a free, no-obligation chat with an independent financial adviser who specialises in Sanlam pensions and can go through your options with you if you hold an old account with them.