What you need to consider before transferring your pension plans

Take control of your pensions

Make it easier to manage your pensions by putting them all in one place with Aviva. It’s simple for you to do and, as a thank you, we’ll give you cashback.

Terms & Conditions apply.

In a nutshell

Transferring pension plans is a good idea for many people - but it's not right for everyone.

It may not be in your interests to transfer some pension plans. You need to take a close look at the benefits your existing pension plans offer you as you don’t want to risk losing valuable benefits. It’s up to you to do this.

Before you make any decision, gather together all your pension statements and any other information you have on your existing pension plans. Speak to your existing provider if you’re unsure of anything about your current pension plan(s).

Nothing on this site is personalised advice or recommendation. If you need a personalised recommendation based on your personal circumstances, you should seek financial advice.

What pensions won’t we accept?

If your current pension provides a guarantee of the money you’ll be paid, or guarantees a certain level of investment returns, you might be better off leaving it where it is. It’s certainly worthwhile getting some professional advice before making this decision, as the situation could be complex.

This is why we won’t accept applications directly through our website if your pension is one of the following types worth more than £30,000:

  • defined benefit pensions or pensions that provide any other salary-related benefits
  • pensions promising set annuity rates (also known as guaranteed annuity rates)
  • pensions with guaranteed minimum pension benefits
  • pensions invested in guaranteed funds or funds promising guaranteed investment returns
  • pensions with any other guarantees.

Speak to your existing provider if you’re unsure if your current pension plan has these guarantees. It’s up to you to do this, but we may refuse the transfer if we identify that your pension(s) include these features. You may lose out financially if this happens.

If you do have pension plans with any of these features but would still like to consider transferring them, you should speak to a financial adviser.

We also can’t accept pensions from non-UK schemes, or if you’ve already started to take retirement benefits from your pension.

What else should I look out for?

Some pensions and pension schemes have features or benefits you’d lose if you transferred to another scheme. You’ll need to consider whether losing these benefits still makes it worthwhile transferring your pensions. These features and benefits may be:

  • pensions where you have the opportunity to take more than 25% tax-free cash
  • pensions which pay a loyalty bonus
  • built-in or enhanced life insurance benefits or waiver of premiums
  • enhanced death benefits
  • pensions that let you retire early

Speak to your existing provider if you’re unsure if your current pension plan has these features. If you are unsure whether transferring your pension(s) is the right thing to do, you should speak to a financial adviser.

Are there any charges for transferring pension plans?

We don’t charge to accept a pension transfer, but your existing pension provider may charge you exit penalties. Check the terms and conditions of the pension plan(s) you currently have or speak to your pension provider. If there is a charge, you should find it listed there.

Take control of your pensions

Over the course of your working life, you may have built up one or more pension pots with different companies. This might make it difficult to get a picture of what they are worth and to manage them effectively.

But there is a solution – why not transfer all your pensions to Aviva? It’s simple to do – once you have set up an account online, just let us know which pension you’d like to transfer and the policy numbers and we’ll start the process. You can even track the progress of your transfers online.

Transferring pensions is not right for everyone. It could be a complex decision and you need to consider the charges, fund ranges, any valuable benefits that could be lost and any tax implications. There's no guarantee that you'll be any better off by transferring. If you’re at all unsure whether this is right for you then you should speak to a financial adviser before going ahead.

Transfer your pension and receive cashback

Now could be a good time to take greater control of your money. If you transfer one or more of your pensions to Aviva before 29th January 2017, we’ll give you between £100 and £500 as a thank you from us. (This money is provided by us it won’t be taken from your pension.) You will need to have a nominated bank account set up to receive the cashback.

Total Transfer Value Cashback
£30,000 - £99,999 £100
£100,000 - £149,999 £200
£150,000 - £199,999 £250
£200,000 - £299,999 £350
£300,000+ £500

Terms & Conditions apply.

Why transfer to the Aviva Pension?

  • Keep track of the total value of your pensions by combining them in one place
  • Online access to check your pension at any time – via your computer or our mobile app
  • Access a range of funds to suit your needs - invest in our ‘Ready Made’ or ‘Select’ fund ranges, or select from around 2,000 funds
  • You can buy, sell or switch between funds inside your pension with no dealing fees
  • We won’t charge you for transferring to us
  • From age 55 you’ll have a range of options to get an income from your pension pot.
  • There’s UK-based customer support when you need it, however we can’t offer you advice.
  • Our Consumer Platform was voted ‘Best for Beginners’ in 2016 by Lang Cat.

If you have any further questions, take a look at our helpful Q&A's

The Aviva Pension is a long term investment plan designed to help you invest for your retirement. Building up a significant pension pot can take many years and the sooner you start the better. Please bear in mind that the value of your investment can go down as well as up. You may get back less than the amount paid into your Pension. If you have access to an employer scheme, this may be a better option for you.

When is the right time to transfer pensions?

You can transfer your pension plans at any time. It’s worth reviewing your pensions and how they are performing every year. This also gives you a chance to look at the annual management charges you’re paying and whether you’re getting the best deal.

There are a number of ways in which you can take money from your pension fund, take a look at How do I take money from my pension fund? There's plenty to think about - but having all your pensions together in one place could make it easier to manage your money when you retire.

Why choose Aviva?

  • We look after the pensions of over two million customers.
  • We have 31 million customers worldwide.
  • We have £241 billion funds under management.
  • We’ve been in business for over 300 years.
  • We can help you retire.

Find out more and apply to transfer your pensions.

Pension Wise has been set up by the government and offers free and impartial guidance for people retiring with defined contribution pensions. It will help you understand what your choices are and how they work.

You'll be able to get help on the Pension Wise website, over the phone or face to face.

If you are approaching retirement we recommend you get guidance or advice to help you understand your options.

We can give you all the facts about Aviva’s products and services.

We can’t give you advice. If you are unsure whether a product or a service is suitable for you we can put you in touch with a financial adviser who can give you a personal recommendation. This service will be restricted advice and is limited to a number of product providers. There may be a charge for their advice.

Alternatively, you can visit unbiased to find a financial adviser in your area.

Need some help?

Ask a question

There’s a lot to think about when planning your retirement. Take a look at our

Frequently Asked Questions.

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Product provided by: Aviva Pension Trustees UK Limited. Registered in England No. 2407799. Aviva, Wellington Row, York, YO90 1WR. Authorised and regulated by the Financial Conduct Authority. Firm Reference Number 465132.

Aviva UK Digital Limited introduces to Aviva Pension Trustees UK Limited for pensions. Aviva UK Digital Limited is registered in England No. 09766150. Registered office: St Helen’s, 1 Undershaft, London EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 728985.

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