Pension transfer

Sometimes it's better to put all your eggs in one basket

Before combining your pensions, here are some things to think about:

  • You’ll have a clearer view of how your retirement is shaping up
  • Transfer to us and you might pay lower administration charges
  • Your pension's value might go down as well as up, so you might get back less than you put in

Here's why bringing all your pensions together could pay off

  • Easier to manage

    After changing jobs a few times, it can be hard to keep track of all your pensions. So combining them together could pay off and make your life easier

  • Manage your pension all in one place

    By bringing all your pensions together, you'll be able to view your current fund value all in one place in your online account

  • Be rewarded the more you save with us

    The more money you invest, the more we'll reward you with a lower percentage charge to pay overall. Learn more about our fees

Log in to transfer a pension to us

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Transcript 

If you’ve had a few jobs over time, you may have built up a few pensions too.

It can be hard to keep track, so transferring them into one policy could potentially make things a lot easier.

There are other reasons why transferring might be a good idea too.

Pensions have charges for investing your money and these could be lower in the new pension – giving your money more potential for growth.

Newer pensions usually offer more flexible options than older ones, helping you prepare a better-planned retirement.

Sounds good, but before you commit to moving a pension, there are some details you’ll need to hand and some important points to consider.

You’ll need to know:

    • What type of pension you have

    • What’s its current value?

    • Does it include any valuable or safeguarded benefits?  For example, is it a defined benefits scheme, also known as final salary, or does it have guaranteed annuity rates or a guaranteed minimum pension?

If you’re not sure about any of these, your provider will be able to help.

Some pensions require you to get regulated advice before transferring more than £30,000.

Some pensions have valuable benefits you could lose if you transfer, or safeguarded benefits that mean you can’t transfer them.

If you’re not sure, speak to your current provider and they’ll be able to tell you.

With some pensions, your provider may charge a fee for transferring away, and they may not be able to take your money back if you change your mind.

During the transfer process your money may not be invested, which means you won't benefit from any investment growth during that period.

Transferring isn’t right for everyone, so consider all your options first. Make sure you have compared all your policy’s features, such as charges and fund ranges.

[IMPORTANT INFORMATION CAPTION: The value of a pension can go down as well as up. You could get back less than invested. There’s no guarantee you’ll be better off by transferring.]

We always recommend you speak to a financial adviser if you’re at all unsure about what to do.

[IMPORTANT INFORMATION CAPTION: Please note an adviser may charge for their services.]

[END FRAME: Aviva Life & Pensions UK Limited. Registered in England No 3253947. Aviva, Wellington Row, York, YO90 1WR. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm reference number 185896.]

Before you apply to transfer

Combining your pensions with us could have its perks

  • There's only one fee
    Keeping track of lots of pensions can cost you time and money. Combining your pensions means there's only one fee to pay, which might be less than the combined fees from several pensions.
  • You could save by saving with us
    The more money you invest, the more we'll reward you with a lower percentage charge to pay overall. So, it may make sense to put all your pensions under one roof. Learn more about our fees here.
  • Simpler to manage
    Add to your Aviva pension, keep tabs on its progress, and gain access to just one set of documents from our website or app.
  • Planning for the future
    A single pension could give you a clearer view of your retirement options and make decisions easier.

Some points of precaution:

  1. Exit costs
    We won't charge you to transfer your pension to us but it's wise to check if your existing pension provider charges an exit fee.
  2. Investment fees
    Before you transfer, check how much your current pension provider charges and compare that with our charges so you're aware of the difference. Read more about our investment fees here.
  3. Pension benefits and guarantees
    Check your pensions for valuable benefits like a guaranteed income, the ability to take more than 25% as a tax-free lump sum, loyalty bonuses, life insurance and early access to your savings, as you could lose these by transferring.
  4. Putting your investments on hold
    We may be able to transfer some or all of the funds directly from existing pensions, meaning they stay invested throughout the process. When this isn't possible, existing investments will have to be sold and the value transferred as cash - this means there may be a period when your money is out of the market and will not benefit from any investment gains or suffer any losses from market movements.
  5. You're not guaranteed to be better off
    Although bringing all your pensions together can have many benefits, there's no guarantee that you'll be better off in retirement.
  6. There are some pensions you won’t be able to move:
    1. Defined contribution pensions with a guaranteed annuity rate, safeguarded benefits or guarantees
    2. Defined benefit pensions, which pay you an income based on how long you've been in that employer's scheme and how much you earned when you left or retired
    3. Pensions you’ve already taken money from
  7. Employer contributions
    If your employer pays into your pension, you'll need to talk to them before transferring, as a transfer may mean they stop paying into it.

If you're unsure whether transferring pensions is right for you, you should seek financial advice. An adviser may charge for their services, but they'll be able to look at your whole financial situation and help you make an informed decision.

Pension transfer FAQs

What's the cost of transferring my pension?

How long does it take to transfer a pension?

Pension advice

There have never been so many paths to take with your pension, so you might get lost without knowing where each route can take your money. That's why hiring a pension professional to guide you in the right direction can make you feel more confident about where to go.

If your pension’s worth over £75,000, we can help you create a retirement plan. We can't plan your world trip but we can help you get there. Find out how.

We also offer advice if you have defined benefit pensions, sometimes called final salary pensions. Find out more on our defined benefit page.

Learn about our pension advice

Log in or register to start a transfer with us

Log into MyAviva

If your pension scheme number begins with "TK" or "SP"
  • Check your pension value and transaction history
  • See your pension documents
  • Change your details
  • Switch funds and see their performance
  • Make a single payment into your pension
  • Manage your beneficiaries

Log into MyAviva

Register for MyAviva

Log into MyWorkplace

If you have a Workplace pension with an account number starting with "GS", or a membership number starting with "F".

  • Check your pension value and transaction history
  • See your pension documents
  • Change your details
  • Switch funds and see their performance
  • Make a single payment into your pension

Log into MyWorkplace

Register for MyWorkplace

You may need your policy number if you haven't accessed your account online before.

Phone us

Still with this employer

0800 145 5744

Monday to Friday: 8:00am - 6:00pm

Saturday and Sunday: Closed

With different employer now

0800 158 3142

Monday to Friday: 8:00am - 6:00pm

Saturday and Sunday: Closed

Put more pieces of the pension puzzle together

Moving your pension into one pot

Transferring all your pensions into one could save time and provide a clearer picture when you’re making retirement plans. Capital at risk.

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Understand how pension tax relief works, what it's based on and the impact it has on paying into your pension.

What you need to know about defined benefit transfers

If you have a defined benefit pension, you may be able to transfer into another type of pension.

Should I have more than one pension?

Things to think about when deciding whether to make additional payments into a workplace or a personal pension.

Six simple tricks to help you boost your pension

Giving your pension savings a little push can make a big difference. So take a look at our six tricks which could give it that boost.

Can't afford to retire

If your pension pot is falling short of your ideal number, there are some things you can do to help.

MyAviva and MyWorkplace are owned and operated by Aviva Insurance Limited.

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 Life & Pensions UK Limited. Registered in England No. 3253947. Aviva, Wellington Row, York, YO90 1WR. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 185896. Member of the Association of British Insurers.

Aviva Investment Solutions UK Limited Registered in England No. 6389025. Aviva, Wellington Row, York, YO90 1WR. Authorised and regulated by the Financial Conduct Authority. Firm Reference Number 515334.