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Your Friends Life pension questions answered

Welcome to the Aviva group

Your Friends Life pension

In April 2015, Aviva purchased the Friends Life group of companies. Here, we’ll explain how this might have changed your Friends Life pension and about the services Aviva offers.

Your friends life questions answered

When was my pension moved to Aviva?

Your Friends Life policy was automatically transferred to Aviva Life & Pensions UK Limited in October 2017.

Can I transfer my Friends Life Pension to an Aviva Pension?

Yes, it is possible. Please refer to the Aviva Pension page for more information on what it offers.

Not all Friends Life pensions are transferable. Your Friends Life pension plan servicing team will be able to advise if this affects you.

There's no guarantee that you'll be better off by transferring 1. You must consider any guarantees or other valuable benefits you are entitled to with your existing arrangements and how these will be affected by transferring to another provider. These may include:

  • Being able to take more than 25% tax-free cash
  • Eligibility for a loyalty bonus
  • Built in or enhanced life insurance benefits or waiver of premiums
  • Enhanced death benefits
  • Being allowed to retire early

If you transfer to an Aviva Pension, you can make an initial transfer payment of £5,000, or £1,000 if you wish to make regular payments of at least £50.

If you're thinking about how to use the money in your pension from age 55 onwards and are considering a transfer to form part of your plan, we recommend you get guidance or advice. Pension Wise is a government service offering free and impartial guidance.

If I decide to transfer my Friends Life Pension to Aviva, will I be charged?

If you decide to transfer to a different pension, there may be charges depending on your existing plan. To find out if these could apply to you, call your Friends Life pension plan servicing team.

Although we can’t offer personal recommendations, if you're thinking of transferring your pension, you could start by looking at what the Aviva Pension offers 1

We recommend you seek financial advice before you transfer your pension plan as there are many things to consider such as charges and the potential loss of existing guarantees or other valuable benefits.

A financial adviser will be able to make personal recommendations for you based on your own circumstances and financial objectives. If you don’t have a financial adviser, you can find one at www.unbiased.co.uk

Are the charges for an Aviva Pension different to those on my Friends Life Pension?

The charges are likely to be different. The level of plan charges is one of the factors you need to consider carefully if you are thinking of transferring your pension to another provider or want to start a new plan. Charges can have a significant effect on the value of your pension pot over time. Your current plan documentation sets out your current plan charges. Please also read the Terms and Conditions document, Key Features document and Key Investor Information Document for the plan you’re interested in transferring to. 

If you cannot locate the information for your Friends Life Pension, or are unsure, you can call your Friends Life pension plan servicing team.

If I have a query, or want to make changes to my Friends Life policy, should I call Friends Life or Aviva? 

Please call your Friends Life pension plan servicing team.

Can I speak to Aviva about my options at retirement? 

Yes, you can speak to us about our range of retirement products. You can also view these online

We can’t offer personal recommendations. However, you can start by looking at the options Aviva offer. If you need to contact us about anything, you’ll find instructions on how to do this there.

We recommend you get guidance or advice to help you decide what to do with your pension savings. Pension Wise is a government service offering free and impartial guidance. This tailored guidance is available online, over the phone or face to face.

A financial adviser will be able to make personal recommendations for you based on your own circumstances and financial objectives. If you don’t have a financial adviser you can find one at www.unbiased.co.uk

Are the annuity rates with Aviva and Friends Life the same? 

The rates may be the same, but it’s worth looking for any special guarantees provided on your Friends Life policy. 

If you’ve decided an annuity is right for you then remember you don’t normally have to buy an annuity with Aviva or Friends Life. Also, your health can be taken into account and an improved level of income offered for certain medical or lifestyle conditions. You may be able to get a higher income if you shop around for a deal that is right for you. There are different types of annuities each with varying options and features. We recommend you obtain quotes and compare.

Are the Aviva and Friends Life pension funds the same? 

No, our funds are different. You can view the Aviva fund range to see if they are more suited to your investment needs. 

As the holder of a Friends Life product, will I qualify for a customer loyalty discount?

Now Friends Life is part of the Aviva Group, that makes you an Aviva customer, so you’re entitled to discounts on many of our products.

Looking for our Fund Centre?

Visit our Fund Centre page to see full details of our fund range.

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