Understand the level of risk first
Before you transfer a pension, check or any valuable benefits you could lose, exit fees and compare investment choices. Investing in a pension offers the potential for better returns than cash savings over the long term (5+ years). But there are risks, the value of your investments may go down as well as up, and you may get back less than you’ve paid in.
Pension tax benefits are based on personal circumstances and are subject to change.
Why transfer your pensions to Aviva?
If you’re 55 or over, choosing income drawdown with Aviva gives you the freedom to use your pension money in a way that suits you. How much and how often you withdraw from your pot is up completely up to you.
Simple investment options 
You can keep your pension invested your way, or choose one of our Investment Pathways.
Alternatively, you have access to our wide range of investment options.
Easier to manage 
With one pension pot you’ll have a clearer view of your retirement, and the money you can drawdown as income.
Clear pension charges 
You could have lower admin charges with us, and we won’t charge you for transferring your pensions to us.
Before you transfer your pension
Moving your pension is a big decision and may not be right for you. Make sure you won’t lose any benefits by transferring. You should also compare features, charges and investment options.
Extra benefits you could lose:
- The option to take more than 25% tax-free cash
- Loyalty bonus or waiver of premiums
- Built-in or enhanced life insurance benefits
- Extra death benefits
- Early retirement option
We can’t accept:
- A defined contribution pension pot that has any safeguarded benefits or guarantees, including guaranteed annuity rates.
- A defined benefit pension.
- A pension that offers any other form of guaranteed income in retirement
- A pension you've already taken money from, including tax-free cash.
- If any of these points are relevant to you, we can refuse your transfer and you can lose out financially if you have transferred out of your previous scheme without checking that we will accept the transfer. The scheme you are transferring from may not be able to take your money back and is not obliged to do so.
Before you transfer, it's worth finding out if you'll be charged an exit fee or any with-profits funds would have a market value reduction imposed by your current provider. A Market Value Reduction (MVR) can apply to some types of with-profits funds. An MVR is an adjustment factor that can be applied to those leaving a with-profits fund at times other than those specified in the terms and conditions, particularly following a large or sustained fall in the stock market or when market conditions mean that investment returns are lower than expected. This ensures that those leaving the fund do not receive more than their fair share of the underlying investment and therefore enables us to treat with-profits customers fairly. If you're in poor health, you could face inheritance tax implications.
If you do a fund unit transfer, the pension funds stay invested, so they’ll be affected by any market gains or falls. You won't be able to make any changes while the transfer is going through. If you choose to transfer the cash value, it won't be subject to market volatility, but you'll also need to factor in the time it takes for your cash to be re-invested in funds. It's important to remember there's no guarantee you'll be better off by transferring.
If you're unsure about any of these points, we recommend you seek financial advice before you apply to transfer. The Aviva Financial Advice Team can help you decide what's right for you.
How our pension transfer for drawdown works
To begin drawdown, you’ll need to move your pensions to an Aviva self-invested personal pension (SIPP).
Apply online
If you decide that income drawdown is for you, transferring to us is easy. You can apply online to start an Aviva self-invested personal pension (SIPP) and begin your transfers.
Leave it to us
We’ll carry out any checks and arrange the transfer with your current provider. This usually takes between 3 to 6 weeks – we'll email you any time there's an update on your transfer.
Take your money
You can apply for income drawdown as soon as we’ve got your transfer. You can usually take 25% of your pension pot tax-free and then apply for drawdown for the rest. This usually takes two weeks - make sure the money you want to take is in your cash account or this could take longer.
Things to think about with pension drawdown
Ready to apply? First make sure you understand the ins and outs of drawing income from your pension.
Taking your tax-free cash
- You normally need to be at least 55 years old (rising to 57 from April 2028) to start taking any money from your pension.
- You can normally withdraw up to 25% of your pension pot as a tax-free lump sum. This can be taken in one go or in smaller portions over several years, although this will mean there's less money to provide an income in the future.
- We'll need your bank account details before any money can be paid out. You can add your bank details to the pension policy in MyAviva.
Taking a taxable income
- The remaining 75% of your pension pot will provide you with a drawdown income. This will be subject to income tax based on your personal circumstances.
- As soon as you take taxable drawdown money from your pension, the Money Purchase Annual Allowance (MPAA) limits how much you and/or your employer or another person can contribute to all your money purchase pensions, including this one, without paying a tax charge. The current MPAA limit for 2025/26 is £10,000.
- You can set up regular withdrawals of drawdown income. If you do this, your investments will be sold automatically, and the money moved to your cash account. You can change how often and how much you want to withdraw.
Managing your drawdown
- The value of your investments can go down as well as up. It's important that you regularly review your level of income as it is not guaranteed to last a lifetime.
- You need to consider risk. Poor market performance can reduce your investments. You might outlive your pension savings. Taking out too much money too soon can deplete your investments. Inflation can also erode the purchasing power of your withdrawals.
- Our annual Aviva SIPP fee of 0.35% is charged for drawdown including any fund management charges.
Important documents
Before applying for a SIPP with us, please make sure you've read the key features, plus terms and conditions of an Aviva Pension. You should also understand our services and costs and target market statement.
We have key information you should check about using exchange-traded funds (ETFs), along with our order execution policy for trading, plus our conflicts of interest policy. You can see how we use your data in our fair processing notice.
Invest your way with Aviva
From absolute beginner all the way to a seasoned investor, we have a wide range of investment options.
Funds
Funds - Universal Retirement Fund - our simplest way to invest in your pension, it changes your investments based on your chosen retirement date.
- Ready-made funds – ideal if you want an easy option, these fully-managed funds have four different choices to match your risk appetite and goals.
- Experts’ Shortlist – a selection of 80 funds that experts at Aviva Investors think have the greatest chance of good income or capital growth over the long-term.
- Self-select funds –if you're an experienced investor, confident you understand risk and happy to take control, then you can buy and sell from our full list of over 5,000 funds.
Shares
Shares - Shares - buy and sell shares in UK companies you’re interested in.
- Exchange-traded funds (ETFs) - like investment funds, these are groups of assets bundled together, but they can be bought and sold like shares.
- Investment trusts - this is a type of fund that sells shares to invest in a portfolio of assets, with the aim of producing returns.
Our investment charges
Open or transfer
We don't charge you to open a SIPP with us, or to transfer your pensions to Aviva for Income Drawdown.
0.35% annual fee
The Aviva Charge for managing your investments is 0.35% of their value, up to £500,000. So, if you have £100,000 invested with us, you'll pay £350 a year.
Other charges
Depending on the investments you choose, you may have other charges like fund management charges. You can find full details of possible charges here.
Transfer for pension drawdown
To start the transfer process with Aviva
To get going with us, you’ll need to open an Aviva SIPP and to transfer at least £5,000 – or £1,000 if you set up regular contributions of £25 a month as well.
If you’ve already got an Aviva Pension with the online investment service, you can apply to take drawdown straight away.
Learn about using your pension
We have a range of useful guides and calculators that can help you make the most of your pension money in retirement.
Using your pension
Withdrawing some of your pension
Understand the impact of taking part of your pension.
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Using your pension
Leaving your money where it is for now
We explain the ins and outs of delaying taking your pension.
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Using your pension
Mix and match your retirement options
How to take your pension in a way that suits you.
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Using your pension
Taking all your pension in cash
What to look out for if you decide to cash in your pension.
Pension calculator
See what you’ll need to save for the retirement you want.
Investment calculator
Work out what your pension investments could be worth.
Pension tax calculator
Understand the tax you’ll pay when taking your penison.
Transfer for drawdown FAQs
What benefits could I lose by transferring my pension to Aviva?
Transferring your pension to Aviva could mean losing valuable benefits from your existing scheme. You may lose loyalty bonuses, with-profits bonuses, or early access to your pension before the minimum pension age of 55 (rising to 57 from April 2028). Each of these can impact your retirement income. If you think these may affect you, it's a good idea to get independent financial advice before any transfer.
Do you accept defined benefit pensions?
We don't accept direct transfers from defined benefit (DB) pension schemes or other forms of safeguarded benefit. These are also called final salary or career average (CARE) schemes. Transferring from a DB pension means giving up a guaranteed income for life, which is a significant decision and may not be suitable for most individuals. Pensions with guaranteed annuity rates or guaranteed incomes can also offer a retirement income (annuity) significantly better than offered by current annuity rates. The Financial Conduct Authority (FCA) requires that you obtain financial advice before transferring if your safeguarded benefits are worth more than £30,000. You can find out more about DB transfers here.
Get some advice and guidance on taking your pension
Looking for financial advice?
If you have a pension or investments worth more than £150,000, Aviva can give you personalised advice to help you use your pension in a way that suits you.
Pension Wise
Pension Wise from MoneyHelper is a service backed by the government. It offers free, impartial guidance to over 50s. They can explain the options to take money from your defined contribution pension pots.
The next steps for your pension journey
We’re here to help you find the information you need to make the most of your pension in retirement.
Pension and retirement support 
Our chatbot can answer your questions, give you the lastest information and point you to the right resources. It’s available 24/7.
Guidance or advice? 
Understand whether you need free, simple guidance for your pension or if you’d be better off paying to chat to a financial adviser.
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We can take you through the different ways you can take your pension. And give you some pointers on how to make it go further.