How it works
Transferring into an Aviva Pension to take income drawdown is a straightforward process. Once we’ve got your application, we’ll take care of everything else.
How much and how often you withdraw from your pot is completely up to you.
Simple online application
Apply online and we’ll organise everything for you. We won’t ask you to fill in loads of forms or paperwork.
Our charges are simple and easy to understand – and we won’t charge you for transferring to us.
The value of your pension can go down as well as up and you could get back less than what’s been paid in.
Our simple process
You’ll need to transfer at least £5,000 – or £1,000 if you set up regular contributions.
If you’ve already got an Aviva Pension with the online investment service, you can apply to take drawdown straight away.
Once you’ve considered and chosen your investment options, you can apply online without filling in loads of paperwork.
Leave it to us
We’ll carry out any checks and arrange the transfer with your current provider. This usually takes 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. This usually takes two weeks – make sure the money you want to take is in your cash account or this could take longer.
Is it right for you?
Moving your pension is a big decision that isn’t for everyone. It’s worth making sure you won’t lose any extra benefits by transferring. Take the time to compare features, charges, funds and any benefits you might lose by transferring.
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
- Guaranteed retirement income
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 you've already taken money from, including any tax-free cash
- If any of these points are relevant to you, we can refuse your transfer and you can lose out financially
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. If you're in poor health, you could face inheritance tax implications. You should speak to a financial adviser before transferring if you're not sure about this, or any other parts of the transfer process. It's important to remember there's no guarantee you'll be better off by transferring.
Fair and transparent charges
Our Pension charge is made up of two simple costs.
There's our Aviva Charge, which is up to 0.40% of the value of your investments, calculated daily and charged monthly. And your Fund Manager Charge, which depends on the funds you pick.
Here's an example of how much you'd pay in your first month if you transferred in a total of £75,000 from your existing pensions and invested in a ready-made fund with a fund charge of 0.35%.
Our Aviva charge
Our charge is a percentage of your total investment, up to a maximum of 0.40%, and is based on how much you’ve invested with us. The more you invest, the lower the percentage you'll pay, as shown in the table.
|Invested value||Annual charge|
|First £50,000||0.40% |
|Amount above £500,000||0%|
For example, say you transfer £75,000:
- The first £50,000 has an annual charge of 0.40% – which is £200
- The next £25,000 comes with a yearly charge of 0.35% – which is £87.50
- In total, your annual Aviva charge would be £287.50 or just under £24 a month
You can log into your account at any time to check your exact Aviva charge, as well as any fund charges.
One combined fee from Aviva
If you have more than one type of investment with our online investment service – including an Aviva Stocks & Shares ISA, an Aviva Investment Account or an Aviva Pension – then you’ll only pay one simple fee to use them all. It’s a great way to keep more of your hard-earned money in the long term.
Paying your fee
Your fee comes out of the cash in your account. Interest there is at our variable rate and may be positive, zero or negative. Current details can be seen here. Please note, if the interest rate is less than our Aviva Charge, the amount in your cash account will go down.
Alternatively, this charge will come out of your investments if you don’t have enough cash in your account. Don't worry – we’ll always let you know before we do this. See our terms and conditions for full details.
Fund Manager Charge
The fund or funds you choose may incur an extra charge to cover the costs and expenses of managing the investments. Each fund has an individual charge which can be found in the Key Investor Information Document. This also appears as an ongoing charge figure (OCF) on your statement.
Manage your own investments
You’ll be transferring to a self-invested personal pension (SIPP), so you’ll need to be comfortable managing your own investments. Think about charges, your attitude towards risk, your aims and personal circumstances. The funds you used to grow your pension might not be suitable for taking income drawdown. Review them to make sure you're invested in the right way.
It’s a good idea to get some help if you’re thinking about moving your pension and taking income drawdown. Our financial advice support can help you decide what’s right for you.
Things to remember
- You need to be 55 or over to start taking an income from your pension
- The value of your investments can go up and down, so you could get less back than what’s been paid in
- You may pay Income Tax on 75% of the money withdrawn from a pension
- To take income drawdown you’ll need to have money in the cash account. If you don’t, you’ll have to sell investments before you can make a withdrawal
- It's worth keeping an eye on how much you're withdrawing and how your funds are performing – your future income isn't guaranteed
- You're able to set, and change, the level and frequency of income you want
- You can choose to receive paper copies of correspondence or stop this using the 'Preferences' tab in MyAviva online
- We’ll give you the facts about our products and services, but not advice. Nothing on our website is a personal recommendation
We will always adhere to our 'best execution practices' as set out in our latest order execution policy (PDF 149 KB). What's more we also have a policy to prevent conflicts of interest (PDF 103 KB) that might affect your investment. And if there's ever one we can't prevent we promise to let you know.
Ready to transfer?
To start the transfer process and set up your new pension you will need:
- A MyAviva account - if you don't have one already, registration is free and only takes a few moments
- Your national insurance number at hand
- Your existing plan number and a recent valuation
Get some advice
It’s a good idea to get some help if you’re thinking about moving your pension and taking income drawdown. Our financial advice support team can help you decide whether further advice is right for you.
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Still need some help? Give us a call.
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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.
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