Over your working life, you may have a number of pensions after switching between companies and careers – with the Aviva Pension, you can put them all in one place.
With just one pension it could be much easier to access the money you’ve built up when you decide to start planning for your retirement. You'll normally be able to access your money from when you turn 55, and with Aviva you’ll be able to choose, manage and track your investments with MyInvestmentPortfolio – our online service voted ‘Best for Beginners’ by the lang cat in 2016.
We know how much your pension matters, so it’s important that you choose what’s best for you – take a closer look at our pension, things to consider and how a pension transfer works before going ahead.
What should I consider before transferring?
Before you make a decision to transfer your pension to a new Aviva Pension, gather together all the documents you have for your existing pension plans. Remember, you can always talk to your current provider if you’re unsure of anything.
Take a look at the features of your current pension plan. Would you lose any benefits that you consider valuable? These may include:
- Pensions that allow you 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
The Aviva Pension is our flexible, self-managed pension that you can manage online. If you hold a pension with us already, please bear in mind that by choosing to transfer to an Aviva Pension, you are choosing to open a new pension.
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. Remember that the value of your pension can go down as well as up and you may get back less than has been paid in.
If you’re looking to transfer your pension to an existing Aviva pension, click here to see what number to call.
Does Aviva accept every pension?
Sometimes it’s better to leave your pension where it is, especially if it comes with certain guarantees. That’s why if your pension is one of the following types, we won’t accept a direct application through our website:
- defined contribution pensions with a guaranteed annuity rate if the value is over £15,000
- defined contribution pensions with any other safeguarded benefits or guarantees if the value is over £30,000
- defined benefit pensions (salary-rated benefits) if the value is over £30,000
We may refuse the transfer if we identify that your pension(s) includes these features, and you could lose out financially if this happens.
We are unable to accept pensions that you’ve already started taking an income from, no matter the value.
If you have a pension with any of these features but would still like to transfer, you should speak to a financial adviser.
Does it cost money to transfer?
We don’t charge to accept a pension transfer, but there may be a charge from your existing pension provider if you leave them. Read the terms and conditions of the pension you’re thinking about transferring or speak to your provider to check for charges. You should also consider the charges you pay in your current pension to see how this compares to the Aviva Pension.
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 the lang cat.
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.
Your transfer in 3 easy steps
Choose your investments
View the investment options available to decide how you want to invest your money. You’ll be asked to assign a percentage of the transfer value to each investment you choose.
Want to decide later? No problem, you can choose to leave your money in a cash account until you’re ready.
The investment options might be different to those from your current provider.
This shouldn't take more than five minutes if you've got everything you need.
We’ll handle the rest
We'll arrange the transfer with your current provider, and either allocate your funds as instructed or hold your money in a cash account which currently has a variable interest rate of 0.25% Tax-free/Annual Equivalent Rate (AER) payable monthly. If the interest rate on the cash account is less than what we charge for managing it, the amount in the cash account will reduce in value.
How long will it take?
The process normally takes 3-6 weeks, depending on your current provider. The process itself is simple – you can apply to transfer your pension online, so there’s no need to send forms by post. You can also follow your progress on MyAviva, using the transfer tracker in MyInvestmentPortfolio.
We can give you facts but not a personal recommendation
While we can give you all the facts about our products and services, we can’t give you personalised financial advice and nothing on our website is a personal recommendation.
If you’re looking for a personal recommendation or you’re not sure whether a product or service is right for you, you should ask a financial adviser who may charge for their service. We can provide details of 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. Alternatively, visit unbiased to find an independent financial adviser near you.
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.