Your time with your previous employer is behind you, but your pension isn't
You may not think your workplace pension from a previous employer is worth worrying about. It might be small, or seem like a lot of effort to do something with it. But it's your money, and you've worked hard for it.
And your pension is still working hard for you here at Aviva. Giving it a little more attention could make a big difference to how your retirement might look.
By moving your previous workplace pension into an Aviva SIPP, you'll have a greater choice of funds, flexible drawdown options and your charges may even be lower. Plus, it's free to transfer.
You can find your current charges in your annual statement, your pension documents within MyAviva, or it may have been posted to you.
Remember, your pension is invested to help it grow, but as with all investments its value can fall as well as rise. You could get back less than the amount invested.
What an Aviva SIPP can offer you:
Flexible access drawdown
Take income when you retire
A SIPP gives you the option to take your pension like a monthly income, matching how you live and spend, and you can still take 25% of your pension tax-free, whilst the rest of your pot remains invested.
Learn more "Open pop-up with more information"Charges
Competitive on charges
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.
Depending on the investments you choose, you may have other charges, like fund management and share deal charges.
Learn more "Open pop-up with more information"Investment options
Made for beginners to seasoned investors
Within our Aviva SIPP, you can choose investment options managed by our experts, or picked by you.
Learn more "Open pop-up with more information"
MyAviva App & Website
Track and manage your SIPP anytime
The MyAviva app and website comes packed with education, guidance, tools, and calculators to help you get to grip with SIPPs.
Learn more "Open pop-up with more information"How your workplace pension compares
| Workplace pension | Aviva SIPP | |
|---|---|---|
| Retirement options | ||
| 25% tax-free lump sum | ||
| Lump sum when needed | ||
| Set up monthly income | ||
| Option to choose an annuity | ||
| Investment options | ||
| Number of funds | up to 250 | over 5,000 |
How transferring to an Aviva SIPP works
Apply online in minutes
To kick things off, apply online to move your previous workplace pension into an Aviva SIPP.
We handle the transfer for you in 2-4 weeks
Once you've applied, we'll start the transfer process and be in contact if we need any more information.
Sit back, relax and track everything in MyAviva
Follow your progress in the MyAviva app or website. We'll keep you updated so you always know what's happening.
Things to think about before transferring a pension
Moving your pension is a big decision. Take time to compare fees, features and investment options and check that you won't lose any benefits worth keeping.
Benefits to check for
Some plans offer valuable benefits that won’t carry over if you switch. Make sure you understand what you could lose and what's included in your current plan before making a move. Check your annual statement for more information.
Before you transfer
You should only proceed with this transfer if notified via email.
When you transfer your pension at its 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. You can find an up-to-date list of regulated advisers at MoneyHelper - there may be a charge for advice.
Important documents
Before transferring a pension to us, please make sure you've read the key features, and terms and conditions of an Aviva Pension.
We have key information you should check about using exchange-traded funds (ETFs), along with our target market statement. You can see how we use your data in our fair processing notice.
Information
This SIPP is a direct product which does not offer or provide advice.
For advice tailored to your personal circumstances, the best person to speak to is your financial adviser.
They'll assess your financial situation and offer you advice on the best course of action for you. A financial adviser may charge you for these services.
If you don't have an adviser, you can find an up-to-date list of regulated advisers at MoneyHelper.
Frequently asked questions
What do I need to check before transferring my pension?
Before you start your transfer, make sure you’ve checked benefits and fees on your existing pensions.
If your existing pension has valuable benefits or guarantees, you may lose these if you transfer. These could be a waiver of premiums or getting more than 25% of your cash tax-free. Other benefits could include access to your money or pension before age 55 (57 from 6 April 2028).
You should also compare your current fees and charges with our pension costs. We keep our costs as low as possible, but you should understand the different fees and charges, and check it makes financial sense for you.
Is there a charge to transfer into an Aviva SIPP?
Whether you want to move one or lots of pensions to our SIPP, we won’t charge you a penny for making the arrangements.
We have more information on the typical costs for pension transfers here.
Will transferring change when I can take my pension?
The government's normal minimum pension age is 55, increasing to 57 from 6 April 2028. Some pensions have a protected pension age as a benefit. This gives you access to your pension savings earlier than the normal minimum pension age. Transferring may mean that you’ll lose that benefit, so you should check before you begin.
If your current plan number starts with TK or TL, you will keep the same minimum pension age. You can find this in your annual statement.
We have more information on changes to the normal minimum pension age here.
What happens to my pensions during the transfer?
If you do a unit transfer, the pension funds stay invested, so they’ll be affected by any market gains or falls. You won't be able to trade them 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.
Do I need to take advice to transfer my pension?
If you're not sure about any of these points, we recommend that you get financial advice first. For some pensions you must take advice before you transfer. If you don't have a financial adviser already you can find one at MoneyHelper - there may be a charge for advice.
Transfer into our award-winning Aviva SIPP
Contact us
Still need some help? Give us a call
0808 258 9758
Monday to Friday: 8:00am – 5:30pm
Saturday and Sunday: Closed
Email: sipptransfer@aviva.com
For our joint protection, telephone calls may be recorded and/or monitored and will be saved for a minimum of 5 years. Calls to 0800 numbers from UK landlines and mobiles are free. Our opening hours may be different depending on which team you need to speak to.