Understand the level of risk first
Before you transfer a pension, check valuable benefits you could lose, exit fees and investment choices. Investing in a SIPP 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 has been paid in.
Things to think about before transferring 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
- 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 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 do pension transfers work with Aviva?
Apply online
You can kick things off and tell us about the pensions you want to transfer with our simple online form. If you don't already have a pension with us, you'll need to open a new Aviva SIPP (self-invested personal pension).
Choose your investments
To get set for your transfer, you can select where you'd like your pensions invested. We have an easy range of options and you can check them out below.
Leave it with us
That's it. We'll do the rest and let you know when your pension is with us.
Pension transfers: our 3-minute explainer
Transcript for video How to transfer and consolidate your pension
If you’ve had a few jobs over time, you may have built up a few pensions too.
It can be hard to keep track, so transferring them into one policy could potentially make things a lot easier.
There are other reasons why transferring might be a good idea too.
Pensions have charges for investing your money and these could be lower in a new pension – giving your money more potential for growth.
Newer pensions usually offer more flexible options than older ones, helping you prepare a better-planned retirement.
Sounds good, but before you commit to moving a pension, there are some details you’ll need to hand and some important points to consider.
You’ll need to know:
• What type of pension you have and the policy number?
• What’s its current value?
• Does it include any valuable or safeguarded benefits? For example, is it a defined benefits scheme, also known as final salary, or does it have guaranteed annuity rates or a guaranteed minimum pension?
If you’re not sure about any of these, your provider will be able to help.
Some pensions require you to get regulated advice before transferring more than £30,000.
Some pensions have valuable benefits you could lose if you transfer, or safeguarded benefits that mean you can’t transfer them.
If you’re not sure, speak to your provider and they’ll be able to tell you.
With some pensions, your provider may charge a fee for transferring away, and they may not be able to take your money back if you change your mind.
During the transfer process your money may not be invested, which means you won't benefit from any investment growth during that period.
Transferring isn’t right for everyone, so consider all your options first. Make sure you have compared all your policy’s features, such as charges and fund ranges.
[IMPORTANT INFORMATION CAPTION: Remember, investments can go down as well as up, so you could get back less than you invest. There’s no guarantee you’ll be better of by transferring.]
We always recommend you speak to a financial adviser if you’re at all unsure about what to do.
[IMPORTANT INFORMATION CAPTION: Please note an adviser may charge you for their services.]
[END FRAME: Aviva Life & Pensions UK Limited. Registered in England No 3253947. Aviva, Wellington Row, York, YO90 1WR. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm reference number 185896.]
How long do pension transfers take?
It usually takes between three and six weeks from applying to seeing your money transferred into your pension pot. When it's complete we'll let you know. Unit transfers for funds (when your money stays invested) usually take longer.
Invest your way with our SIPP
From absolute beginner all the way to a seasoned investor, we have a wide range of investment options. Choose one or mix and match to build a SIPP that suits you.
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.
Investment charges with our SIPP
0.35% annual fee
The Aviva Charge for looking after your investments is 0.35% up to £500,000. For example, if your investments are worth £100,000, it will be £35 a year.
Share deal for £4.99
If you buy or sell UK shares, exchange-traded funds (ETFs) or investment trusts with us you'll pay a flat fee of £4.99 per trade.
Other charges
Depending on the investments, you may have other charges, like fund management charges. You can find a full list of possible charges here.
Why transfer your pensions to Aviva?
Your funds are looked after by a leading investment manager - Aviva Investors, who handle £240bn for 6 million customers as at 31st March 2025.
We know fees can be complex. We’re committed to keeping our fees clear and simple.
Award-winning pension. We were named Best Buy Pension by Boring Money.
Our Universal Retirement Fund will manage your investments and reduce your risk as you get closer to retirement.
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. You should also understand our guide to combining your pensions.
We have key information you should check about using exchange-traded funds (ETFs), along with our target market statement.
Learn about pension transfers
We have a wide range of simple guides and calculators to help you understand more about transferring your pension.
Rules
Should I combine my pensions into one pot?
What are the pros and cons of bringing your pensions together?
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Costs
How much does it cost to transfer a pension?
Understand fees and charges in a pension transfer.
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Costs
What is the transfer value of a pension?
We explain the differences between defined benefit and defined contribution pensions.
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Rules
Can I transfer a crystallised pension?
What happens when you've started to take benefits from your pension already?
Pension calculator
See what your pension could be worth in retirement.
Annuity calculator
Work out the annual pension income you could receive.
Inflation calculator
Learn how inflation could impact your investments.
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 guaranteed income or getting more than 25% of your cash tax-free. Other benefits could include loyalty bonuses, enhanced life insurance or death benefits, or 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.
If you're invested in a with-profits pension you should check that your current provider won't apply a market value reduction to your pension.
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.
Before moving your pension, you should check with your current provider whether they charge exit fees, or any potential inheritance tax implications for moving your pension.
The value of your pension could go down if you’re currently invested in a with-profits fund and your existing pension provider applies a Market Value Reduction (MVR) to leave.
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 with your current pension provider before you begin.
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.
Can I transfer all my pensions?
You won’t be able to transfer the following pensions to Aviva:
- Defined contribution pensions with a guaranteed annuity rate, safeguarded benefits or guarantees
- Defined benefit pensions
- Pensions you’ve already taken money from.
If you have a workplace pension, you'll need to talk to your employer before transferring, as a transfer may mean they stop paying into it. You may also be re-enrolled into the workplace pension in the future.
Can I transfer a pension that my employer pays into?
You may be able to, but you'll need to talk to your employer before transferring, as a transfer could mean they stop paying into the pension.
If you have a workplace pension with us, you may be able to consolidate your other pensions into it. You can check if this option is available to you on MyAviva or contact us to find out more.
Or you could open a new SIPP alongside your active workplace pension. Find out more about our SIPP. Before taking out an additional pension it is important to check whether your employer will increase their contributions if you pay in more to your workplace pension.
If you've got workplace pensions you're no longer paying into, explore the options for your pension after leaving a job.
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 Unbiased - there will be a charge for advice.
The next steps for your pension transfer
If you're ready for the benefits of having your pensions in one pot, we're here to help.
Transfer to a new Aviva Pension (SIPP) 
With our self-invested personal pension (SIPP) you can save for retirement in a tax-efficient way. With flexible payments that start from £25 per month.
Transfer to an existing Aviva pension 
If you already have a SIPP or other pension with us, you may be able to transfer other pensions into it.
Find lost pensions 
You may have old pension money waiting to be claimed. Our free service can help you track it down.