Pension transfer

It usually takes around three to six weeks from applying to seeing it in your pension pot. Once you've applied online and given us details, we’ll contact your provider and do the rest. Unit transfers for funds (when your money stays invested) usually takes longer.

Learn more about the timeframes for pension transfers.

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.

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.

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. 

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.

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.

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.