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.
We won’t charge you for transferring into the Aviva Pension with the online investment service.
We take a charge for administering your pension, which is calculated daily and paid monthly from your cash account.
The cash account is where your money is held until you allocate it to investment funds. We pay interest on money held in the cash account at our variable rate. If the variable interest rate is less than what we charge for managing your pension, the amount in the cash account will go down.
If there's not enough money in the cash account to pay your charges, we’ll automatically take the money from your investments. But don't worry, we’ll always let you know before we do this. See our terms and conditions for full details.
How much you'll be charged
We look at all of the accounts you have with the online investment service – which offers the Aviva Pension, Investment Account and Aviva Stocks & Shares ISA – when calculating your charge.
For example, if you have £150,000 invested, you’ll be charged 0.40% a year on the first £50,000 plus 0.35% on your remaining £100,000 which falls in to the next band.
Take a look at ourfor more information.
|Invested value||Yearly rate|
|Amount above £500,000||0%|
Fund Manager Charge
The managers of the funds you invest in also take their own charges for running their funds. The individual charges for each fund can be found in the fund's Key Investor Information Document or Key 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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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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