Bring your pension plans together
Over your working life, you may have built up a number of pensions after switching between companies and careers. If this is the case, it's worth considering bringing them all together into a single plan.
With just one pension, you may find it easier to manage and track investment performance and progress towards your retirement goals. It could also be 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 age 55.
What should I consider before transferring?
Before you make a decision, 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
- Guaranteed annuity rates
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. Should you be in poor health, there are other considerations such as potential inheritance tax implications, and you should speak to a financial adviser before proceeding.
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. A financial adviser may charge you for their services. 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.
Pension Transfer Cash Back Offer - Terms and Conditions
If you decide to transfer other pensions to us you could qualify for the Pension Transfer Cash Back Offer. If you apply before 30 November 2017, for transfers of £30,000 or more, you could get £100 - £1,500 as a thank you. See the Terms and Conditions for full details and to find out about extending your application deadline if you want more time to decide.
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:
- 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 these compare to the charges under your pension with Aviva.
Why transfer to Aviva?
- 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
- One set of charges
- You can buy, sell or switch between funds within 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 for any questions you have regarding your pension.
How long will it take?
The pension transfer process normally takes 3-6 weeks, but can take longer depending on your current provider.
Nothing on this website is a personal recommendation. If you need a personalised recommendation based on your individual circumstances you should seek financial advice, for which a fee will be charged.
If you would like more information, please visit our financial advice web page.
Transfer to your existing pension or take a look at the new Aviva Pension
If you’ve decided that transferring your pension is right for you, you may want to compare your existing pension with Aviva to the new Aviva Pension to see whether it might be a better option for you.
Login to MyAviva to manage your pension and check your latest pension value
For more information call 0800 068 6800
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The Aviva Pension is an individual, self invested pension that provides great flexibiility
Product provided by: Aviva Life & Pensions UK Limited. Registered in England company No. 03253947. Aviva, Wellington Row, York YO90 1WR . Authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 185896.
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.