Transferring into an Aviva Pension

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Apply

Funds you have chosen


You have not yet selected any funds

Transfer an existing pension

Funds you have chosen


What percentage of the amount you are transferring would you like to assign to each investment?

%
Percentage remaining - will be left in cash
100.00 %
Total
100.00 %


Why would I leave cash in my Pension?

You can put cash in your Pension and choose investments later. You also need cash to pay for any charges.

Please note, if you want to take cash from your Pension immediately, the amount you need to withdraw needs to be available in your account as cash, with no transactions pending

You have not yet selected any funds

Before you transfer

Check that we accept your pension

There are a few types of pension we can't accept if it's worth over £30,000:

  • Defined benefit pensions (sometimes called final salary pensions) or pensions that provide any other salary-related benefits
  • Pensions promising set annuity rates (also known as guaranteed annuity rates)
  • Pensions with guaranteed minimum pension benefits
  • Pensions invested in guaranteed funds or funds promising guaranteed investment returns
  • Pensions with any other guarantees

Check your current benefits:

If you transfer, you might lose:

  • The chance to take more than 25% of your pension tax-free
  • A loyalty bonus
  • Built-in/enhanced life insurance benefits or waiver of premiums
  • Enhanced death benefits
  • The chance to retire early

We may refuse the transfer if your pension has these features, and you may lose out financially – so make sure you check with your current provider.

Are you ready to transfer?

Make sure it's right for you

Read more on the aims, risks, charges and tax treatment of the Aviva Pension:

These are important and explain the basis of the agreement the customer will be entering into.

You'll need to be a UK resident aged 18 or over.

Select your funds

If you haven't already, view our investment fund range to see where you'd like to invest.

You can choose your funds before applying for the transfer, or hold your money in a cash account and decide later.

The cash account currently has a variable interest rate of 0.25% Tax-free/Annual Equivalent Rate (AER) payable monthly.

If the interest rate on the cash account is less than what we charge for managing it, the amount in the cash account will reduce in value.

Have your details ready

  • Your existing plan number(s)
  • A recent valuation
  • Bank details
  • National Insurance number

There’s no guarantee that you’ll be any better off by transferring. If you are at all unsure whether this is right for you then you should speak to a financial adviser before going ahead.

Key points to consider

What about tax?

  • Tax relief is given on up to 100% of your annual earnings or up to £3,600 if your annual earnings are below this amount.
  • Your annual allowance is £40,000, though there may be restrictions for high earners. If you invest more than this into your pension in any one tax year, the excess will be taxed at your marginal rate
  • If you earn more than £150,000 a year including your pension payments, or more than £110,000 excluding your pension payments, you’ll have a reduced annual allowance. This means that for every £2 you earn over £150,000, your annual allowance will reduce by £1 up to a maximum reduction of £30,000.
  • Your annual allowance changes to money purchase annual allowance, (MPAA) once taxable income is taken. If you're still paying into your pension – or think you might do – think carefully before you take anything other than your tax-free cash out of it.
  • You don’t get tax relief on pension transfers as you’ve already received this when you first paid the money into your pension. Only payments you have made in the current tax year will count towards your annual allowance.
  • Tax treatment depends on an individual’s circumstances, and all information provided is based on current UK legislation, which may change in the future.

Important information

  • You should think of the funds you choose as a medium to long term investment of at least five years.
  • The value of your investments can go up and down. You may get back less than what is paid in.
  • You should consider your capacity for loss, attitude towards risk, the charges, and your aims and circumstances when you choose which funds to invest in.
  • You won’t normally be able to access your money until you’re 55 or older.
  • The minimum you can transfer into your Pension is £5000
  • Once you’ve transferred your pension to us, it’s unlikely your current provider will be able to take it back if you change your mind. If you no longer wish to have an Aviva Pension and your current provider will not take the transfer back you must find another UK registered pension scheme to transfer the scheme to.
  • While the transfer is taking place you may be disinvested for a period of time i.e. out of the market for the time it takes to complete the transfer. This means that you won’t benefit from any rise in the price of investments during that time.
  • There’s no guarantee that you’ll be any better off by transferring. If you are at all unsure whether this is right for you then you should speak to a financial adviser before going ahead.
  • Make sure you read the Aviva Pension key features, and terms and conditions. These are important documents and explain the basis of the agreement you enter into when you apply for Pension. Please be aware that your terms and conditions may be updated from time to time.
  • We'll use the information you share with us to perform anti-money laundering and fraud checks.

We can give you facts but not a personal recommendation

While we can give you all the facts about our products and services, we can’t give you personalised financial advice and nothing on our website is a personal recommendation.

If you’re looking for a personal recommendation or you’re not sure whether a product or service is right for you, you should ask a financial adviser who may charge for their service. We can provide details of a financial adviser who can give you a personal recommendation. This service will be restricted advice and is limited to a number of product providers. Alternatively, visit unbiased to find an independent financial adviser near you.

How long will it take?

The process normally takes 3-6 weeks, depending on your current provider. The process itself is simple – you can apply to transfer your pension online, so there’s no need to send forms by post. You can also follow your progress on MyAviva, using the transfer tracker in MyInvestmentPortfolio.

If you're happy to go ahead

Your account will be managed through MyAviva, a convenient online location where you can find details of Aviva products you hold.

If you already have a MyAviva account

If you don’t have a MyAviva account

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.

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.

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