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Transfer an existing pension
Funds you have chosen
What percentage of the amount you are transferring would you like to assign to each investment?
Why would I leave my money in cash?
You can hold your money in cash and choose your investments later. If you want to withdraw money immediately, the amount you want to withdraw needs to be available in your account as cash, with no transactions pending.
Please note, you also need cash to pay for any charges and investments may be sold to cover a charge if cash is not available.
You have not yet selected any funds
Transferring into a new Aviva Pension
You're nearly there. We just need you to read our key documents and some important information about this pension before you can apply.
Before you apply to transfer
You may be able to transfer from an existing registered pension plan into a new Aviva Pension. Before you continue, you should check that we can accept your pension and your current benefits. In the table below, we show when we won't accept a transfer and also highlight valuable benefits you could lose where we do accept a transfer – so make sure you check with your current provider.
By transferring, you may lose such benefits as:
- 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
If your existing pension is invested in a with-profits fund, a market value reduction could be applied when you transfer, which would reduce the value of your fund.
Please take the time to read these documents and save them for future reference. You should compare the features, charges and fund options of the Aviva Pension against your current policy to determine if transferring is the right decision.
Remember, there is no guarantee you will be better off by transferring.
If you've not already viewed our Aviva Pension page, head there to learn more about its features, charges and how it works.
Terms and conditions
Read our terms and conditions before applying for the Aviva Pension. We may make changes to this document from time to time. If we make changes after you have taken out an Aviva Pension, an updated copy will be provided in your MyDocuments folder in MyAviva.
This document contains information on everything from charges and risks, to minimum contribution details and general information.
Learn more about the services we provide, who regulates us and more details about our product offering.
External account providers and interest rate
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 Aviva Pension, the amount in the cash account will go down.
Things to remember
Before you continue with your application, please take note of the key details about this product:
- The minimum you can transfer into the Aviva Pension is £5,000 or £1,000 if you're making regular payments of at least £50 per month.
- The transfer process normally takes 3-6 weeks, depending on your current provider. The process itself is simple – you apply to transfer your pension online, so there's no need to send forms by post. You can also follow your progress using the transfer tracker in your online account.
- The annual Aviva Charge of no more than 0.4% is payable on all monies in the Aviva Pension. It is calculated daily and taken monthly from the cash account. Investments may be sold to cover a charge if cash in not available.
- Total charges are the Aviva Charge plus the fund manager charges for any funds you have selected. Information on fund charges can be found in the Key Investor Information Document.
Before you continue
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.
We also don't assess the suitability of the investment - meaning you won't receive the protection that applies when investments are subject to assessment - so make sure you're certain the Aviva Pension is right for you and you're aware of the risks before you apply. If you are not sure if the Aviva Pension is right for you then you should seek financial advice before going ahead. You may be charged for financial advice.
- The value of investments can go down as well as up. You may get back less than the amount that has been paid in.
- You should think of your investment funds as a medium to long-term investment for a period of at least 5 years.
- Please be aware that this is an investment product and isn't designed to hold cash in the long term.
- Once you have paid into your pension you can't normally access your funds until you're 55 (57 from 2028).
- There is no guarantee you will be better of 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.
- While the transfer is taking place you will be disinvested for a period of time i.e. out of the market for the time it takes to complete the transfer. This means you won't be impacted by any rise or fall in the price of investments during that time.
- 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 into.
- We don't charge you anything for opening and transferring to the Aviva Pension but there may be a charge from your existing pension provider.
What about tax?
- You don't get tax relief (Help?) 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.
- Your pension transfer will not be counted towards your annual allowance.
- You have an annual allowance (Help?) of £40,000, which may potentially reduce for high earners. If you invest more than this into your pension(s) in any one tax year, the excess will be taxed at your marginal rate (Help?) (although this can be offset with any unused allowance from the previous three tax years). Subject to the annual allowance (Help?)limit, tax relief (Help?)is given on up to 100% of your annual earnings or up to £3,600 if your annual earnings are below this amount.
- Flexibly accessing benefits from your pension will make you subject to the money purchase annual allowance (Help?) of £4,000.
- Information on taxation is based on our understanding of current UK legislation and practice. However, tax rules may change in the future and will depend on your individual circumstances.
We will always adhere to our 'best execution practices' as set out in our latest Order execution policy (PDF 153KB). What's more we also have a policy to prevent conflicts of interest (PDF 101KB)that might affect your investment. And if there's ever one we can't prevent we promise to let you know.
By continuing with this application you confirm that you've read our Fair Processing Notice (PDF 107KB), which explains how we share your data and what your rights are in relation to the personal information we use to process your application.
Ready to apply
You'll need a MyAviva account before you can apply. If you don't have a MyAviva account yet, registration is free and only takes a few moments.
- You must be a UK resident aged 18 or over to apply
- Make sure you have your National Insurance number at hand for the application process
- You'll need your existing plan number and a recent valuation to complete the transfer
If you're looking for help with your investment options, our financial advice support team can help you decide whether financial advice is right for you.
Still need some help? Just give us a call.
Monday to Friday: 8:00am - 6:30pm
Saturday: 8:30am - 12:00pm
For our joint protection telephone calls may be monitored and will be recorded and saved for a minimum of five years.
The maximum amount you can invest into defined contribution pensions each year and receive tax relief on – currently this is £40,000.
Individuals with income (including the value of any pension contributions) of over £150,000 and who have an income (excluding pension contributions) in excess of £110,000 will be subject to a tapered annual allowance. The rate of reduction in the annual allowance is £1 for every £2 of income over £150,000, up to a maximum reduction of £30,000.
Income Tax is split into bands and you pay different rates based on these bands. The marginal rate of tax is the highest rate of income tax you're liable to pay in a particular tax year from all your sources of income. Any increase in income may affect your marginal rate, meaning you could have more to pay. The Government sets the levels of tax rates on an annual basis and these may be different under rules for different parts of the UK.
When you pay into your pension, you get tax relief at the basic rate of tax (currently 20%) on contributions up to the greater of £3,600 and 100% of your annual earnings, subject to an overall maximum (annual allowance) of £40,000. So a monthly payment of £100 will only cost you £80 as the Government pays the other £20. We (Aviva) claim this for you and add it your pension savings - this is called 'relief at source'. If you pay tax at more than the basic rate, you will need to claim the extra relief through your annual tax return. Note that tax rules and allowances in different parts of the UK may differ.
Money Purchase Annual Allowance (MPAA)
If you take any taxable benefits (such as starting income drawdown, or taking a lump sum other than your tax-free cash) by flexibly accessing a defined contribution (money purchase) pension plan, you will be subject to a money purchase annual allowance of £4,000 yearly for all future contributions to defined contribution pension plans. You will still have an annual allowance of £40,000 in total, but no more than £4,000 of this can be used to contribute to defined contribution pension plans, with the remainder being available for other types of pension investment.
A defined contribution pension is where you, your employer or a third party like your spouse or civil partner can all make agreed contributions to your pension fund. By the time you retire, the size of the pension fund will depend on contributions made, length of time invested, investment returns and charges taken.
This is a pension scheme in which the members are entitled to a certain level of pension benefit. It is defined by a formula which uses the member's length of pensionable service in conjunction with their salary to help determine benefits upon retirement. A final salary pension scheme is probably the most common type of defined benefits pension scheme.
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.