Aviva Pension transfer to Scottish widows

Nowherefast

Hi all i currently have a Aviva Workplace pensions funds from my previous employer which has under £400 in, I am Currently with Scottish widows Pension in current workplace scheme which has larger funds in is it worth moving over the Aviva funds in to Scottish widows funds, Is it a straightforward process without any loss? TIA

El_Torro

Check with both providers but there shouldn’t be any cost in doing this. You need to ask Scottish Widows to make the transfer, hopefully you can do it on their website without having to phone them.

dunstonh

Is it a straightforward process without any loss?

In most cases no loss but you will be out of the market for about a week.  So, you may lose or gain in those few days (statistically, more likely to lose than gain but you never know in advance)

Nowherefast

dunstonh said:

Is it a straightforward process without any loss?

In most cases no loss but you will be out of the market for about a week.  So, you may lose or gain in those few days (statistically, more likely to lose than gain but you never know in advance)

As I no longer pay into the Aviva pension and gains on this one is very small just thinking it would be better to move it to the SW pension where I have larger funds in.

dunstonh

Nowherefast said:

dunstonh said:

Is it a straightforward process without any loss?

In most cases no loss but you will be out of the market for about a week.  So, you may lose or gain in those few days (statistically, more likely to lose than gain but you never know in advance)

As I no longer pay into the Aviva pension and gains on this one is very small just thinking it would be better to move it to the SW pension where I have larger funds in.

For people that change jobs often, it is quite popular for them to keep a retail individual pension and transfer each workplace scheme to that when they leave.     These are often cheaper than basic workplace schemes.  Alternatively, they keep a very well priced workplace pension and transfer old lower-quality schemes into that.

Aviva could be better than SW.  And it may be that you should do it the other way around once you leave this employment.

Nowherefast

dunstonh said:

Nowherefast said:

dunstonh said:

Is it a straightforward process without any loss?

In most cases no loss but you will be out of the market for about a week.  So, you may lose or gain in those few days (statistically, more likely to lose than gain but you never know in advance)

As I no longer pay into the Aviva pension and gains on this one is very small just thinking it would be better to move it to the SW pension where I have larger funds in.

For people that change jobs often, it is quite popular for them to keep a retail individual pension and transfer each workplace scheme to that when they leave.     These are often cheaper than basic workplace schemes.  Alternatively, they keep a very well priced workplace pension and transfer old lower-quality schemes into that.

Aviva could be better than SW.  And it may be that you should do it the other way around once you leave this employment.

The SW Pension i have is a DC one where employer is putting in 10% and i am matching it  the AVIVA pension is called series 6 av mffocgrowth s6 which I’m not too sure of the contributions etc.

Albermarle

Nowherefast said:

dunstonh said:

Nowherefast said:

dunstonh said:

Is it a straightforward process without any loss?

In most cases no loss but you will be out of the market for about a week.  So, you may lose or gain in those few days (statistically, more likely to lose than gain but you never know in advance)

As I no longer pay into the Aviva pension and gains on this one is very small just thinking it would be better to move it to the SW pension where I have larger funds in.

For people that change jobs often, it is quite popular for them to keep a retail individual pension and transfer each workplace scheme to that when they leave.     These are often cheaper than basic workplace schemes.  Alternatively, they keep a very well priced workplace pension and transfer old lower-quality schemes into that.

Aviva could be better than SW.  And it may be that you should do it the other way around once you leave this employment.

The SW Pension i have is a DC one where employer is putting in 10% and i am matching it  the AVIVA pension is called series 6 av mffocgrowth s6 which I’m not too sure of the contributions etc.

Presume there no contributions to the Aviva one anymore ?

You need to keep the SW one as probably your employer will not pay into any other one.

However do not confuse the fact that the Aviva one is so small that it makes it a poorer pension. For example it might have a better website, more funds to choose from, better customer service ( SW are very poor in this area at the moment anyway) . So one day if you leave your current employer, you might be better off transferring the bigger pension into the smaller one. PLus with a new job you will probably have a different provider again, so situation may change.

In fact what really matters with pensions, is how much you put in and how they are invested.

Nowherefast

Albermarle said:

Nowherefast said:

dunstonh said:

Nowherefast said:

dunstonh said:

Is it a straightforward process without any loss?

In most cases no loss but you will be out of the market for about a week.  So, you may lose or gain in those few days (statistically, more likely to lose than gain but you never know in advance)

As I no longer pay into the Aviva pension and gains on this one is very small just thinking it would be better to move it to the SW pension where I have larger funds in.

For people that change jobs often, it is quite popular for them to keep a retail individual pension and transfer each workplace scheme to that when they leave.     These are often cheaper than basic workplace schemes.  Alternatively, they keep a very well priced workplace pension and transfer old lower-quality schemes into that.

Aviva could be better than SW.  And it may be that you should do it the other way around once you leave this employment.

The SW Pension i have is a DC one where employer is putting in 10% and i am matching it  the AVIVA pension is called series 6 av mffocgrowth s6 which I’m not too sure of the contributions etc.

Presume there no contributions to the Aviva one anymore ?

You need to keep the SW one as probably your employer will not pay into any other one.

However do not confuse the fact that the Aviva one is so small that it makes it a poorer pension. For example it might have a better website, more funds to choose from, better customer service ( SW are very poor in this area at the moment anyway) . So one day if you leave your current employer, you might be better off transferring the bigger pension into the smaller one. PLus with a new job you will probably have a different provider again, so situation may change.

In fact what really matters with pensions, is how much you put in and how they are invested.

Hi Yes no Contributions into the Aviva one since 2013 ,

My Current one is SW DC pension through the company i am with now .

So it is better to leave the Aviva Pension as it is and not to transfer those funds into the SW one?

Albermarle

It would save some paperwork, but I suggest first have a good play around on their websites and see if you prefer one to the other.

Nowherefast

Albermarle said:

It would save some paperwork, but I suggest first have a good play around on their websites and see if you prefer one to the other.

As far as I know my SW DC pension is one my Employer is fixed with so I think that will have to stay as it is , It’s a small amount of funds in the Aviva pension under £400 so I guess I will just leave it as it is for now .