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Transfer from Aviva to II
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Pat38493 I have today submitted my own transfer from Aviva to Fidelity. Like yours, it's an F12345/67 style policy number administered out of Salisbury. We'll see what happens. I'll update this thread with progress and we can compare notes.
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II have replied to my message saying that my transfer form needs to be amended to cash only - I think I clicked cash and investments before on the logic that they would have to tell Aviva to sell the investments, otherwise they would be transferring zero cash.Aviva only have one pension type that allows inspecie transfers and they don't need discharge forms either.
With life & pensions contracts (i.e. insurance company using insured funds) you don't tell the provider to sell to cash. Its a given as they don't have a cash account.
What you appear to have going on is that II are telling you what they think may be needed rather than telling you what is actually needed.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
dunstonh said:II have replied to my message saying that my transfer form needs to be amended to cash only - I think I clicked cash and investments before on the logic that they would have to tell Aviva to sell the investments, otherwise they would be transferring zero cash.Aviva only have one pension type that allows inspecie transfers and they don't need discharge forms either.
With life & pensions contracts (i.e. insurance company using insured funds) you don't tell the provider to sell to cash. Its a given as they don't have a cash account.
What you appear to have going on is that II are telling you what they think may be needed rather than telling you what is actually needed.0 -
Just to update on this and the time it is taking so far....
I today received a package of documents by email from Aviva with a discharge form and various other forms and instructions - quite quick as it is less than 3 business days since I originally kicked off the whole process.
Also - within the details of the instructions papers from Aviva, it does mention that if the receiving scheme supports Origo, they may be able to proceed without any of this paperwork. Therefore based on the current feedback from II, I am just going to wait.
It seems like the value of my Aviva scheme which is invested in "Mercer Growth / Balanced Risk FP" has gone down quite a bit in the last week, just by my bad luck. I am not sure if it is caused mainly by bonds/gilts on the slide again or equities. If it's the former I will be crystalizing losses as I am probably going to invest this in a 100% equities in II.0 -
@Pat38493. My update on Aviva to Fidelity transfer. I had a text from Fidelity this morning saying that they've confirmed details with Aviva and now sent the request to Aviva to start the transfer. My Aviva pension is now inaccessible online so judging from past comments in this thread it seems like the transfer is well under way. I haven't been asked to complete any forms so it may even show up this week. @dunstonh mentioned that he'd submitted transfer requests on a Monday and seen them complete on a Thursday so maybe I'll get similarly lucky
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MoneySavingGerbil said:@Pat38493. My update on Aviva to Fidelity transfer. I had a text from Fidelity this morning saying that they've confirmed details with Aviva and now sent the request to Aviva to start the transfer. My Aviva pension is now inaccessible online so judging from past comments in this thread it seems like the transfer is well under way. I haven't been asked to complete any forms so it may even show up this week. @dunstonh mentioned that he'd submitted transfer requests on a Monday and seen them complete on a Thursday so maybe I'll get similarly lucky0
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@Pat38493. My pension cash transfer arrived with Fidelity today. So a week from start to finish and far quicker than my expectations. Many thanks to the comments from @dunstonh in this thread. Without reading those I would have assumed I needed to sell the Aviva investments and have them in cash before starting the transfer. They also helped with picking the correct Aviva office which might have helped the transfer go smoothly.
Now I need to reinvest it, but given the mini rally that's going on I might invest 50% now and hold 50% back, but is timing the market ever a good idea....
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MoneySavingGerbil said:@Pat38493. My pension cash transfer arrived with Fidelity today. So a week from start to finish and far quicker than my expectations. Many thanks to the comments from @dunstonh in this thread. Without reading those I would have assumed I needed to sell the Aviva investments and have them in cash before starting the transfer. They also helped with picking the correct Aviva office which might have helped the transfer go smoothly.
Now I need to reinvest it, but given the mini rally that's going on I might invest 50% now and hold 50% back, but is timing the market ever a good idea....
My cash arrived in the II cash account this morning, so quicker than I was expecting0 -
Holy thread revival....
I do not think my company default Aviva fund - risk rating 4/7 - is performing well enough. It's a rebadged Black Rock mix of global equities and shares with 25% in the UK. It achieved 7.4% Jan 24-Dec24 and 9% Jan23-Dec23. I don't think that is at all good. I'm 18 months from retirement, I do have a steady-as-she-goes approach, I don't want to be at the cutting edge but not in the growth weeds equivalent of cash either. I have some DB pensions to the tune of £30k per year and this DC pot with Aviva is worth £600k. I'd have expected better than the percentages I quoted considering this is a 4/7 risk rated fund. I am aiming for a £25-30k income from that pot (on top of my DB) and I am currently 57. I'd appreciate your thoughts on that Aviva fund. Do you think that isn't that bad??
My employer will only transfer by SalSac pension to Aviva so I need to keep that open whilst payment from salary, employer contribution, tax relief all go into that Aviva pot for the next two years - and I max out my 60k allowance. My employer will not agree to SalCac into anything other than Aviva. However, I am considering the move of the majority of that Aviva pot to II with something like a Vanguard 60 Lifestategy - another 4/7. I don't want to be all equities so I accept a bit of drop off in performance as a result.
When you request a pension transfer from II - if I indeed go ahead with this - can II request only a proportion of the money from Aviva and not the whole lot thereby leaving the Aviva pot open? I do nit want the Aviva pension closed down for the reasons mentioned.
Maybe this should be another thread.....
Many thanks in advance!0 -
MetaPhysical said:Holy thread revival....
I do not think my company default Aviva fund - risk rating 4/7 - is performing well enough. It's a rebadged Black Rock mix of global equities and shares with 25% in the UK. It achieved 7.4% Jan 24-Dec24 and 9% Jan23-Dec23. I don't think that is at all good. I'm 18 months from retirement, I do have a steady-as-she-goes approach, I don't want to be at the cutting edge but not in the growth weeds equivalent of cash either. I have some DB pensions to the tune of £30k per year and this DC pot with Aviva is worth £600k. I'd have expected better than the percentages I quoted considering this is a 4/7 risk rated fund. I am aiming for a £25-30k income from that pot (on top of my DB) and I am currently 57. I'd appreciate your thoughts on that Aviva fund. Do you think that isn't that bad??
My employer will only transfer by SalSac pension to Aviva so I need to keep that open whilst payment from salary, employer contribution, tax relief all go into that Aviva pot for the next two years - and I max out my 60k allowance. My employer will not agree to SalCac into anything other than Aviva. However, I am considering the move of the majority of that Aviva pot to II with something like a Vanguard 60 Lifestategy - another 4/7. I don't want to be all equities so I accept a bit of drop off in performance as a result.
When you request a pension transfer from II - if I indeed go ahead with this - can II request only a proportion of the money from Aviva and not the whole lot thereby leaving the Aviva pot open? I do nit want the Aviva pension closed down for the reasons mentioned.
Maybe this should be another thread.....
Many thanks in advance!
You would need to check with Aviva whether they allow partial transfers out. If they don’t, you can’t really transfer it out until you stop working (unless you leave the scheme, transfer out, and then rejoin again, but this could have other consequences like loss of death in service benefits for a period of time - check with your employer).
If they do allow partial transfers then you would just initiate the transfer with II and there is an option to say you are doing a partial cash transfer and you can put down how much you want to transfer out. You would need to check with Aviva if you need to sell enough money to cash yourself before doing this, or if they would do it for you.1
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