Aviva workplace pension part transfer to Interactive investor

CRAIGEMMA

I am considering switching my workplace fund to my SIPP to save on cost. I am just unsure if I am missing anything. Aviva have been hopeless when asking anything and simply in end sent me a form.

With me already paying £12.99pm for the fund in ii (which is identical to my aviva workplace supermarket fund) it seems a no brainer to save 0.2%.

The 3 options I have from aviva are 1) close it which i wont do. 2) transfer 95% and leave open for future contributions which I do monthly with my employer or 3) transfer it all and leave open for future contributions. 

Option 2 sounds like a plan as worried they will mess up option 3 with 1 !

I did ask about if they sold in segments as seen someone mention this years ago but had zero reply on it and none of the paperwork refers to it. 

With £200,000 in it im thinking I am paying 0.2 on this for nothing as ii is a flat fee which I already pay.. 

Am I missing anything or is it as simple as this and does it just transfer over or do they sell it and re invest. 

bolwin1

I move money from my workplace pension every 6-12 months or so for the reasons you suggest (plus there's a better range funds in my SIPP). I also aim to move about 95% of funds each time. Ask if you can move the funds 'in specie' which means they are transferred over without them being sold for cash & reinvested. This way you are not out of the market, so won't miss out if it goes up. 

bolwin1

One other comment, the transferred is initiated from the receiving scheme, so in your case ii. You should see the option to move the funds in specie on the relevant ii form. Aviva will send you a form to complete to authorise the transfer after they receive it from ii, this may come directly from Aviva, or via ii. 

dunstonh

With me already paying £12.99pm for the fund in ii (which is identical to my aviva workplace supermarket fund) it seems a no brainer to save 0.2%.

If you are out of the market for say 7-10 days, then it could cost you a lot more than 0.2%.

I did ask about if they sold in segments as seen someone mention this years ago but had zero reply on it and none of the paperwork refers to it. 

That was on an ex Friends Life plan rebranded to Aviva.   Thre are some plans with segments on the ex CGNU side but they are far less common.

 Aviva will send you a form to complete to authorise the transfer after they receive it from ii, this may come directly from Aviva, or via ii. 

Aviva use Origo and there shouldn't be any forms if the receiving scheme also uses Origo.   If ii don't use origo then it can be better to get the discharge forms up front to avoid delay.

Ask if you can move the funds 'in specie' which means they are transferred over without them being sold for cash & reinvested.

Aviva life and pension funds cannot be moved in-specie.  Only UT/OEICs/ITs/ETFs shares etc can be and you would need to be on the Aviva SIPP to access those.  

ali_bear

A fee of 0.2% is low. 

I just did a partial transfer out of an Aviva workplace scheme to HL, it was quick and easy. 

CRAIGEMMA

dunstonh said:

With me already paying £12.99pm for the fund in ii (which is identical to my aviva workplace supermarket fund) it seems a no brainer to save 0.2%.

If you are out of the market for say 7-10 days, then it could cost you a lot more than 0.2%.

I did ask about if they sold in segments as seen someone mention this years ago but had zero reply on it and none of the paperwork refers to it. 

That was on an ex Friends Life plan rebranded to Aviva.   Thre are some plans with segments on the ex CGNU side but they are far less common.

 Aviva will send you a form to complete to authorise the transfer after they receive it from ii, this may come directly from Aviva, or via ii. 

Aviva use Origo and there shouldn't be any forms if the receiving scheme also uses Origo.   If ii don't use origo then it can be better to get the discharge forms up front to avoid delay.

Ask if you can move the funds 'in specie' which means they are transferred over without them being sold for cash & reinvested.

Aviva life and pension funds cannot be moved in-specie.  Only UT/OEICs/ITs/ETFs shares etc can be and you would need to be on the Aviva SIPP to access those.  

Thank you its actually a vanguard fund i have so hopefully be ok!

MetaPhysical

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

CRAIGEMMA

MetaPhysical said:

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

Why cash? Was it because of fund you were in

MallyGirl

CRAIGEMMA said:

MetaPhysical said:

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

Why cash? Was it because of fund you were in

That is the likely reason. I have transferred several old pensions to II in the past - the cash ones were really quick and the in-specie ones were definitely not. One took about 3 months and a lot of chasing. I am about to do another transfer (from L&G) and it will be as cash as I wouldn't choose the same funds, even if they were offered by ii, when I have the whole market to choose from.

bjorn_toby_wilde

MallyGirl said:

CRAIGEMMA said:

MetaPhysical said:

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

Why cash? Was it because of fund you were in

That is the likely reason. I have transferred several old pensions to II in the past - the cash ones were really quick and the in-specie ones were definitely not. One took about 3 months and a lot of chasing. I am about to do another transfer (from L&G) and it will be as cash as I wouldn't choose the same funds, even if they were offered by ii, when I have the whole market to choose from.

If they WERE offered by II then would you transfer in specie?

My thinking is that it would be quick and easy to sell the unwanted fund once it was transferred into II and buy another fund as opposed to the potential to be out of the market for much longer whilst L&G sell your funds and transfer the cash to your II account.

Notepad_Phil

bjorn_toby_wilde said:

MallyGirl said:

CRAIGEMMA said:

MetaPhysical said:

I fully transferred out of Aviva to II in May because of the costs of Aviva. It took about a week and had to be done in cash from Aviva where I selected my investments when inside the II SIPP.  I have never looked back since.

Why cash? Was it because of fund you were in

That is the likely reason. I have transferred several old pensions to II in the past - the cash ones were really quick and the in-specie ones were definitely not. One took about 3 months and a lot of chasing. I am about to do another transfer (from L&G) and it will be as cash as I wouldn't choose the same funds, even if they were offered by ii, when I have the whole market to choose from.

If they WERE offered by II then would you transfer in specie?

My thinking is that it would be quick and easy to sell the unwanted fund once it was transferred into II and buy another fund as opposed to the potential to be out of the market for much longer whilst L&G sell your funds and transfer the cash to your II account.

Me too - and if a cash transfer is the only method then I'd do the transfer as multiple partial transfers so that the entire pot does not get hit if there are any large market gyrations during a transfer.