Can I transfer my pension to another person?

Pensions are designed to give you an income in retirement and there are strict pension rules which need to followed, so they aren’t easily transferrable like a bank account balance. This means you can’t transfer your pension to another person.

However, it is possible to nominate people who you wish to receive your pension death benefits on your death. If you have named any beneficiaries they will be taken into account when the pension scheme trustees exercise their decision as to who the death benefits will be paid to.

In the UK, you can't transfer your pension to someone else while you are alive.

You can nominate a loved one, including family members, spouses or friends as a beneficiary of your pension  to be considered for any death benefits after you've gone. 

In a divorce or at the end of a civil partnership, pensions may be considered a shared asset. A pension sharing order could mean that part of your pension is transferred to your partner as part of any settlement. 

It's important to get legal advice to understand how your pension could be affected during a divorce or separation.

If you're looking for a new home for your pension instead, many of them can be moved to a different pension provider. 

The value of your pension can fall as well as rise, and you may get back less than has been invested. 

Before transferring, check any charges, investment choices and valuable benefits you may lose.

Here are some the types that can be moved:

Personal pensions

Personal pensions can be transferred from one provider to another. This gives you the freedom to find different investment options or lower management fees.

If you’re looking for a new personal pension, you might be interested in an Aviva self-invested personal pension. We make it easy to transfer your pension to a new or existing Aviva pension.

Be aware that transferring can incur fees or financial penalties. This depends on your current scheme's terms and conditions.

The value of your pension can also go down as well as up, so you could get out less than you put in.

Workplace pensions

Like personal pensions, workplace pensions can usually be transferred to another pension scheme, such as a personal pension or a new employer's workplace pension, but it is worth checking with your employer based on their policy. This is useful if you’re changing jobs or want to consolidate your pensions. Our find and combine pension consolidation service can find your old and existing workplace pensions for you and consolidate them into a new or existing Aviva pension.

Transferring a pension can have some tax implications.

• While not a direct tax, pension providers may charge a fee for transferring out, which can impact the amount you finally transfer.
• Transfers and changes to your pension(s) could affect your pension’s inheritance tax benefits.

Taxation will depend on your personal circumstances and may be subject to change.

Whether to transfer a pension is a complex financial decision. If you’re unsure, you should talk to a financial adviser about the financial risks and implications.