Pension Transfer
Transferring to Wealthify is simple, but to ensure you’re getting a pension that’s right for you, there are a few things to check:
✓ Fees: At Wealthify, there's a low annual management fee of 0.6% for balances below £100,000 — dropping to just 0.3% for any portion above that. Please understand how your current fees compare with ours.
✓ Charges: We don’t charge you for transferring to or from Wealthify. However, always check to see whether your existing pension provider has an exit charge.
✓ Benefits: Check you won't lose features such as loyalty bonuses.
ⓘ You can usually find this information on your existing statements, online account, or over the phone.
Other things to know:
- In your interest, we can't accept transfers of pensions with safeguarded benefits such as Defined Benefit pensions, those with a guaranteed income, or those where you can get more than your 25% tax free cash.
- We can’t accept transfers from pensions you’re already taking an income from.
- While the transfer takes place, your pension will be ‘out of the market’, as your existing provider needs to sell your investments before transferring it as cash.
- Combining two or more pensions doesn’t guarantee more money in retirement and investment performance is never guaranteed.
Capital at risk. The tax treatment of your investment will depend on your individual circumstances and may change in the future.
OUR AWARDS CABINET
We're really proud of all the awards we've won since launching in 2016; not because we enjoy the recognition, but because it means we're doing something right (and that our customers are happy). These awards also help spread the word about Wealthify — meaning other people can start enjoying it, too!
Why transfer your pensions to Wealthify?
- Hassle-free transfer: all you need to do is just tell us a few basic details about the pension you'd like to transfer to us, then we'll do the rest for you.
- Low fees: Wealthify has a simple annual management fee (0.6% per year up to £100,000, dropping to just 0.3% for any portion above that) but we don't charge you to deposit money, transfer or close your Plan.
- Risk levels that suit you: we build your Pension Plan based on your attitude to risk, with five different investment styles available, from Cautious to Adventurous.
- No investing experience needed: our investment experts set up and manage your pensions for you, making sure you're on track to reach your retirement goals.
- Ethical Plans: transfer your pensions to us and choose an Ethical investment theme to invest in organisations committed to having a positive impact on society and the environment.
- All your pensions in one place: you can do this by consolidating pensions.
- Instant government top-up: Once transferred, Wealthify automatically adds the 25% government top-up to all new contributions you make to your pension, giving you one less thing to worry about.
How to transfer your pension
Set up your account
Use our simple Pension Plan creator to see how much your pension could be worth when you reach your retirement age.
Tell us a few details about yourself to help us create your account. We will help assess your suitable risk level based off a few suitability questions.
Enter pension details
We will need your existing pension provider name, account reference number, and the approximate value of your pension.
You can transfer one at a time, or add multiple if you are looking to consolidate pensions.
Leave it to us
Simply authorise the pension transfer to allow us to contact your existing pension provider, to transfer your pension's current cash value ready for us to invest into your new Wealthify Pension Plan.
The transfer process usually takes 2-6 weeks.
Can I combine my pensions?
You may have several pensions with different providers, which can happen when you change jobs and leave an old workplace behind. Combining these old pensions together with one provider is known as pension consolidation.
Consolidating all your pensions can help give you more control over your retirement, by making it easier to keep track of your pension pot. Different providers have their own rules and fees, so having all your pensions together in one place can make it easier to manage.
Thankfully, combining your pensions with Wealthify is easy! Just let us know which pensions you want to combine, and we'll bring them all together into your Wealthify Pension. (Yes, it really is as straightforward as that!)
With investing, your capital is at risk. The tax treatment of your investment will depend on your individual circumstances and may change in the future.
Secure
Your log-in details will be kept secure and never shared with anybody else.
Supported
Strength
Wealthify is owned and backed by Aviva: one of the UK's largest financial institutions.
Pension Transfer FAQS
Transferring your old pensions is easier than you might think – all we need to know is who your old providers are, reference numbers , an estimated value, and your permission to get in touch with your old providers regarding your pensions. You can usually find this information on your latest pension statement. We’ll do the rest and consolidate them into your Wealthify Pension.
If you’re an existing customer, simply head to your Dashboard and use the ‘transfer in’ button on your home screen.
No, it is free to transfer your pension(s) into Wealthify. Your old provider may charge exit fees or transfer fees, so you may want to check this with them before you go ahead.
You can transfer most types of pensions to Wealthify, apart from:
- Pensions with a defined benefit (DB), guaranteed annuity rate (GAR), guaranteed minimum pension (GMP), or final salary promise;
- Pensions with protected benefits such as Protected Tax-Free Cash, or Protected Pension Age;
- Pensions you’re already taking an income from;
- Overseas pensions, including Qualifying Recognised Overseas Pension Schemes (QROPS);
- Crystallised plans.
Please note we can only accept defined contribution plans that have no safeguarded benefits or guarantees.
In the majority of cases, no. We can begin a pension transfer on your behalf without you needing to do anything. However, things happen, and if your old provider objects or needs further confirmation, then we’ll get in touch to let you know what’s needed.
We don’t charge you anything to transfer, but your old provider may charge exit fees or transfer fees, so you may want to check this with them before you go ahead.
No, unfortunately, we’re not able to accept pensions that are already in payment or if you’ve already taken income from.
How your pension is invested
We invest your money using passive and active investments funds from leading providers to build your Plan.
These funds contain a collection of investments – including shares, bonds, commodities and other investments, giving you a low-cost way to build a diversified investment Plan.
Even though the mix of funds will change over time, our team of experts optimise your Plan regularly, keeping it on track and in line with your chosen investment style.
Strength in depth
We’re backed by Aviva, one of the UK’s largest financial services institutions which has looked after British consumers for more than 325 years.
Wealthify operates independently but Aviva own a majority shareholding, which means you get the best innovation in smart simple investing together with the security of knowing that we’re here to stay and operate to the highest standards.
Aviva’s investment in Wealthify allows us to achieve all the things we always wanted to, but at an accelerated pace and with greater confidence.
Pensions tips and insights
"When we’re younger, most people don’t give much thought to pensions and retirement. Stop and think though, because a pension is an investment in YOUR future self to live the lifestyle YOU want beyond work. It’s your reward for a lifetime of effort and discipline — your financial freedom in later life.
The great thing about investing in a pension early, is time. Time is your friend, as it allows your pension plan to navigate the inevitable highs and lows of the stock market, giving it a long enough to benefit from the magic of compounding, too. Crucially, time unlocks the key to successful investing: staying the course and staying invested in the market.
So, with that in mind: start early, pay yourself first — and retire on your terms."
Blogs and articles
Read the latest from our experts to help you understand pensions, including how to find a lost one — and why having them all in one place could be right for you.
