Thinking of transferring my Aviva pension. Is it worth me doing this at 58, or leave it where it is?

[SallyRedCoat]

Hi there

I’m looking at shaking up my finances a bit, and was thinking of transferring my Aviva pension over to somewhere popular like Fidelity or AJ Bell.

I’m 58 and have already began to access my pension drawdown from Aviva, and I’m wondering if I’d be daft to transfer now, or should I leave it where it is.

The fund I’m in with Aviva is a multi asset fund between medium and high risk, Aviva Investors Multi Asset Plus IV 9 Acc, and I was thinking of transferring to a SIPP drawdown instead.

Also, are there any funds in Fidelity or AJ Bell that are worth putting my money in if I go ahead?

Any recommendations, or advice welcome.

What objective are you hoping to achieve by moving away from Aviva?

Have you looked at what alternative fund choices are available within your current product?

Thinking of transferring away as well. Similar age and returns have been rubbish on it over last 5 years.

Still - need to be careful you are not going from the frying pan to the fire. Either provider has a huge range of funds. I personally think a passive tracker fund is as good as any. As diversified as possible. But a lot depends on your attitude to risk and how much income you will need to take out of the fund.

The decision to transfer your pension at 58, especially after starting drawdown, can be complex. Before making any moves, it’s crucial to consider a few key points.

First, you’ll want to compare the costs between Aviva and your potential new provider (like Fidelity or AJ Bell). Check for any exit fees from Aviva, as well as ongoing fees in the new SIPP. If the new provider offers lower fees, it could make the transfer worthwhile, but be sure to factor in any short-term costs.

Next, consider the investment options. Your current fund, the Aviva Investors Multi Asset Plus IV, balances medium to high risk. When moving to a SIPP, you'll need to actively manage or select funds that suit your risk tolerance and financial goals, especially with retirement likely being a focus now. Fidelity and AJ Bell do offer strong investment options, but make sure they have funds that align with your strategy. If you’re not comfortable with hands-on management, moving might not be ideal unless you’re seeking professional advice.

Lastly, consider the timing. At 58, the impact of a market downturn on your pension could be significant since you're already drawing from it. If your Aviva fund is performing well and meeting your needs, it may make sense to leave things as they are, but again, this is something a financial advisor could help assess based on your personal situation.

I’d recommend speaking with a financial expert before making a decision, as they'll be able to guide you through these considerations based on your individual needs