Friends Life was once one of the UK’s largest pension providers, formed from the merger of brands like Friends Provident, AXA UK, and Bupa Life. In 2015, Friends Life was acquired by Aviva. Today, all Friends Life pensions are managed under the Aviva umbrella.
If you have a "Friends Life" statement in a drawer, your pension is now what is known as a legacy policy. As of 2026, many of these older schemes are being reviewed by savers who want to ensure their high annual fees or limited investment choices aren't hindering their retirement goals.
If you have an existing Friends Life pension or had one previously, get in touch below to explore all of your options with an independent financial adviser (IFA).
Get 100% independent pensions advice today
Our independent financial advisers have a deep working relationship with pension providers across the UK, including Friends Life.
Whether you want to transfer your pension to Friends Life or have an existing pension with then that you want to get the most out of, we can help.
The IFA's we work with can provide independent advice about pension transfers, reviews, drawdown, annuities and much more. Book your free initial consultation with them below:
Reviewing an Existing Friends Life Pension
Because Friends Life policies are older "ex-Friends Life" schemes, they often operate differently than modern SIPPs. A professional review of an existing policy is essential to check for:
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High Management Charges: Older policies often have "unbundled" or legacy fee structures that can be significantly higher than the 0.3%–0.5% rates common in 2026.
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Fund Performance: Many Friends Life pots are invested in "With-Profits" funds or older managed funds. While these offer some protection, they may have underperformed compared to modern global index trackers over the last decade.
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The "MyAviva" Migration: Most Friends Life customers can now view their details via the MyAviva app. A review ensures your digital access is set up and that your "Expression of Wish" (beneficiary) details haven't lapsed.
Transferring To and From Friends Life (Aviva)
Transferring OUT of Friends Life
Many people choose to move their Friends Life funds to a modern SIPP or their current workplace provider.
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The Process: Since Aviva now manages these, transfers are usually handled electronically through the Origo network, typically taking 2 to 3 weeks.
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The "Exit Fee" Warning: Historically, some Friends Life policies were notorious for high exit penalties (some reaching as high as 70% in extreme cases for very old policies). While the government has since capped exit fees for those over 55 at 1%, younger savers or those with specific "With-Profits" policies must check for Market Value Reductions (MVRs) before moving.
Transferring INTO Aviva
If you have a Friends Life pension, you can often consolidate other old pots into it through the Aviva platform.
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Consolidation Benefit: Bringing pots together can make your retirement easier to track, but you should only do this if the Friends Life/Aviva charges are lower than your other schemes.
Putting a Friends Life Pension into Drawdown
If your Friends Life policy is a "Money Purchase" (Defined Contribution) scheme, you can usually access it via Flexi-Access Drawdown once you reach age 55 (rising to 57 in 2028).
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Aviva SIPP Conversion: Often, to access modern drawdown features, Aviva may suggest moving your Friends Life funds into an Aviva SIPP. This allows you to take your 25% tax-free cash and set up a flexible income.
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The Hybrid Approach: You can choose to take some of the pot as a guaranteed income (annuity) and leave the rest invested for growth.
Alternatives to Drawdown
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Annuities: Since Aviva is a leader in the annuity market, they often provide competitive quotes for a guaranteed income for life.
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UFPLS (Lump Sums): Taking one-off payments directly from your pot without a formal drawdown setup.
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Small Pot Payments: If your Friends Life pot is under £10,000, you may be able to cash it out entirely under "small pot" rules.
Pros, Cons, and Customer Reviews (2025-2026)
The Pros
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Aviva Stability: Your money is now held by a FTSE 100 giant with massive financial strength.
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Digital Access: Use of the highly-rated MyAviva app to track your legacy funds.
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Consolidation: Easy to merge other pots into the Aviva ecosystem.
The Cons
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Legacy Fee Drag: Some older Friends Life funds carry "hidden" charges or higher AMCs than modern equivalents.
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Exit Penalties: Older "With-Profits" funds may still apply charges if you leave at the "wrong" time in the market cycle.
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Complexity: Dealing with "ex-AXA" or "ex-Sun Life" paperwork within the Friends Life brand can be confusing.
What Customers are Saying
"I finally tracked down my old Friends Provident pot. It was now with Aviva, and the app made it easy to see, though I found the charges were double what I pay on my new workplace scheme." — Trustpilot Review, Jan 2026
"Transferring out was surprisingly fast. Aviva handled the request from my new provider in about 10 days, and I didn't get hit with any exit fees as I'm over 55." — Member Feedback, Nov 2025
How Our IFA Service Can Help
At Money Helpdesk, we specialise in connecting you with Independent Financial Advisers (IFAs) who can perform a "deep dive" into legacy Friends Life policies.
Our IFA partners provide:
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Exit Penalty Analysis: We calculate exactly what it will cost you to leave, ensuring you don't lose more in fees than you gain in a new scheme.
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Guaranteed Benefit Check: Some Friends Life policies have "Guaranteed Annuity Rates" (GARs) that are much higher than today's market rates. If you transfer out, you lose these forever. Our IFAs ensure these are protected.
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Whole-of-Market Comparison: We compare your Friends Life performance against the best providers in 2026 to see if a switch is truly beneficial.
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Tax Optimisation: Ensuring your withdrawals are structured to stay within the 20% tax bracket.
Get started here to begin a free, no-obligation chat with an independent financial adviser about your options if you had, or previously held, a Friends Life pension.