You don't have to move it.
Go to walmart, get a few sheets of 1"
pr 2" thick styrofoam and a can of paint the color you like. Take the old housing off, glue the sheets into a little house, cut some vents in the sides, and you are done. The styrofoam is cheap, and will absorb the noise. It is water proof as well. If it does not reduc ethe noise enough, put sheets around the pump inside the house as baffles so the noise has to go over it and back down to escape. Some sheds can act like speakers and make the noise worse.