The answer to that depends very much on your personal circumstances and what you want from your pension.
Aviva's Pension Portfolio is a self-invested personal pension, with access to over 2,000 funds, stocks and shares, structured products, investment trusts and commercial property.
Pension Portfolio offers you:
- the flexibility to deal with your changing lifestyle
- a transparent and simple pension
- a range of investment and income options.
Are you eligible for Pension Portfolio?
To be eligible for Pension Portfolio, you must be:
- eligible for tax relief on your pension payments, and
- resident in the UK.
You're classed as resident if you live in the UK all or most of the time. If you're not sure, you can ask your local tax office.
You may also be eligible if either you or your spouse or civil partner works overseas for the UK government.
Pension Portfolio may be the right pension plan for you if you want:
- to make regular payments each month of at least £100, including tax relief
- to make an initial or transfer payment of £5,000 (dropping to £1,000 if you also make regular payments)
- to be able to top up for payments with additional lump sums of at least £1,000
- the flexibility to stop, start or change your payments with no penalties
- tax relief on your payments
- access to a wide choice of investment funds
- to pay for the level of investments that you need instead of investment options you'll never use
- to choose how and when you take your benefits when you retire.
Pension Portfolio may not be the right pension plan for you if:
- you can't commit to making regular payments of at least £100 a month or an initial or transfer payment of £5,000 (both after tax relief)
- you might need access to your money before you retire
- you're not willing to accept any risk of your investment falling in value
- your employer has a company pension you can join. You should always consider your employer's scheme first.We recommend that you discuss this with your adviser.
Tax law may change in the future. The tax relief you receive will depend on your personal circumstances.
What's the next step?
The next step is to talk it through with your financial adviser to make sure it's the right plan for you. If you don't have an adviser, you can find one in your area at www.unbiased.co.uk.