Pensions Explained
To afford the lifestyle you want when you retire, you need to do something about it today - the buts stop here. It may be tempting to say, "But retirement is a long way off", yet it's never too early to start investing in order to protect your future. To find out more, read our 'Pensions Guide' section by clicking 'Open Guide'. Once you have read that, why not view our 'What is a Pension?' video, presented by Lisa, our online guide.
Pensions guide
Our easy overview introduces you to the basics of pensions, provides information on the products available and gives you helpful hints on things to consider.
Action plan
It's never too early to start planning for your retirement. You can take small, practical steps to work out what position you're in now and what you need to do next. Every month of every year that goes by without you sorting out your pension arrangements could make a big difference to your financial security during your retirement.
Things you need to consider
Here are a few things you need to think about, so you can start laying the groundwork for financial security during your retirement:
- How much are your pension arrangements worth now? You should contact your pension provider to find out how much your pension is worth now. If you don't have a pension, you can use the value of the state pension as a guide.
- Will your employer match your payments? Talk to your employer and find out how much they are willing to pay into your pension plan.
- How much can you afford to pay in regularly? Our budget calculator can help with this.
- Does your partner have their own pension? If the answer's no, it may be more important that you make arrangements for both of you.
- When do you hope to retire? The age you take your benefits will greatly affect how much money you should be investing. The earlier you intend to retire, the more money you will have to invest now. Don't forget that you will also receive tax relief on your payments into your pension plan, boosting your fund further. Tax rules may change in the future, but for now the Government will be topping up your pension fund.
Start now
You deserve a comfortable retirement where you don't have to worry about getting by on a state pension and other benefits. By acting now to sort out your pension arrangements, you're taking the first step to a retirement you can really enjoy.
- What is a pension?
- Why have a pension?
- How do I fund my retirement?
- Personal pensions
- What are funds?
- What can I do with my funds?
- What happens if I change jobs?
- What if my marital status changes?
- Can I retire early?
- Company pensions
- What about the state pension?
- So what's the state second pension?
- What are pension credits?
- Can I get a state pension forecast?
- Action plan
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Learn more with the 'What is a pension?' video
In this unique video guide, Lisa helps you to fully understand what a pension is all about. Please remember that this is based on our current understanding of pension rules which may change in the future.
As a pension plan is a long term investment, you need to be aware that the value of your investment can go down as well as up and the value of your/the pension fund may be worth less than has been invested.
Non-javascript users or those with slow connections can view the full transcript here (PDF 30KB).
Pension Tracker via My Account
Pension Tracker is an exciting way for you to take control of your Aviva pension plan. It's an online service that helps you manage your pension arrangements any time that suits you, much as you can with internet banking.
Let us help you sort out your finances
Again if your response is, "But I don't really understand how to plan my finances better", we're here to help. It's all about getting the information you need to make the right decisions. Our tools and calculators can help you get to grips with your finances and plan for the future.
Pension calculator
See whether you're on track to fund the retirement you want.
What Next?
Now you've learnt more about pensions, you can compare the features of Aviva's pension plans, or apply for your chosen option:
Stakeholder Pension
You can start a Stakeholder Pension plan with as little as £20.
It's a tax-efficient way of investing for your retirement, but bear in mind that you won't have access to the money in your pension fund until you retire.
Personal Pension
You can make regular or one-off payments into a Personal Pension plan and stop, restart and change your payments to suit yourself.
It's a tax-efficient way of investing for your retirement, but bear in mind that you won't have access to the money in your pension fund until you retire.
WC03077 05/2012
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