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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.

You can choose to fund your retirement through a pension plan, which can:

  • Supplement your state pension
  • Give you greater financial security during your retirement
  • Give you an income in retirement or
  • Give you the option of a tax-free cash sum and a smaller income when you retire

A pension plan is a good way to invest for your retirement. You make payments into your pension plan, many employers will also pay into it and the government chips in with tax relief, which also boosts your pension fund.

Your retirement and you
Any state pension you receive may not be enough to fund the lifestyle that you want. You may also be entitled to other benefits. However, if you retire in your early sixties, it's possible that you may live for another thirty or so years. You need to be sure that you've put enough into your pension to provide you with an acceptable income during your retirement.

The more you can invest during your working years, the better standard of living you could have when you retire. This means that the earlier you start paying into your pension plan, the better. You can invest more money over a longer period of time and your pension fund will have longer to grow.

However, you need to be aware that the value of your pension fund can go down as well as up and may be worth less than the amount paid in. You should also be aware that tax rules may change in the future.

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Pension Tracker via MyAviva

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.

Find out more about stakeholder pensions

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.

How to apply for a Personal pension

WC03077 07/2014