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.
How do I fund my retirement?
You can choose to fund your retirement through a pension, which can:
- Supplement your state pension
- Give you greater financial security during your retirement
- Give you a tax-free cash sum when you retire
A pension 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 a reasonable income during your retirement.
The more you can invest in your pension 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, the better. You can invest more money in your pension over a longer period of time and your pension fund will have longer to grow.
However, the value of your investment can go down as well as up and the value of the pension fund may be worth less than has been invested.
- 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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