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.
So what's the state second pension?
The State Second Pension replaced the State Earnings Related Pension Scheme (SERPS) in April 2002.
At the moment, to get the State Second Pension when you retire, you usually need to be employed with an income of a set amount each year. This may change with each tax year, so you can visit the Directgov website to find out the minimum level for this tax year. You also need to be paying National Insurance contributions. However, if you're a carer or long term disabled and so can't be in paid employment, you could still be entitled to the State Second Pension.
You'll find out what, if any, State Second Pension you're entitled to when you claim the Basic State Pension. The Pension Service will normally send you the relevant forms and ask you to make a claim about four months before you reach State Pension age. For men this is 65. The State Pension Age for women will gradually increase to age 65 from between April 2010 and April 2020. Between December 2018 and April 2020 the State Pension age for men and women will increase to 66. Then between 2034 and 2046, the State Pension age will gradually be increased to age 68 for both men and women.
If you don't receive a letter asking you to claim your pension, you can call The Pension Service on 0845 300 1084 or visit the Directgov website.
- 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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