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.

Pension Credit was introduced in October 2003 to make sure that everyone over the age of 60 has a minimum level of income. It could mean that you get extra money every week.

For the 2012/2013 tax year, Pension Credit guarantees that everyone aged 60 and over has an income of at least:

  • £142.65 a week if you're single
  • £217.90 a week if you're married or in a civil partnership

The age that you may be able to take Pension Credit will change in line with your State Pension age. It's also worth knowing that the Government rewards people over the age of 65 who have saved for their retirement.

For more information on whether you're eligible for Pension Credit, visit the Government's Pension Service website.

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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.

  Watch Lisa explain pensions

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.

  Already registered? Log in now
  Find out more about Pension Tracker

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.

  Get a quote for stake holder pensions insurance

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 05/2012

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