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.
What if my marital status changes?
Getting married/forming a civil partnership
If you get married, form a civil partnership or start to live with someone, you may want your pension scheme to provide financial support for your partner if you were to die first.
Most company pension schemes offer a package of benefits that includes life insurance while you're working and a pension for your spouse, civil partner or dependants if you die.
If you're not married or in a civil partnership, your company scheme may not automatically provide a pension for your partner. You may be able to make sure they get some financial support by paying additional voluntary contributions or giving up some of your own pension.
If you've got a personal or stakeholder pension your partner will probably automatically get something if you die before you retire (eg the value of your pension fund). When you retire you could arrange for your plan to provide a pension for your partner that would start if you were to die first. However, to do this you'd have to save more or accept that your own pension will be lower.
Another option may be for your partner to start their own personal or stakeholder pension. You could even make payments into their plan on their behalf.
Getting divorced/dissolving a civil partnership
As with most things connected with divorce/dissolving a civil partnership your pension can become quite complicated.
You can apply to the court for a financial settlement. A court has to take the value of any pensions you both hold into account when dividing the family's assets.
Even if you choose not to use a court, you should still consider your pension arrangements if you separate from your partner.
- 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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