The Aviva Pension lets you build up a retirement pension fund in a tax efficient way. It's a self-invested personal pension, otherwise known as a SIPP.
Five reasons to open a Pension
- Choose and buy online from a wide range of investments, giving you control over what you invest in.
- Our easy-to-use website makes it simple to access and manage your account with online access 24/7.
- Make payments to suit you. You can pay in from £50 a month, or a single payment of £5000.
- The Aviva Pension accepts payments from your employer.
- From age of 55, you can choose how and when you want to take money from your Aviva Pension.
Please bear in mind that the value of your investment can go down as well as up. You may get back less than the amount paid into your Pension.
Things to consider
To invest in the Aviva Pension, you must be:
- over 18
- eligible for tax relief on your pension payments
- resident in the UK.
You may also be eligible if you, your spouse or civil partner work overseas as a Crown employee
The Aviva Pension may be for you if you want:
- to make regular payments each month of at least £50, or
- to make an initial or transfer payment of £5,000 or £1,000 if you want to make regular payments of at least £50 per month
- to bring a number of pension plans together in one place. Here are some things to consider before transferring
- the flexibility to stop, start or change your payments with no penalties
- access to a wide range of investments
- to take an income from your Pension through income drawdown after age 55.
The Aviva Pension may not be for you if you:
- don't feel confident to research and choose your own investments
- can’t commit to making payments of at least £50 a month or an initial/or transfer payment of £5,000
- don’t have access to the internet to allow you to manage your Pension
- might need access to your money before you reach the age of 55
- have a company pension through your employer you can join. You should always consider your employer’s scheme.
We’ve kept our charges simple and straightforward so you know exactly what you’re paying.
- Low Aviva charges of not more than 0.40% a year.
- No charge for electronic transfers.
- Reward you with lower percentage charges if you invest more.
Charges made by Aviva
This is our annual charge for managing your Pension.
If you have an Investment Account or ISA as well as a pension through this platform service, we'll include these when we calculate your Aviva charge. This approach means you may benefit from a lower charge as we take the total value of your holdings into account.
|Value of portfolios||Annual charge|
|Amounts above £500,000||0%|
We calculate these charges daily and take them from your cash accounts once a month.
For example, if the total of your investments is £100,000, the annual charge will be:
0.4% of the first £50,000 = £200
0.35% for the remaining £50,000 = £175
Total Aviva charge = £375 a year
The example assumes the value of the investment remains at £100,000 throughout the year. If this value changes, the charge will also change as we work it out daily.
You need to make sure there is enough money in your cash account to cover our charges. If there isn't enough, we'll automatically take the money from across your investments. We won't do this for certain investments. Instead, we'll get in touch with you to make arrangements for you to pay the charge. For full details, please read the terms and conditions.
We’ll give you 30 days’ notice if we have to change our standard Aviva Charge.
Paper correspondence charge
We'll normally send you information about your account electronically. If you would rather receive paper correspondence, there’s a charge of £3.00 per month for this service.
Charges made depending on your investments
Fund manager charges
In addition to our Aviva charge, fund managers will also take charges that will depend on the investments chosen. These charges will be shown as the ongoing charges figure (OCF) or total expense ratio (TER). These charges represent the yearly cost of managing the investment.
You can find full details of fund managers’ charges on the key investor information document or key investor information for each investment at Choose your investments.
Paying in and investing
With your Pension, you choose how much you want to invest and where you invest it.
- Simple online process to make payments into your Pension.
- Make regular payments from £50 a month.
- Single payments or pension transfers start from £5,000, or £1,000 if you make regular payments.
- Make one-off payments whenever you want.
- Stop, restart or change the amount of regular payments whenever you want.
Transferring in other pension plans
You may want to transfer an existing plan(s) from other companies into your Pension. Transferring your existing pension plan(s) means all your investments will be in one place.
You can transfer in payments from some existing pension plans, including other Aviva pension plans. To check which pensions we can accept, visit Apply now to transfer your existing pension in to the Aviva Pension.
Before you transfer any pension, you should compare your existing pension plan with the Aviva Pension. This will help you understand any differences. It's possible that you could lose valuable benefits by transferring or that you'll pay higher charges.
Your existing pension scheme may make a charge for transferring the value of your pension to the Aviva Pension. If you're transferring a pension invested in stocks and shares, you won't be invested in the market for the time it takes to complete the transfer. This means you won't benefit from any rise in the price of investments during that time.
If you are unsure whether a transfer is right for you, we recommend you take financial advice.
Choosing your investments
Choose from a range of funds
We have a range of ready made funds you can choose from based on how much risk you want to take. We also have a wider range of investments if you prefer more choice.
You don’t have to choose your investments as soon as you open an account. Your money can remain as cash within the cash accounts until you’ve chosen how to invest.
Making changes to your investments
We’ve made it simple for you to access your account and review your investments at any time you choose – you can do everything online.
What about tax?
What tax relief is available?
- You can normally get tax relief at the basic rate of tax (currently 20%) on regular and one-off payments into our Pension. This means for every £80 you pay into your pension, the government will add £20, giving you a total payment of £100 going into your pension.
- If you’re a higher rate taxpayer, you can claim higher rate tax relief through your self-assessment returns. Visit www.hmrc.gov.uk for more information.
- You don’t get tax relief on pension transfers as you already received this when you first paid the money into your pension.
- Your pension fund may receive some investment returns with attaching tax credits or after other jurisdictions have deducted tax. You can't reclaim this tax.
What are the limits for tax relief?
- If you’re a UK taxpayer, you’ll get tax relief on pension payments of up to 100% of your earnings or a £40,000 annual allowance whichever is lower. You'll pay income tax at the highest rate you pay on any payments you make into your pension over this limit.
- From 6 April 2016, you will have a tapered annual allowance if you have an income of:
- £110,000 or more excluding payments into your pension
- £150,000 or more including payments into your pension.
- Taking taxable money from your defined contribution pension fund means the amount you can save into this kind of pension and benefit from tax relief may reduce to £10,000. This is called the money purchase annual allowance, (MPAA). Visit https://www.gov.uk/tax-on-your-private-pension/annual-allowance for more information.
- You can top up your annual allowance for the current tax year (6 April to 5 April) with any allowance you didn’t use from the previous three tax years. You can only do this if you were a member of a pension scheme during those years.
- If you’re a UK non-taxpayer, you will still get tax relief on your pension contributions up to the higher of your earnings or £3,600.
How is pension income taxed?
- You can usually take 25% of your pension fund as tax-free cash.
- You may have to pay income tax on any income you take. How much you pay will depend on your total income and personal circumstances at that time.
- We’ve based our information on current UK legislation, but this may change in the future.
Tax treatment depends on an individual's personal circumstances.
Taking money out at 55+
When can I get access to my money?
You can normally take a retirement income from a personal pension at any time from age 55.
You can take an income from your Pension through our income drawdown option. This is a way of taking an income from your pension fund as and when you need it, leaving the rest of the fund still invested. For more details, visit our income drawdown page.
How can I take income from my Pension?
You have many choices in how to take income from your Pension. You can take income as and when you need it or use it to buy an income for your lifetime.
Visit 'How do I take money from my pension fund?' for more information.
Can I take an income before I’m 55?
You normally can't take an income from your pension before the age of 55. The exceptions are if ill health prevents you from working or you're in a protected occupation (for example, a professional footballer). In cases like these, you may be able to start taking a retirement income from your pension earlier than the normal minimum age of 55.
Managing your Pension
Managing your Pension online gives you control over what investments you buy, plus easy access to your account information whenever you want.
You'll access your account through MyAviva - our online service offering a single, convenient location for you to manage your Aviva products and policies.
We'll add all your documents to your MyAviva account. That means they are all stored in one place, making it easy for you to find them whenever you need them.
Here’s what you can do
- Make changes online
You can review and change your investments at any time. If you have any queries, please contact us on 0808 163 8893.
- Review your account
Check how your investments are performing and the value of your pension fund.
Apply for investments and manage them online. You can make payments by debit card or direct debit and can add, change and stop your contributions at any time.
and choose investments for your Pension
If you've looked at the investments available but aren't ready to make your choices yet, you can:
Apply to transfer an existing pension
If you want to apply and transfer an existing pension plan in to our Pension, you should follow the link below.
We'll hold the money you use to open your account as cash until you tell us how you'd like to invest it.
Call us now for more information
If you’re new to Aviva
0800 285 1088
Lines are open Monday to Friday, 8.00am-6:30pm.
Or if you’re already a customer
0800 158 3470
Please be aware this line is very busy at the moment, we are doing all we can to answer your call.
Lines are open Monday to Friday, 9am-5pm.
Calls are free from UK landlines and mobile phones.
For our joint protection, telephone calls may be recorded and/or monitored.
We can give you all the facts about Aviva’s products and services.
We can’t give you advice. If you are unsure whether a product or a service is suitable for you we can put you in touch with a financial adviser who can give you a personal recommendation. This service will be restricted advice and is limited to a number of product providers. There may be a charge for their advice.
Alternatively, you can visit unbiased to find a financial adviser in your area.
Nothing on this site is personalised advice or a recommendation. If you need a personalised recommendation based on your personal circumstances, you should seek financial advice.
Product provided by: Aviva Pension Trustees UK Limited. Registered in England No. 2407799. Aviva, Wellington Row, York, YO90 1WR. Authorised and regulated by the Financial Conduct Authority. Firm Reference Number 465132.
Aviva UK Digital Limited introduces to Aviva Pension Trustees UK Limited for pensions. Aviva UK Digital Limited is registered in England No. 09766150. Registered office: St Helen’s, 1 Undershaft, London EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 728985.