The only pension you'll ever need
Whether you're starting a pension or you want to combine a number of existing pensions in one place, Pension Portfolio offers you an attractive home for your money.
Pension Portfolio is a self-invested personal pension that gives you a range of investment options. It’s clear, accessible and flexible enough to deal with changes over your lifetime.
You shouldn't apply for Pension Portfolio directly through our website if you want to take an income from your pension before 6 April 2015. Please see the Budget 2014 tab for more information.
Pension Portfolio is a long-term investment, designed specifically to help you build up a pot of money for your retirement. The value of your money can go up and down over the years you invest and you may not get back the amount you invested.
As your pension will give you an income for life once you've retired, you can't access the money you put in it until your 55th birthday at the earliest.
With Pension Portfolio, you choose how much you want to invest and where you’ll invest it. Here are some basic details about investing in Pension Portfolio:
We offer a range of funds for you to choose from. Make sure you read about the funds and decide which ones suit you best before you apply for a Pension Portfolio.
Before you find out more about the funds, you might like to read our page on what to consider when choosing a pension fund.
The tax information is based on our understanding of current tax law and practice. If either of these changes, it could affect how much your plan is worth and your tax liability. Changes in your personal circumstances may also affect your plan.
You can access the money in your Pension Portfolio after you reach the age of 55. When you decide to retire, you'll have several options for using your pension fund. We'll write to you close to that time to let you know what's available to you.
In the 2014 Budget, the government announced changes to the rules for pension funds. Some of these changes took effect in March 2014, but many are yet to be finalised. You can find out more about the government’s changes on the Budget 2014 tab above.
We expect the new, simpler rules to take effect from 6 April 2015. After that, you should be able to access your money as and when you want if you’re over 55. However, until then, we won't let you take retirement benefits from Pension Portfolio unless you've spoken to a financial adviser and we receive the instructions from them.
|Online product information||Covered|
|Insured fund range||120 funds|
|Annual management charge||0.40% a year|
|Fund charge||0.1% - 1.75% a year|
|Pension Portfolio limits|
|Minimum regular contributions||£100 (including tax relief)|
|Maximum regular contributions||HMRC limits|
|Minimum initial contribution or transfer||£5,000 (including tax relief)
(£1,000 if making regular payments)
|Maximum initial contribution or transfer||HMRC limits|
|Minimum additional lump sum||£1,000|
|Maximum addition lump sum||HMRC limits|
|Minimum fund switch amount||No minimum|
|Minimum account balance||£250|
|Minimum balance for each fund||£50|
To invest in Pension Portfolio, you must be:
You may also be eligible if you, your spouse or civil partner work overseas for the UK government.
Pension Portfolio may be the right pension plan for you if you want:
Pension Portfolio may not be the right pension plan for you if:
Tax law may change in the future. The tax relief you receive will depend on your personal circumstances.
The 2014 budget brought some major changes for people approaching retirement. Radical reforms will give you more freedom over how you take your pension fund. The Chancellor announced some changes taking effect from March 2014 and proposed further changes from April 2015.
You shouldn’t apply for Pension Portfolio directly through our website if you want to take an income from your pension before 6 April 2015. Please speak to a financial adviser instead.
The rules around accessing pension funds are changing, but haven’t yet been finalised. However, the new rules will be simpler and are likely to offer you much more flexibility in how you take your pension.
Because of that, we won’t let you access the post-retirement features of Pension Portfolio before 6 April 2015.
If you are planning to retire during this tax year, visit approaching retirement to find out how the budget changes could affect you
Potentially, you’ll be able to take your entire defined contribution pension fund as lump sum when you reach 55. It won’t matter how much you have in it or if you have any other sources of income.
You’ll normally be able to take the first 25% as tax-free cash and you’ll pay tax at your marginal rate on the rest.
At the moment, you can usually take up to 25% of your pension fund as a tax-free cash lump sum. However, you have to take a taxable income – like an annuity – with the rest.
This change may not apply to defined benefit pension funds (commonly known as final salary pensions).
The government is in consultation with the pension industry on the detail of the 2015 changes. We will keep you up to date with developments on our website.
As these new options introduce more choice, the government has also announced that everyone will have the right to impartial guidance at retirement. It isn’t clear yet who will provide that guidance.
If you think Pension Portfolio is right for you, take a look at the funds we offer to see which of them best match your needs.
Once you've decided, fill in your details online and we'll send you a personal illustration and some important documents to read.
If you’re not sure whether combining your pension plans in Pension Portfolio is right for you, you have three options:
If you have your own financial adviser, we recommend you talk to them. They will be able to look at your individual situation and help you decide whether combining pensions is right for you.
If you’d like us to refer you to an adviser, please call us. This adviser is not tied to Aviva and you could get up to one hour free initial consultation. If you want any further advice or services after that, you may have to pay charges.
0800 046 6167
For our joint protection, telephone calls may be recorded and/or monitored.
If you don’t have an adviser, visit www.unbiased.co.uk to find an adviser in your area. An adviser will probably charge you for using their expert services.