We use cookies to give you the best possible online experience. If you continue, we'll assume you are happy for your web browser to receive all cookies from our website. See our cookie policy for more information on cookies and how to manage them.

Pension Portfolio

The only pension you'll ever need

Already got a Pension Portfolio?

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.


What is Pension Portfolio?

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.

Three reasons to start a pension with Pension Portfolio

  1. Tax relief on your pension payments means extra money in your pension fund.
  2. Your pension fund grows free of income and capital gains tax.
  3. You can take up to 25% as a tax-free cash sum when you retire.

Three reasons to combine your pensions into Pension Portfolio

  • Deal with one provider instead of several now and when you retire.
  • Potentially cut your costs by paying just one annual management charge to one provider instead of multiple charges to different providers.
  • Review your pensions more effectively by tracking them online in one place.

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.

How does Pension Portfolio work?

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:


  • Invest regularly or make one-off payments whenever you want.
  • Regular payments start from £100 a month, including tax relief.
  • One-off payments or pension transfers start from £5,000, dropping to £1,000 if you also make regular payments.

Tax relief

  • You get tax relief at the basic rate of tax (currently 20%) on regular and one-off payments into Pension Portfolio.
  • You don’t get this tax relief on pension transfers as you’ve already received this when you first paid the money into your pension.
  • A monthly £100 payment into Pension Portfolio only costs you £80 as the government pays the other £20.
  • If you start your plan with a one-off payment of £5,000, you only pay £4,000 and the government pays the remaining £1,000.
  • If you’re a higher rate taxpayer, you can reclaim the extra tax through your self-assessment returns.

Investment choices

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.

Reaching retirement

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.

Find out more

You can find out more about Pension Portfolio by reading these documents:


Pension Portfolio at a glance

Customer services
Online valuations Covered
Online product information Covered
Online correspondence Covered
Half-yearly statements Covered
Investment options
Insured fund range 120 funds
Annual management charge 0.40% a year
Fund charge 0.1% - 1.75% a year
Pension Portfolio limits
Minimum age 18
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

Is it right for me?

Am I eligible for Pension Portfolio?

To invest in Pension Portfolio, you must be:

  • over 18
  • eligible for tax relief on your pension payments, and
  • resident in the UK.

You may also be eligible if you, your spouse or civil partner work overseas for the UK government.

Is it right for me?

Pension Portfolio may be the right pension plan for you if you want:

  • to make regular payments each month of at least £100 (including tax relief)
  • to make an initial or transfer payment of £5,000 (dropping to £1,000 if you want make regular payments)
  • to bring a number of pension plans together in one place
  • to be able to top up your pension with additional lump sums of at least £1,000
  • the flexibility to stop, start or change your payments with no penalties
  • tax relief on your payments
  • access to a choice of investment funds
  • to pay a steady annual management charge
  • to choose how and when you take your benefits when you retire.

Pension Portfolio may not be the right pension plan for you if:

  • you want to take an income from your pension before 6 April 2015
  • you can’t commit to making regular payments of at least £100 a month or an initial or transfer payment of £5,000 (after tax relief in both cases)
  • you might need access to your money before you reach age 55
  • you’re not willing to accept any risk of your investment falling in value
  • your employer has a company pension you can join. You should always consider your employer’s scheme first.

Tax law may change in the future. The tax relief you receive will depend on your personal circumstances.

Budget 2014

Accessing your pension fund will become easier

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.

Are you thinking of retiring before 6 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

What changes are the government planning for 2015?

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.

What's the next step?

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.

Need more help?

If you’re not sure whether combining your pension plans in Pension Portfolio is right for you, you have three options:

Contact your financial adviser

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.

Call us

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

Monday - Friday
8.30am - 5.30pm

For our joint protection, telephone calls may be recorded and/or monitored.

Find a financial adviser

If you don’t have an adviser, visit to find an adviser in your area. An adviser will probably charge you for using their expert services.

Why choose Aviva?

  • We look after the pensions of over two million customers.
  • We have 31 million customers worldwide.
  • We have £241 billion funds under management.
  • We’ve been in business for over 300 years.
  • We’re the largest insurer in the UK.
  • We can help you retire.

WC03096 08/2014