COVID-19: pensions and investments

If you want to talk about your policy, we're here to help. We can tell you what the current value is and explain any options you have. Find out more on how we can help.

If you're thinking about making changes to your policy, we recommend that you speak to a financial adviser. If you don't have an adviser, we can put you in touch with one.

You can also get help from the government's Moneyhelper service. Moneyhelper joins up money and pensions guidance to make it quicker and easier to find the right help. It brings together the support and services of three government-backed financial guidance providers: the The Money Advice Service, the The Pensions Advisory Service and Pension Wise.

Uncertainty can cause volatility in investment markets. And it can result in higher than normal movements in the value of investments — down and up.

As uncertainty eases it’s typically expected that market volatility will ease too. Aviva’s Head of Savings and Retirement, Alistair McQueen, says, “It’s best to keep calm in situations like this. Aviva’s products are designed for the longer term, and this needs to be taken into account when considering changes to your policy. Investment decisions made in haste are rarely good ones.”

If you're thinking about making changes to your policy, we recommend you speak to a financial adviser. If you don’t have an adviser, we can put you in touch with one.

If you have been planning your retirement for some time, then you probably considered your options a while ago based on the circumstances at that time. So you might want to review whether now is still the right time for you to take your benefits. It’s important to look at the choices you have, including other potential income available to you, so that you can make an informed decision. Pension Wise, part of the government's Moneyhelper service, can help you make the right decision – you can book an appointment here.

Read our article on keeping calm when stock markets fluctuate.

The current government rules mean you can only access your pension savings if you’re aged over 55, or if you’re suffering from serious illness that impacts your ability to work in the future, or which means your life expectancy is less than 12 months.

There are a number of things to think about when considering taking your benefits. Pension Wise, part of the government's Moneyhelper service, can help you make the right decision – you can book an appointment here.

If you’ve asked to withdraw money from your pension and we’ve received forms or an online application, we'll check your pension value for that day. If it has dropped more than 10% since the date of your quote, we’ll contact you to confirm if you want us to still make the payment.

Yes, you can switch funds but before you make any changes to your investments, have a look at what Aviva's Head of Savings and Retirement, Alistair McQueen has to say on investing at this time. You should also speak to a financial adviser. If you don't have an adviser, we can put you in touch with one.

Your policy offers a range of different funds you can invest in. If you have access to MyAviva you can use it to track the performance of your funds and depending on your policy, you may be able to switch investments online. 

Typically, there should be no fee for switching. However, different funds can have different charges, and some may be more or less expensive than others. Each fund has a fact sheet explaining its investment objectives and charges.

Where a fund is suspended this may have an impact on transactions involving the fund, this can be both payments in and out. If this affects you, we'll let you know.

This may be a scam which could leave you without access to your benefits, excessive charges and a hefty tax bill. Read our article on pension scams to look out for.

If you're facing increased pressure on your finances you may be looking for ways to ease this in the short term. 

If you have an individual pension you can stop your contributions at any time. However, before you do, you should think about the impact that it could have on your retirement plans, and how you might be able to make up those contributions in the future. You should be aware that paying contributions later may mean you have to pay in more, to make up for lost investment growth. We recommend that you have a look at the guidance from Moneyhelper before making any decisions about stopping your pension payments.

If you’re in a workplace pension, you can stop your contributions by telling your employer that this is what you want to do. This will usually mean that employer contributions will stop too. Your employer may let you take a ‘contribution holiday’ which means you can set a date when contributions will automatically start again, but not every employer offers this.

We recommend that you set a reminder to opt back into your workplace scheme. If you forget to do this you could miss out on a significant amount in employer contributions, which won’t usually be backdated. This could mean you have to pay in more, or keep working for longer, to achieve the same standard of living in retirement.

For both individual and workplace pensions, remember too that by stopping your contributions you’ll also be losing out on the tax relief you get when you pay into a pension.

If you’re unsure whether stopping contributions is the right thing to do, we recommend that you speak to a financial adviser. If you don't have an adviser, we can put you in touch with one.

If you have an individual pension, you can reduce your contributions at any time.

If you’re in a workplace pension, you may be able to reduce your own contributions — though you should remember that some schemes have a minimum contribution level. What's more, if you reduce your contributions, it could reduce or stop contributions from your employer too. All of this depends on your employer’s scheme and your personal situation — so if you’re considering reducing your contributions, start by speaking to your employer.

Before you make any changes to what you pay in, it’s worth thinking about the impact lower contributions will have on your retirement plans, and how you might be able to make up the difference in the future. We have a range of online tools that can help with this, depending on the type of pension you have.

If you're thinking about making changes to your policy, we recommend that you speak to a financial adviser. If you don't have an adviser, we can put you in touch with one. You should also have a look at the guidance from Moneyhelper before making any decisions about reducing your pension payments.

Unfortunately when it comes to opting out, the Pensions Regulator (the body which regulates Workplace Pensions) doesn't make any exceptions due to illness, travel, bereavement etc. Therefore, they won't let us process an opt out if a member contacts us outside of their opt out period, regardless of the member’s personal circumstances.

Yes, we will continue to pay your annuity as normal, as per your policy’s terms and conditions.

It always makes sense to keep an eye on whether your pension pot will be able to carry on paying your current level of income.

This is an area where a financial adviser should be able to help you make a decision. If you don’t have an adviser, we can put you in touch with one.

No. Whether or not you’re already receiving your State Pension, your entitlement isn’t linked to stock markets.  

We’ve been in this industry for over 300 years, so we’re well versed in weathering financial storms and crises. We’ve applied all that experience to the current situation. We’re watching it closely, but as an organisation we’re financially strong. As of December 2020, we have a significant capital surplus of £12.5 billion.

We are also overseen by — and work closely with — our regulators. The Prudential Regulation Authority is there to ensure we remain financially strong, while the Financial Conduct Authority (FCA) is there to ensure customers’ interests are protected. We also work with the Pensions Regulator to ensure compliance with their regulations too.

Aviva serves over 30 million customers around the world. Our strong financial position, together with our business resilience and risk-reduction strategies, means we’re very confident in our ability to keep meeting our commitments to you.

Aviva’s Head of Savings and Retirement, Alistair McQueen, has put together a list of actions you may want to consider to help keep calm in times of market volatility. Read Alistair’s tips or watch via video.