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Personal Pension

Is a Personal Pension right for you?

Aviva's Personal Pension is a personal pension plan that offers you a great deal of control in how you invest for your retirement and how you take your retirement benefits. Here are some guidelines to help you decide whether our Personal Pension is the right plan for you.

Are you eligible for a Personal Pension?

To be eligible for Aviva's Personal Pension plan you need to be under 75 years of age, eligible for tax relief on the payments you make and resident in the UK. You're classed as ‘resident' if you live in the UK all or most of the time - if you're not sure, you can ask your local tax office. You may also be eligible if either you or your spouse or civil partner works overseas for the UK Government.

It may be the right pension plan for you if:

  • You want to make regular payments each month of at least £200, and then if you wish, one off payments of at least £1,000. Or initially you have a one off payment of at least £10,000, and then if you wish, regular payments of at least £20 per month. (In both cases after tax relief has been added in).
  • You want the flexibility to stop, start or change your payments with no penalties.
  • You want the benefit of tax relief on your pension payments.
  • You want access to a wide choice of investment funds with the potential to grow your pension fund and to switch between funds if you want to. But please remember that the value of a pension fund can go down as well as up and is not guaranteed and your pension fund may be worth less than has been paid in.
  • When you reach retirement, you want to choose how and when you take your benefits - whether through full or gradual retirement.
  • Find out more about Aviva's Personal Pension.

The future basis and rates of tax may vary and the tax relief you receive will depend on your personal circumstances.

It may not be the right pension plan for you if:

  • You can't commit to making regular payments each month of at least £200, and then if you wish, one off payments of at least £1,000. Or initially you can't commit to a one off payment of at least £10,000, and then if you wish, regular payments of at least £20 per month. (In both cases after tax relief has been added in).
  • You might need to access your money before retirement.
  • You don't accept any risk of your investment falling in value.
  • Your employer has a company pension scheme that you are able to join. If so, you should always consider your employer's scheme first and discuss this with your financial adviser.
  • Find out more about Aviva's Personal Pension.

The future basis and rates of tax may vary and the tax relief you receive will depend on your personal circumstances.

What's the next step?

Find out how to apply for Aviva's Personal Pension. The first step is to talk it through with a financial adviser to make sure it's the right pension plan for you. If you don't have an adviser, you can find one in your area at unbiased.co.uk.

WC03038 10/2013

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