What an Aviva Pension can do for you
Start saving with our individual, self-invested pension. Choose how your money is invested and make changes whenever you like. And depending on your circumstances, track your savings by moving several pensions into one.
Single lump sum
Pay a single lump sum into your pension any time you want
Grow your savings
Put your money into investments of your choice and save more with tax benefits
From £50 a month
Choose how much you pay in so it’s affordable and builds the savings you want
The value of your pension can go down as well as up and you may get back less than has been paid in.
Is a personal pension right for you?
There are various ways to save for your retirement. Our pension is one option that can give you a long-term, flexible investment with a boost from government contributions.
Is there a tax benefit?
You and your employer can pay into your pension (maximum £40,000 each year). We claim basic rate tax relief of 20% on any contributions you pay up to 100% of your annual earnings - you pay in £80, tax relief adds £20, so £100 goes into your pension. If you pay tax above basic rate, you can reclaim tax through your tax return. Tax rules may be different in Scotland or Wales.
What happens to your money?
You get lots of choice and flexibility over the way your retirement savings are invested in shares, fixed interest, property and money markets. Pick a ready-made fund from a range of different risk levels depending on your approach. For more involvement, choose from a shortlist of funds recommended by our investment experts or build your selection from our full fund range.
Why invest in an Aviva Pension
Build your savings for retirement with a pension that puts you in control.
- Investment choices
Choose from our ready-made funds, a shortlist selected by our investment experts or if you know exactly what you want, our full fund list
- From £50 a month
Choose how frequently you pay in and stop and start payments when you want to. So you save what you can afford and in a way that works for you
- Flexible retirement options
From age 55, you can take a cash lump sum, withdraw money from your pension when you need it, buy a guaranteed income for life or do a combination of these things
- Payment to a beneficiary
Our pension allows you to tell us who you would like to receive any remaining pension savings when you die. They can usually take it as a single payment or as a regular income. Depending on your circumstances this may be completely free of Income or Inheritance Tax
- Clear fees
You can easily check the charges so you'll get no surprises
- Single lump sum
To boost your pension savings, you can make a one-off payment at any time. The minimum amount is £1,000 if you've made an initial single payment of £5,000 or if you’re making monthly contributions
Fair and transparent charges
Our Pension charge is made up of two simple costs.
There's our Aviva Charge, which is up to 0.40% of the value of your investments. And your Fund Manager Charge, which depends on the funds you pick.
All costs are calculated daily and charged monthly. This example shows how much you'd pay in your first month to open with or transfer in £5,000 in a ready-made fund with a fund charge of 0.35%.
Our competitive Aviva charge
Our charge is a percentage of your total investment, up to a maximum of 0.40%, and is based on how much you’ve invested with us. The more you invest, the lower the percentage you'll pay, as shown in the table.
|Invested value||Annual charge|
|Amount above £500,000||0%|
You can log into your account at any time to check your exact charge.
One combined fee from Aviva
If you have more than one type of investment with our online investment service – including an Aviva Stocks & Shares ISA, an Aviva Investment Account or an Aviva Pension – then you’ll only pay one simple fee to use them all. It’s a great way to keep more of your hard-earned money in the long term.
Paying your fee
Your fee comes out of the cash in your account. We’ll pay you interest at our variable rate which you can see here. Please note, if the interest rate is less than our Aviva Charge, the amount in your cash account will go down.
Alternatively, this charge will come out of your investments if you don’t have enough cash in your account. Don't worry – we’ll always let you know before we do this. See our terms and conditions for full details.
Fund Manager Charge
The fund or funds you choose may incur an extra charge to cover the costs and expenses of managing the investments. Each fund has an individual charge which can be found in the Key Investor Information Document. This also appears as an ongoing charge figure (OCF) on your statement.
Things to remember
A few things to bear in mind before you move forward.
- You can’t access money paid into a pension before you reach 55 years old
- You may pay Income Tax on 75% of the money withdrawn from a pension
- If you don’t earn an income, you can still contribute up to £3,600 into a pension (you can pay £2,880 with the government topping up a further £720)
- There’s no maximum age limit for a pension, but you can't make further contributions over the age of 75
We will always adhere to our 'best execution practices' as set out in our latest order execution policy (PDF 149 KB). What's more we also have a policy to prevent conflicts of interest (PDF 103 KB) that might affect your investment. And if there's ever one we can't prevent we promise to let you know.
Ready to apply for a pension?
To open a pension, there's a few things you'll need to complete your application:
- A MyAviva account - if you don't have one already, registration is free and only takes a few moments
- Your national insurance number at hand
- Your bank details or debit card information to set up payments into your account
If you’re looking for help with your pension or retirement options, our financial advice support team can help you decide whether financial advice is right for you.
We’re here to help you get the best from your pension.
Find a lost pension
If you think you’ve got a pension with us but don’t know the details, we can help you track it down. It’s your money – don’t let it go to waste.
Looking for something else?
If you are considering what to do with the other pensions you have, or have a pension with Aviva through your work, the links below have information which could help you plan for the future you want.
Transfer your pensions
We can combine your existing pensions into one place with us so they’re easier to manage. And if you’re not sure whether you have any or where they may be, we can find them for you. Transferring isn't right for everyone and you need to consider the pros and cons. You may need advice for which you'll be charged. Capital at risk.
Take a look at our latest news and guides.
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The pandemic and your workplace pension
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Understanding inheritance tax
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Are you paying more tax than you need to?
There are practical things you can do to reduce your tax bill to make year-end tax planning much less taxing.
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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.