Understand the level of risk first
Investing in a pension offers the potential for better returns than cash savings over the long term (5+ years). But there are risks, the value of your investments may go down as well as up, and you may get back less than you’ve paid in.
What are the Investment Pathways from Aviva?
We provide details about the four investment pathways below.
Clear retirement options 
Each Investment Pathway has been designed to match a popular way to use your pension in retirement.
A tailored investment fund 
All four Investment Pathway options come with their own investment fund that’s connected to a particular plan.
No strings attached 
If your plans change, you can choose another pathway option or choose your own investments from any of the funds we offer.
Your four Investment Pathway options
Choose one that suits your retirement plans.
Investment Pathway 1
I have no plans to touch my money in the next 5 years
This fund is for people who do not intend to access their money in the next 5 years. It aims to provide an appropriate balance between growth and risk through exposure to a range of asset classes, that can include, but is not limited to, equities, fixed interest, cash and property. It may also use derivatives for investment purposes.
Risk level 3 out of 7 (low to medium)
Funds typically investing in assets like corporate bonds or a mix of assets where day-to-day changes in value have historically been less than for shares. There's still a risk that the value of your investment could fall.
Investment Pathway 2
I plan to use my money to buy an guaranteed income (annuity) in the next 5 years
This fund is for people who wish to purchase an annuity within the next 5 years. The fund will predominantly invest in UK Government and Corporate bonds. Derivatives may be used for investment purposes.
Risk level 4 out of 7 (medium)
Funds typically investing in a mix of asset types with the potential for better long-term returns than lower risk funds. Compared to lower risk funds there's a greater risk that the value of your investment could fall.
Investment Pathway 3
I plan to start taking my money as long-term income in the next 5 years
This fund is for people who intend to take a long term-income in the next 5 years. It aims to provide an appropriate balance between growth and risk through an exposure to a range of asset classes that include, but is not limited to, equities, fixed interest, cash and property. It may also use derivatives for investment purposes.
Risk level 3 out of 7 (low to medium)
Funds typically investing in assets like corporate bonds or a mix of assets where day-to-day changes in value have historically been less than for shares. There's still a risk that the value of your investment could fall.
Investment Pathway 4
I plan to take out all my money with the next 5 years
This fund is for people who wish to take all their money within the next 5 years. It seeks to achieve a positive return (before charges) by investing primarily in fixed interest and money market instruments. It may also use derivatives for investment purposes.
Risk level 2 out of 7 (low)
Funds typically investing in assets such as the highest quality corporate bonds, which normally offer better long-term returns than savings accounts. There's still a risk that the value of your investment could fall.
How do Investment Pathways work?
There are a few simple steps to taking your pension in a way that works for you.
Decide on your goals
Our pathways are based on common ways people use their pension in retirement such as buying an annuity or taking an income.
Choose your risk
To help you choose a fund you're comfortable with, each one has a risk rating that's based on volatility, or how likely the fund is to rise and fall in value over time.
Review to suit you
You can review your Investment Pathway whenever you like - and change when it suits you.
Acting in your interest
An independent governance committee (IGC) will assess and, where necessary, challenge us to make sure our Investment Pathways funds offer you value for money. IGC members are independent from Aviva and act solely in your best interests.
The aim of the IGC is also to make sure our funds have clear aims and that we review their performance regularly. You can learn more about the IGC in their terms of reference report.
Learn about using your pension
We have a range of useful guides and calculators that can help you make the most of your pension money in retirement.
Using your pension
Withdrawing some of your pension
Understand the impact of taking part of your pension and withdrawing from your pension.
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Using your pension
Leaving your money where it is for now
We explain the ins and outs of delaying taking your pension.
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Using your pension
Mix and match your retirement options
How to take your pension in a way that suits you.
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Using your pension
Taking all your pension in cash
What to look out for if you decide to cash in your pension.
Pension calculator
See what you’ll need to save for the retirement you want.
Investment calculator
Work out what your pension investments could be worth.
Pension tax calculator
Understand the tax you’ll pay when taking your penison.
Investment Pathways FAQs
Can I easily switch from one Investment Pathway option to another?
Yes, you're not tied to an Investment Pathway, you can change to another one at any time, for any reason.
Can I choose my own investment funds instead of an Investment Pathway option?
Yes, with Aviva Income Drawdown where you invest your pension pot is up to you. You're free to choose from our entire fund range.
Get some advice or guidance on taking your pension
Looking for financial advice?
If you have a pension or investments worth more than £150,000, Aviva can give you personalised advice to help you use your savings in a way that suits you.
Pension Wise
Pension Wise from MoneyHelper is a service backed by the government. It offers free, impartial guidance to over 50s. They can explain the options to take money from your defined contribution pension pots.
The next steps for your pension journey
We’re here to help you find the information you need to make the most of your pension in retirement.
Income Drawdown 
To take income drawdown with us and access Investment Pathways or another investment option, you’ll need to transfer a pension first. This could be your Aviva pension, or a pension you have with another provider.
Guidance or advice? 
Understand whether you need free, simple guidance for your pension or if you’d be better off paying to chat to a financial adviser.
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We can take you through the different ways you can take your pension. And give you some pointers on how to make it go further.