Our Aviva Pension works 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 you originally paid in.
Is this 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 (including any companies you are director of) can pay into your pension (maximum £40,000). We claim basic rate tax relief from the government on any contributions you pay from your own money 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 claim the rest of your tax relief through your tax return. This means that you get back the tax you paid on that money as earnings. Remember, tax rules may be different in Scotland.
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. Or for more involvement, choose from a shortlist of funds recommended by our investment experts or build your own selection from our full fund list.
Fair and transparent charges
We apply some charges to cover the cost of running your Aviva Pension. Here’s how it works.
We charge an annual fee for administering your pension, which is calculated daily and paid monthly from your cash account.
The cash account is where your money is held until you allocate it to investment funds. We pay interest on money held in the cash account at our variable rate. If the variable interest rate is less than what we charge for managing your pension, the amount in the cash account will go down.
If there's not enough money in the cash account to pay your charges, we’ll automatically take the money from your investments. But don't worry, we’ll always let you know before we do this. See our terms and conditions for full details.
How much you'll be charged
The amount you’ll be charged depends on the total amount you have in your Aviva Pension, as well as any Aviva Investment Account or Stocks & Shares ISA.
For example, if you have £150,000 invested, you’ll be charged 0.4% on the first £50,000 plus 0.35% on your remaining £100,000 which falls in to the next band.
Take a look at our for more information.
|Invested value||First £50,000
||Amount above £500,000
When you open an Aviva Pension with us, you can manage everything online, including all of your account information. If you’d prefer to receive paper copies of any documents, we charge an extra £3 per month to cover the cost.
Fund Manager Charge
The managers of the funds you invest in also charge their own fee for running the fund. The individual charges for each fund can be found in the Key Investor Information Document or Key Information Document. This also appears as an Ongoing Charge Figure (OCF) on your statement.
What our pension can do for you
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 choose who receives any remaining pension savings when you die. They can usually take it as a single payment or as a regular income
- 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
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
Can you take out a pension with us?
To open an Aviva Pension, you’ll need to be eligible and set up your payments.
You can apply for a pension if you are:
- Over 18
- A UK resident or you, your husband, wife or civil partner works overseas for the UK government
You’ll need to:
- Set up regular payments of at least £50 a month or make an initial, one-off payment of at least £5,000 (or £1,000 if you set up regular payments as well)
- Understand that the value of your investment can go down as well as up and you could get back less than you paid in
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?
We offer a variety of retirement options to help you plan for the future you want.
Transfer your pensions
If you have more than one pension, you could bring them together in one. There are risks involved and you may need advice for which you will be charged. Capital at risk.
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