Aviva Pension

Helping you save for your future

Explore pension transfers Open a pension

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 has been 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 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.

Fair and transparent charges

We apply some charges to cover the cost of running your Aviva Pension. Here’s how it works.

Aviva charge

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

We look at all of the accounts you have with the online investment service –which offers the Aviva Pension, Investment Account and Aviva Stocks & Shares ISA – when calculating your charge.

For example, if you have £150,000 invested, you’ll be charged 0.40% 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  terms and conditions (PDF 283KB) for more information.

Invested value Annual charge
First £50,000 0.40%
Next £200,000 0.35%
Next £250,000 0.25%
Amount above £500,000 0%

Paperless promise

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 product 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

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

Ready to apply for a pension?

If you’re ready to apply for a pension, you can choose 1 of our 3 investment choices, or open your pension now and choose your funds later. If you have a pension with someone else you can transfer it to us.

Important documents

Before you apply for a pension with us, make sure you read and understand all of the details.

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.

Financial advice

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.

Retirement articles

Take a look at our latest news and guides.

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.