Personal Pension

But the state pension will be enough.

The buts stop here.

The best time to start protecting your future is now

If you’re thinking, “But the State Pension will be enough” or “But retirement is miles away”, it’s time to think again. It’s really important to start planning ahead as soon as possible, so that you can live life the way you want when you retire. An Aviva pension plan can help you do just that. The buts stop here.

With the Personal Pension from Aviva, you get choice both now and at retirement

  • Choose from more than 230 funds from some of the top names in investment.
  • Choose from regular and/or one-off payments.
  • Choose to stop, restart or change your payments to suit your circumstances.
  • You can choose either full or semi-retirement with our flexible retirement options.

What's more, the taxman adds extra money to your pension fund.

Why not talk to your adviser today and find out how to apply for a Personal Pension?

What is a Personal Pension?

A Personal Pension is a long-term investment that aims to help you build up a pot of money that you can use for your retirement..

It's a tax efficient way for you to invest for your retirement because HM Revenue & Customs (HMRC) adds basic rate tax relief to the payments you make into your plan. For example, if basic rate tax is 20% and you make a payment of £160, the taxman will add £40 so the total invested into your plan is £200. This is known as basic rate tax relief. If you pay tax at more than the basic rate, you can claim even more tax relief when you complete your annual self-assessment tax return, but this will not be paid into your plan.

How does it work?


  • You can invest money regularly or you can make one off payments as and when you want. If you invest the minimum one off payment of £10,000, you can choose to make a regular payment of £20 a month/£240 a year. Alternatively, if you invest the minimum regular payment of £200 a month/£2400 a year, you can chose to make a one off payment of £1,000.
  • The maximum amount you can pay in each year , is the greater of all of your UK taxable earnings, or £3,600 including tax relief.
  • There’s a payment limit each year which is called the annual allowance. If total payments to this and all your pension plans exceed the annual allowance the excess will normally be subject to a tax charge. The annual allowance is £40,000.
  • If you have an income (including the value of any pension contributions) of over £150,000 and an income (excluding pension contributions) in excess of £110,000 you’ll be subject to a reduced annual allowance.
  • Taking certain types of retirement benefit will mean that you will be subject to the money purchase annual allowance (MPAA) of £4,000. You will still have an annual allowance of £40,000 in total, but no more than £4,000 can be paid into defined contribution (money purchase) pensions leaving the balance for other pension savings.
  • You may be able to carry forward unused annual allowance from the previous three tax years. You will not be able to carry forward unused annual allowances from previous years to increase the £4,000 MPAA. The provider paying your retirement benefits will tell you if the MPAA applies to you.


You can choose from a wide range of funds; the ones that are most suitable for you will depend on your retirement goals and your attitude to risk. Your payments will be invested in the funds that you choose with the aim of growing your pension fund. You need to be aware that, regardless of which funds you choose, the value of your investment can go down as well as up and and you may get back less than has been invested.

Important information about tax

When we talk about tax, what we say is based on our understanding of current law and tax practice. If there are any changes to law and tax practice in the future they could affect how much your plan is worth and your tax liability. Your plan could also be affected by changes in your personal circumstances.

What are the benefits?

  • You can usually take up to 25% of your pension fund as tax-free cash. If you are planning to buy a retirement income product with your pension fund, you should remember that taking tax-free cash will reduce the amount you have to buy it with.
  • We don't have any upfront charges for setting up your pension plan and we don't charge if you want to change your investment funds, although we reserve the right to make a charge. Instead, we take an annual charge as a percentage of your pension fund. Find out more about fund charges. Investment funds can have an Additional Yearly Charge and/or a Fund Manager Expense Charge, these charges are fund specific and full details of these charges are detailed in the pension fund guide (PDF 279KB) or you can visit our Fund Centre for full details on all our available funds.

What's your commitment?

With an Aviva Personal Pension you're committed to:

  • Making either one single payment or making minimum monthly or yearly payments until your chosen retirement date.
  • Investing for the long term; you wont normally be able to access your pension fund until you are at least 55.

    You can take your retirement benefits from age 55. Under this plan, you have to use your pension pot on or before your 75th birthday.

    If you want to wait until later than that you can. You’ll have to take your money out of this plan before your 75th birthday and put it into a different one which lets you use your pension pot after you’re 75.

Other useful information

Find the answers to some frequently asked questions

Understand your attitude to risk/return and which funds might suit you best

How to apply

Find out how to apply for the Aviva 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

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