How your workplace pension adds up
If you’ve been enrolled into an Aviva pension through your employer, you may be wondering what it’s all about – and what’s in it for you. Let’s take a look.
Saving for your future
Hassle-free and regular saving to fund your lifestyle when you stop working
Grow your money
Your money is placed into investment funds, so can grow more than in a savings account
If you’ve been automatically enrolled by your employer, they must also pay into your pension
Your workplace pension can be a valuable source of income when you retire, so it pays to get to grips with it sooner rather than later.
The value of your pension can go down as well as up and you may get back less than has been paid in.
How your workplace pension works
Money is paid in
You make regular payments into your pension directly from your salary. This happens automatically and you don’t need to do anything. Your employer is normally required to make contributions.
Your money is invested
You can choose how your money is invested. If you don’t make an investment descision you’ll be invested in a default fund, which means that you can leave it to our experts to manage your investments. Or, you can choose your own funds. It depends on how comfortable you are taking risks with your savings. These funds invest in shares, fixed interests, property and money markets.
Use your money when you retire
You can usually access your pension savings from age 55. Then you have some options. You can withdraw your pension savings as cash, keep your pension invested and take money out when you like or convert your savings to a regular income. You can also do a combination of these.
What’s in it for you?
The money you save into your pension now can help pay for the lifestyle you want when it’s time to stop work or slow down.
- Regular payments add up
Regular and long-term payments into a pension should help you build up the savings you need. And with the money going straight from your salary, you probably won’t even notice it’s happening. With your online account, you’ll be able to see your money grow. And you'll also be able to see how changes to regular payments will affect your money long-term
- Your employer may pay in too
Your employer is normally required to make a contribution to your workplace pension — and some will pay in more if you increase your own contribution. Check with your employer to make sure you’re making the most of your workplace pension
- Tax efficient
When you make a payment into your pension, you get basic rate tax relief from the government up to 100% of your annual earnings or an annual allowance of £40,000. In most cases, this means that we automatically add 20% to the payment - so if you pay in £80, we add an extra £20. Tax rules and alowances may differ in Scotland and Wales
- Investment growth
Because your money is put into investment funds, it has the potential to grow over time. But, as with any investment, the value of your pension can go down as well as up and it may be worth less than the amount paid in
- It’s yours for keeps
Your pension belongs to you and is run by us or the appointed trustee. And it stays yours, even if you move to a new job or the company you work for goes out of business or changes hands
- The IGC assess the value of your pension
The IGC have a duty to assess the value for money and to improve the governance. This means your pension will be protected
Manage your investments online
Log in to your MyAviva account to see your pension details and manage any changes. If you haven’t registered for an account yet, you’ll need your pension policy number to hand.
Not all our policies are on MyAviva yet. If you have a scheme number starting with N or a plan number starting with GS, please register or log into the My Money site.
Leaving a job with an Aviva pension?
If you've left a job that paid into an Aviva pension, managing it with us is quick and easy.
We're here to help you get the best from your pension.
Thinking of retiring?
We offer a range of options, so you can manage your pension whichever way suits you. You can use your pension money any time after you turn 55.
Guaranteed income for life
Use some or all of your pension to buy an annuity that pays you a regular and guaranteed income for the rest of your life.
A flexible way to use your pension by taking money as and when you need to through income drawdown.
Take a look at our latest news and guides.
30 Jul 2019
The world of pensions
Find out about the different types of pension and how they can help you enjoy a happy and secure retirement.
24 May 2019
How the State Pension works
Understand when you can claim the State Pension and how much it’s likely to be to start planning for a secure and happy retirement.
5 Apr 2019
ISAs vs pensions
Explore the features and benefits of ISAs and pensions to help you work out what’s going to work hardest for your retirement savings.
29 Nov 2018
What happens to your pension when you die?
If you’re thinking about how you can provide for your loved ones, find out if and how your pension can be passed on.
16 Apr 2018
Your Friends Life pension questions answered
Friends Life is now part of the Aviva group. Find out how this affects your Friends Life pension.
17 Jan 2018
How much should you pay into your pension?
Get some help working out how much you need to pay into your pension to help you achieve the retirement lifestyle you want.