How your workplace pension adds up
Your employer has enrolled you into an Aviva pension - so what does that mean for you? Let's take a look.
Saving for your future
Hassle-free and regular saving to help fund your retirement when you stop working
Grow your money
Your money is invested in funds, to give it more potential for growth than it might have in a savings account
If your employer has automatically enrolled you into the pension, they have to pay into it too
Your workplace pension could end up providing a decent part of your retirement income, so make sure you get to grips with it now.
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 normally has to make payments too.
Your money is invested
Your money will initially be invested in a default approach, managed by our experts. If you are confident in managing your own investments, you can choose your own funds instead. Funds invest in shares, fixed interest, property and money markets, with varying levels of risk.
Use your money when you retire
You can usually start taking money from your pension once you're 55. You can withdraw it all in cash, keep the money invested but take some out when you want to, convert it all into a regular income or go with a combination of all three. It's up to you!
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
Making regular payments into your pension can help you build up your savings over time. And with the money going straight from your salary, you probably won’t even notice it’s happening. You'll be able to use your online account to keep track of your pension and you'll also be able to see how changing how much you pay in could affect your pension savings in the long term
- Your employer may pay in too
Your employer normally has to make payments into your workplace pension too - and some will increase their payments if you increase yours. 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'll get tax relief from the government on up to 100% of your relevant UK earnings. This means a personal contribution of £100 will typically cost you no more than £80. A separate tax charge will apply to contributions in excess of your annual allowance - in most cases, this is £40,000, although it may be reduced if you are a high earner or have flexibly accessed taxable pension benefits in the past. Tax rules may change in the future and allowances 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 pension schemes
The Independent Governance Committee have a duty to assess the value for money and to improve the governance of pension schemes
Manage your pension 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 to have your pension policy number.
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.
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.
Know exactly how much money you’ll get with our annuity that gives you a guaranteed income for the rest of your life.
Income drawdown puts you in control by letting you withdraw as much of your pension as you like - whenever you want.