Leaving a job with an Aviva pension

Your pension, your choice

Left a job that paid into an Aviva workplace pension?

No problem. Your Aviva pension is flexible, easy to manage and keeping track of it online couldn’t be easier. There’s a whole host of benefits if you stay with us. But no matter how you want to handle your savings, the choice is yours. Here are some of the options you could choose from.

Leave your pension as it is

Not sure what to do? You can leave your pension invested with us without making further payments into it

Continue making payments

Make individual payments into your Aviva pension as well as any new company pension

Combine your pensions

Transfer other pensions to us or move the value of this plan to another provider (fees may apply)

Remember, it’s your pension – not your employer’s. And with a range of options available, you can manage your pension whichever way suits you best.

Leaving your pension invested with us

Why would you do this?

Changing jobs can be a stressful time. You might not know what to do with your pension straightaway and that’s fine – you can leave your pension invested with us without making payments into it. 

We’ll continue to manage it and you’ll receive a statement every year showing its progress. You can also use MyAviva to keep track of your pension online. It’s easy to use and registration only takes a minute. Log in or register here.

Things to remember

Even though you won’t be paying into your pension, it will still be invested – meaning the value can go down as well as up, and you could get back less than has been paid in.

You can research and change the funds you’re invested in at any time, free of charge through MyAviva. Don’t forget – paying even a modest amount into your pension with us could go a long way to securing your ideal retirement.

Will it cost you money if you stop paying into your pension?

You’ll still be paying administration charges on your plan. We’ll take these charges from the money in your pension. This means that, if your pension does not grow by at least the level of the charges, its value will go down.

Can you change your mind?

Of course. If you want to start paying into your pension again or combine it with another one, you can do so at any time. All you need to do is head to MyAviva or call 0800 145 5744.

Keep paying into your pension

Why would you do this?

Even if you’ll be contributing to a new workplace pension with a different employer, it could be worth reinstating payments into your Aviva pension to help achieve your retirement goals.

Your Aviva pension is easy to manage and gives you complete flexibility over your retirement savings. And paying into it couldn’t be easier – all you need to do is call us on 0800 145 5744 and we’ll process your payment. 

Things to remember

You can make individual payments into your pension or set up a Direct Debit – whatever suits you best. The minimum payment is £16 at a time. 

If you make payments into the plan yourself, you’ll also benefit from tax relief. 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. (Tax rules and allowances may differ in Scotland and Wales.)

Remember that the value of your pension can go down as well as up and you may get back less than has been invested.

So if you pay in the minimum of £16 a month, the government will top it up with tax relief of £4. Higher rate tax payers may be able to claim additional tax relief through self-assessment. 

If you don’t pay tax, will you still get tax relief on your payments?

Yes. Even if you don’t pay tax, you’ll get tax relief on your pension payments up to £3,600.

Can you change your mind?

You can change the amount and frequency of your payments at any point. If you want to stop paying into your pension, that’s also fine.

Combine your pensions

Why would you do this?

If you’ve got several pension plans scattered around from previous jobs, combining them into one could save you time and money.

You can either transfer other pensions into this plan, or move the value of this plan to another provider.

Things to remember

We don’t normally charge you to transfer other pension plans into this one, or for you to transfer the value of this plan to another provider.

Some pension plans have specific conditions when it comes to transfers. If you’re unsure about anything, talk to one of our team on 0800 145 5744.

Transferring pensions isn't right for everyone. You should compare the features, charges and investment options of both plans and consider any valuable benefits or guarantees that could be lost on switching. Remember that the value of pension investments can go down as well as up and you could get back less than has been invested.

Should you make your Aviva pension the main home for your retirement savings? 

Our pension puts you in control of your retirement. Browse through our wide range of funds and buy or switch between them with ease. And with online access to your pension through MyAviva available at any time, your pension is always at your fingertips. 

If you’re unsure what’s best for you, we recommend talking to a financial adviser. If you don’t already have one, our financial advice team can help guide you in the right direction. In some cases you may have to take advice before a transfer can proceed. An adviser may charge for their services.

Can you change your mind?

If you’ve combined all your pensions into your Aviva plan, you’re still free to find another provider. 

If you move your Aviva plan to another scheme and would like to move it back to us, you can do so. You won’t be able to move it back to your employer’s scheme, but to a personal plan instead.