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Pension Portfolio

Pension Portfolio is a flexible, online, self-invested personal pension, with access to thousands of investment choices. It offers income drawdown for clients who want to draw a regular income while leaving their pension fund invested.

At the same time, Pension Portfolio allows your clients to take full advantage of the pension flexibility introduced in April 2015.

Quote and apply

Why Pension Portfolio?

  • A transparent and accessible pension plan with clients only paying for the options they use
  • It’s flexible so it can meet a client’s level of investment sophistication and attitude to risk
  • Flexi-access drawdown available on a phased or single drawdown basis
  • Clients can consolidate all their pension funds into one
  • Clients can move between options at any time as their investment and financial needs change
  • Minimise the time your client’s money is uninvested with in-specie asset transfer
  • Manage clients’ investments with online fund and investment research and client reporting tools
  • Submit applications online and access online valuations, customer correspondence and half-yearly statements
  • Tiered charging structure in place so, depending on the amount invested across the ISA, Investment and Pension Portfolios, clients may receive a discount on their Pension Portfolio charges
  • Clear statements and valuations

Features of the Pension Portfolio:

Pension Portfolio offers two investment options - Core and Choice - each with its own investment choices and charges.

Your clients can move between the options, as their investment needs change. They'll only use and pay for the level of investment sophistication they need.

Core option   Choice option
Choose from:
  • Over 100 insured pension funds
Choose from:
  • Over 100 insured pension funds
  • Over 3,000 collective investment funds from over 110 fund managers
  • Equities
  • Exchange traded funds
  • Investment trusts
  • Fixed income securities
  • Structured products
  • Commercial property

The value of investments can go down as well as up and investors may not get back what they put in. Tax rules may change in the future.

Standard charges for new customers

Aviva charge for portfolio value Core option Choice option
Up to and including £29,999 0.35% 0.40%
£30,000 to £249,999 0.30% 0.35%
£250,000 to £399,999 0.20% 0.25%
£400,000 and above 0.10% 0.15%
Equity trading costs Core option Choice option
Per individual trade - £7.50
Per trade within a model portfolio - £5.00
Commercial property Core option Choice option
Initial set-up fee - £375
Annual administration charge - 0.12% of the net value taken monthly. Suffolk Life will make additional charges relating to buying, selling and owning commercial property. Details of these charges are available in the document library
OCF/TER fund manager charge Core option Choice option
Fund managers take charges that will depend on the investments chosen. These charges may be shown as the ongoing charge figure (OCF), total expense ratio (TER) or for insured funds, simply the annual fund charge. These cover the charge made by the fund manager for managing the investment as well as expenses incurred by the fund. Please note these charges are variable and may change over time. 0.10% to 1.75% (only Aviva Insured Funds available) 0.065% to 3.62%

Pension Portfolio limits

Pension Portfolio limits Minimum Maximum
Age 18 -
Initial contribution or transfer £5,000 (including tax relief)
£1,000 if making regular payments
Subject to HMRC limits
Regular contributions £100 a month (including tax relief) Subject to HMRC limits
Additional lump sum £1,000 -
Fund switch amount - -
Account balance £250 -
Balance for each fund £50 -

Pension Portfolio lets your client draw a regular income whilst their pension fund remains invested. In fact, they can take out any amount, when they choose.

Income drawdown at a glance

From age 55, your client can take any amount from their pension fund when they like. Pension Portfolio offers flexi-access drawdown on a phased or single drawdown basis.

Your client could also benefit from our phased drawdown options:

Self-Select Income
For clients who:

  • have specific income needs, which optimise tax bands and allowances
  • need taxable income that doesn’t exceed a specified crystallisation amount.

Target Income
For clients who:

  • need a set level of income each month
  • want to maximise growth of their fund and available PCLS for tax-free lump sum or income.

Taxable Income
For clients who:

  • need a set level of taxable income
  • need a level of income to meet a tax band threshold.

All are open to existing capped drawdown clients except Self-Select Income. The alternative is our 'Non-Taxable Income' option.

Find out more

Flexi-access drawdown
Minimum client age 55
One-off withdrawals Yes, through the one-off withdrawal route
Payment frequency Monthly or quarterly

Existing capped drawdown clients

Capped drawdown is no longer available for new clients. But if they were in capped drawdown before 6 April 2015 they can transfer their existing capped drawdown arrangements into an equivalent new arrangement on the Pension Portfolio and stay in it as long as they don't exceed GAD limits. If clients go over these limits they'll automatically move into flexi-access drawdown which will trigger the money purchase annual allowance of £4,000.

Two options to suit your clients' needs

Our Core and Choice options give you and your client the flexibility to adapt the pension as your client's circumstances change over time.

Core option

The Core option offers access to over 100 insured funds managed by Aviva Investors and other leading fund managers.

Core option has a fund range similar to that of an individual personal pension.

Who may this be right for?

  • Clients with straightforward investment needs
  • Clients who only require access to insured pension funds
  • Clients who want a simple and low cost pension
  • Clients who are unlikely to have a wide range of investments.
Core option charges
Portfolio value Aviva charge 
Up to and including £29,999 0.35%
£30,000 to £249,999 0.30%
£250,000 to £399,999
0.20%
£400,000 and above 0.10%
OCF/TER fund manager charge
Depends on the fund selection. Only Aviva insured funds available. 0.10% to 1.75%

Choice option

The Choice option is for clients who may require a wider investment strategy.

Choice offers access to a number of different investment options, including equities, exchange traded funds, and structured products.

You can place equity trades online. Our chosen stockbroker, Winterflood Business Services, will execute them for your client. Winterflood Business Services can also buy exchange traded funds and investment trusts traded on the London Stock Exchange on behalf of your clients.

Commercial property

Suffolk Life, our nominated holder of commercial property, administers the investments in commercial property.

Who may this be right for?

  • A range of clients, from those with some experience of different investment types, through to people with more complex investment needs
  • Clients who want access to a wide range of investment options to meet their financial objectives
  • Clients who take an active interest in their financial affairs
  • Clients who are cost conscious, but understand they may have to pay extra charges for certain asset types that are more expensive to administer
Choice option charges
Portfolio value Aviva charge 
Up to and including £29,999 0.40%
£30,000 to £249,999 0.35%
£250,000 to £399,999
0.25%
£400,000 and above 0.15%
OCF/TER fund manager charge
Depends on the fund selection. 0.065% to 3.62%
Equity trading costs
Per individual trade £7.50
Per trade within a model portfolio £5.00
Commercial property
Initial set-up fee £375
Annual administration charge 0.12% of the net value, taken monthly. Suffolk Life will make additional charges related to buying, selling and owning commercial property. See Suffolk Life literature for details. You can find these in our product literature library.

Adviser charge options

We’ve developed a range of adviser charge options which allow your client to pay for advice from within their investment.

There are two types of advice charge for the Pension Portfolio:

  1. initial advice charge
  2. ongoing advice charge
Adviser charge options Initial advice charge Ongoing advice charge
Available on which payment types? Regular Single or transfer Regular, single or transfer
Duration Spread. You can specify a number of months or an end date One-off payment Spread. You can specify a number of months or an end date
Frequency Quarterly, monthly and annually. This will be determined by when your client makes their regular payment. One-off payment Weekly
Calculation method £ only £ or % of payments £ or % of payments
Extra information
  • You can't set the payment start date for the initial advice charge for a future date
  • We treat employer and employee regular payments as the same payment 
  • There is no minimum or maximum initial advice charge, but you can't input an amount greater than the amount of the regular payment
  • This charging option is only available as a monetary amount and not as a percentage - and only where your client is making regular payments.
  • We will take the initial advice charge before we invest your client's money in the Pension Portfolio
  • Each single or transfer payment operates in its own right. This means it is possible to receive advice payments on a number of different transfers
  • The payment type for percentage or sterling can vary by each single or transfer charge
  • The initial advice charge is payable immediately. You can't delay payment to a future date.
  • There is no minimum or maximum initial advice charge, but you can't enter an amount greater than the single or transfer payment.

 

 

 

 

  • Unlike the initial advice charge, you can choose to start the ongoing advice at a future date - it doesn't have to start immediately
  • The charge type can differ by portfolio. For example, you can take a sterling charge on the customer's pre-retirement portfolio and a percentage charge on the post-retirement portfolio
  • The ongoing advice charge payment can't be greater than the portfolio value
  • You can increase, decrease, stop or start the ongoing advice charge at any time, but we will need confirmation from your client
  • The ongoing advice charge payment is limited to the term of the portfolio.

Passing on pension death benefits

On death, your clients can pass their funds on to named beneficiaries to provide an income or lump sum, and in turn pass them to their named beneficiaries and so on.

If your client dies before age 75, we'll normally pay any benefits tax free.

  • If your client dies holding accumulation funds then the payment will be assessed against their lifetime allowance.  This process is part of dealing with their estate. Their beneficiaries will need to pay tax on any amount over the lifetime allowance or where it’s not paid within two years of Aviva being told of their death
  • If your client dies holding de-accumulation funds then the payment will be tax free if paid as an income and tax free if paid as a lump sum, if that lump sum is paid within two years of Aviva being told of their death

If your client dies aged 75 or over, their beneficiaries will need to pay tax on any benefits at their marginal rate.

You can also use Pension Portfolio to administer any funds your client may inherit themselves.

Get more from the Aviva Platform

We’ve designed the Aviva Platform to be easy and straightforward to use. To help you get the most out of the Aviva Platform, we have a range of support available:

  • Regionally based wealth development managers providing face to face and telephone support to help you use the platform for your day-to-day business. Our team consists of experienced, diploma qualified consultants who have attained the high standard set by Aviva for account management (0800 092 9365, Mon-Fri 8:30-17:30)
  • Dedicated platform service and support teams (0800 056 4607, Mon-Fri 8:30-17:30)
  • A guide to everything you need to know about the Aviva Platform and due diligence
  • Step-by-step 'how to' guides to help you use and work with the platform
  • Online product literature and sales support from the Aviva for Advisers library
  • Demos to help you navigate, manage and transact business on our platform.

Adopting the Aviva Platform for your business

Our platform adoption and development team can help set up the Aviva Platform and turn it into an essential part of your business. We offer:

  • a demonstration of how to use the platform functionality
  • user guides so you can learn at your own pace
  • access to reference material
  • an online document library with a host of documentation on our products
  • a fund centre with information on all our funds, including fund group profiles,
    performance data, portfolio functionality and income analysis.

Get a free demonstration of the Aviva Platform

Contact us to arrange an appointment with one of our consultants:
0800 056 2026, Mon-Fri 8:30-17:30

Got a pension technical query?

Please call our Pensions Technical helpdesk on: 0800 051 5437

Contact us

You can find contact details for each product area in the drop-down list:

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WA04192 01/2018