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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 

Pension Portfolio offers three different levels, each with its own investment options and charges


You can move your client between the levels, so they’re only using and paying for the level of investment sophistication they need.

Core

Choice

Flex

Choose from:

  • Over 100 insured pension funds

Choose from our range of:

  • Over 100 insured pension funds

  • Over 3,000 collective investment funds from over 110 fund managers

Choose from:

  • Over 100 insured pension funds
  • Over 3,000 collective investment funds from over 110 fund managers
  • Equity trading
  • Exchange traded funds
  • Investment trusts
  • Unit trusts
  • Structured products
  • Commercial property

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.
  • Move clients to a different level 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 and transparent charging structure on statements and valuations.

Standard charges for new customers


Aviva charge for portfolio value

Core

Choice

Flex

Up to and including £29,999

0.35%

0.40%

0.40%

£30,000 to £249,999

0.30%

0.35%

0.35%

£250,000 to £399,999

0.20%

0.25%

0.25%

£400,000 and above

0.10%

0.15%

0.15%

Equity trading costs

Core

Choice

Flex

Up to and including £15,000

-

-

£25

£15,001 to £30,000

-

-

£35

Above £30,000

-

-

£50

Commercial property

Core

Choice

Flex

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. Details of these charges are available on the platform library.

OCF/TER fund manager charge

Core

Choice

Flex

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)

0.10% to 3.50%

0.10% to 3.50%

Pension Portfolio limits


Pension Portfolio limits

Minimum

Maximum

Age

18

-

Regular contributions

£100 a month (including tax relief)

Subject to HMRC limits

Initial contribution of transfer

£5,000 (including tax relief)
£1,000 if making regular payments

Subject to HMRC limits

Additional lump sum 

£1,000

-

Fund switch account 

-

-

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.


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:


  • efficient income withdrawal, a combination of taxable and non-taxable income
  • taxable income, or
  • non-taxable income.

Income drawdown at a glance


Flexi-access drawdown

Minimum client age 

55

Minimum investment amount

£30,000 before taking tax-free cash and any adviser charge

Minimum initial amount clients must move to their post-retirement account for single drawdown

£1,000
No minimum for subsequent crystallisations

One-off withdrawals

Yes, through the one-off withdrawal route

Payment frequency

Monthly, quarterly, half-yearly or yearly

Existing capped drawdown clients


Capped drawdown is no longer available for new clients. But if they were in capped drawdown before 6 April 2015 then they can still 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 reduce their money purchase annual allowance from £40,000 to £10,000.

Breaking down the levels


The Pension Portfolio offers three levels aimed at different types of clients. This gives you and your client the flexibility to adapt the pension as your client’s circumstances change over time.

Core level 

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

Aviva charge for portfolio value

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 level

The Choice level still keeps things simple, but offers a much wider range of investment funds. In addition to the Core level funds, Choice offers access to over 3,000 collective investment funds.

The extensive range of funds offered through Choice means we can cater for the fund preferences of most clients. The range extends from low-cost passive funds to well-known actively managed funds from over 110 fund managers.

Who may this be right for?

  • Clients who want a wider choice of funds and fund providers. 
  • Clients with some experience and knowledge of the different types of savings and investments.

Not right for your client?

If your client's investment strategy means you need to access other investment options, such as commercial property or equities, the Flex level might be suitable.



Choice charges

Aviva charge for portfolio value

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

0.10% to 3.50%

Flex level

The Flex level is for clients who may require a wider investment strategy.

Flex 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, Charles Stanley, will execute them for your client. Charles Stanley 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?

  • Clients 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.


Flex charges

Aviva charge for portfolio value

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%

Equity trading costs

Up to and including £15,000

£25

£15,001 to £30,000

£35

Above £30,000

£50

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. Details of these charges are available on the platform library.

OCF/TER fund manager charge

Depends on the fund selection

0.10% to 3.50%

Adviser charge options


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

There are two types of advice charge for Pension Portfolio:

  • initial advice charge
  • ongoing advice charge

 

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, an end date or the whole plan term

A one-off payment

Spread. You can specify a number of months, an end date or the whole plan term

Frequency

Quarterly, half yearly and annually. This will be determined by when your client makes their regular payment

One-off

Monthly

Calculation method

£ or % of payments

£ or % of payments

£ or % of payments

Extra information

  • You can't set the payment start date for the initial advice charge to a future date.
  • We will take the initial advice charge before we invest your client's money in Pension Portfolio.
  • 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.
  • 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


The government has relaxed the restrictions on passing on remaining pension funds on death.

This means your clients will be able to 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. 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.

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WA04055 04/2016