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product icon Personal Pension

An individual personal pension designed for clients who want an affordable, flexible pension with a wide range of investment choices.

Quote and apply

The Personal Pension is an individual pension plan for clients who want to make regular or one-off payments. Easy to set up and simple to manage, it’s a great first step into the world of pensions for many clients.

Reasons to choose the Personal Pension


  • Over 200 funds to choose from, including the With-Profit Fund.
  • Clients can invest regularly or make one-off payments. Minimum amounts start from £200 a month, or £10,000 initial payment, or £10,000 initial payment plus regular investments from £20 a month.
  • Clients can change, stop and restart payments as it suits them.
  • Accepts payments from employers.
  • Simple charging structure of 0.70% per annum, reduced when the fund value is £20,000 or greater. Some funds will have additional charges, please see our Fund Centre.
  • No upfront charges for setting up this pension plan. There is an annual charge based on a percentage of your client’s pension fund.
  • Flexible range of adviser charge options.

Figures at a glance


Criteria

Min/max

Detail

Notes

Age limits

Min age

0

Available from birth.

Max age

74

Must take benefits by age 75.

Term

Min term

  • Regular payments – 5 years
  • Single payments or transfers – 1 year

 

Payment limits

Min regular payment to start plan

£200 a month
or
£2,400 a year

These amounts include tax relief.

Min single payment to start plan

  • £10,000, or

  • £1,000 if the regular payment is £200 a month, or £2,400 a year or more.

Min increase in regular payments

£20 a month or £240 a year

Clients can increase their payments at any time.

Min additional single payments

£1,000

Min automatic annual increase

3%

Automatic increases will be at the Average Weekly Earnings Index, subject to a minimum of 3% and a maximum of 15%.

Max automatic annual increase

15%


Charges


Type of charge

Details

Notes

Annual fund charge

0.7% per annum

The percentage shown is the annual
total. This charge is taken on a monthly basis, by cancellation of units from the individual plan.

Large fund discount

0.3% max

Reduces the amount of the Annual Fund Charge. The amount of the discount depends on the fund value of the Personal Pension. Please see the table below.

Additional yearly charge

%

Some funds have an additional yearly charge - the amount will vary by fund.

Fund manager expense charge

%

Some funds have an FMEC - the amount will vary by fund


Charging structure


Fund Size

Large fund discount

Annual fund charge 

£0 - £20,000

0.00%

0.70%

£20,000 - £49,999

0.25%

0.45%

£50,000 and over

0.30%

0.40%


Take a look at the adviser charge options for our Personal Pension ​

  Who may the Personal Pension be suitable for?


  • Clients who can make regular payments of at least £200 a month or an initial single payment of at least £10,000.
  • Clients who want a wider investment choice than a stakeholder pension offers.
  • Clients who want the flexibility to stop, start or change payments with no penalties.
  • Clients who qualify for tax relief on pension payments.
  • Clients under 75 years of age.
  • Clients who are permanent UK residents.

Other considerations


You may also want to take these points into consideration:

  • current income levels
  • existing pension arrangements, including company schemes
  • state benefits
  • target level of disposable income in retirement
  • anticipated retirement date
  • required range of fund choices
  • the value of your client’s pension plan may go down as well as up and may be worth less than has been paid in
  • the future basis and rates of tax may vary
  • the tax relief available will depend on your client’s personal circumstances.

It's easy to move from the Personal Pension to Pension Portfolio

Pension Portfolio offers more flexibility for clients who want a Self Invested Personal Pension that can see them right through to retirement. Under our one set of rules, your clients can transfer from a Personal Pension plan to the Pension Portfolio quickly and easily.

Find out more about Pension Portfolio​

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 either a number of months or an end date.

One-off 

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

Frequency 

Monthly 

One-off 

Monthly

Calculation method 

£ amount 

£ amount 

£ amount per month or % a year.

Extra information

 

Available for each new regular payment arrangement added to the policy.

Adviser charges must start from the date of the first payment of the new arrangement.

Charge must be less than the payment.

The value of the charge taken from the policy is the same as the amount paid to the adviser each month (i.e. on a 1:1 basis).

Policies can have multiple initial adviser charge arrangements. 

Available for each payment arrangement added to the policy.

Adviser charges paid when we receive the payment.

The value of the charge taken from the policy is the same as the amount paid to the adviser (i.e. on a 1:1 basis).

Policies can have multiple initial adviser charge arrangements.

You can add ongoing adviser charges to policy at any time, without a new payment.

You can defer the start date for an ongoing adviser charge until a specific date.

We calculate percentage charges every month as a percentage of the total fund value. We can agree these values in 0.01% steps. 

The value of the charge taken from the policy is the same as the amount paid to the adviser (i.e. on a 1:1 basis).

We can only pay one ongoing adviser charge from the policy at any one time.

We can only pay this charge to the servicing agent.

 

 

Useful documents and links


Do you need more information on our Personal Pension? 

Download our product literature:

Aviva pension fund guide

Key features of the Personal Pension

Contact us

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

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WA04052 08/2016